November 19, 2019
Minimum Viable Product Examples – How To Launch Like A Pro

Minimum Viable Product Examples – How To Launch Like A Pro

So in this video, I’m gonna run through some
minimum viable product examples, including exactly how
to launch your product, your service, or even
your business like a pro. Now, this video is following on from another few videos
I’ve created in this series, if you missed them you can access them in the top corner right now. And as we go through this, I’m also gonna give a
little bit of an explanation of what a minimum viable
product actually is, and how you should implement
these strategies across a few different types of business models. Now, as you’re watching this, if you like what you’re hearing, if you get some takeaways,
or light bulb moments, or anything like that, then hit like, and also hit comment down below, ’cause a lot of people do get value from your perspective in the comments. And also I’d love to hear
anything that you do get from this which really helps you move
forward in your own business. And finally, don’t forget
to hit subscribe as well because I’m doing multiple videos like this every single week, and this video is part of a mini-series, so hit subscribe, hit
the notification bell, and then you’ll get a reminder alert when the next video does go live. Now, first of all, let’s start by talking about what is an actual minimum viable product? Or MVP as you’re often heard it called, or hear it called in business. Now, minimum viable product by definition, and in simple terms, it is a bootstrapped
version of your product, so just the bare minimum of features that need to be launched, test the demand of your product with the early adopters
in your target market. Now the thing with a
minimum viable product is that it doesn’t always need
to be even an actual product, you can often do MVP
launches based on concepts, or ideas, or theories, or principals, rather than a physical product. So, a one example of that might be, let’s say you’re selling
a coaching course, or something like that, and you wanna test demand for the course that you’re looking to create before you actually go through
the masses amounts of hours, and time, and energy,
in actually creating it. So what you do is, you
come up with a, you know, a bit of a strapline of what
the course is going to do, and what problems, pains
and problems does it solve, what’s solutions does it
create in someones life, what result will it create in their life, and you run some pave marketing campaigns, selling your course before
you’ve even created it. And what happens is either
your course doesn’t sell, in which case you know that
there’s actually no demand for the course that you
were gonna create anyway, or you need to reposition
it, or change it, or get your targeting right
so that you’re getting in front of the actual
right people who need what you’re offering, or
your course does sell. And if it does sell, well fantastic, what you can do then is
you can immediately just, or even before you launch it, you might create the first module or two of your course, right? So you just do the first module or two. Then as soon as you start selling it, you then start creating
the follow up modules behind the first module, and let’s say you set up your course so that people can only
access one module per week, and there’s exercises each week
that they have to go through as part of your course to
help them move forwards in the area that your course solves, whatever that may be, let’s
say it’s photography lessons, or something like that, all right? So one model per week, one
module, sorry, per week, somebody can go through as
they go through your course and you create those modules week by week as someone is actually
going through your course. And the benefit of this
is that you’ve created the whole course only after you’ve started actually selling it to people and you’ve proven
that there’s a demand. ‘Cause if that will a MVP launch strategy for course creation. Now another example is
in one of my businesses is called bamboobar, and we do an eco-friendly
deodorant product. Now we came up with the
idea of the product, I was actually in Guangzhou in China and I was going to the Canton Fair to go and find bamboo
suppliers for this product. I happened to be in Asia anyway, I wouldn’t have necessarily
gone all the way to China if I wasn’t over that side of
the world in the first place, but the point is that
we pre-sold the product, the idea of the product, way before we even
physically had a product. So what happened was we launched paid ads to three different target markets, so environmental people interested in environmentalism and sustainability, people interested in home
design, interior decor, and another group that were interested in, I think it was interior design. And we tested these campaigns, selling the bamboobar product and the imagery for the product in the ad, and on the Shopify store, was CGI imagery. So we used to pay a CGI artist to design images, pictures of our product, which we could do for
a fraction of the cost that it would have taken to
manufacture the actual product and then get it imported. And obviously to go through manufacturing we’d need to order a
minimum 1,000 unit quantity, and the whole process would
have been extremely long winded, but instead we got CGI designs,
400 bucks for 12 images, we used those images across our Shopify store and in our ads. We then tested those
different target markets, one of them performed really well, and we were selling it
at 25 pound unit cost with a 6 pound cost per sale. So we proved that the
market wants the product, once we’d proven that the
market wants the product we then go into the manufacturing process and start developing the
product from scratch. Now, what happened when
we sold the product is they would then, the person who bought would automatically then receive and email that, “Hey, so sorry, product’s
actually out of stock, “however you’ve been given a full refund “and here’s a discount code to use “when we next have our product in stock.” And the benefit of doing it this way was that we could really find out what people actually want through the testing
different product designs. Now the product didn’t physically exist, no other companies manufactured
what we’ve now done, it was something that we
conceptualised from scratch, and obviously to bring that to market would be quite capital intensive. Now it didn’t exist, I’m guessing because it was
quite capital intensive, and to even get to the
point of establishing that there was a demand, nobody would wanna produce the product before establishing there’s a demand, which is why we had to
establish a demand first before we could go to
manufacture, all right? So that’s another example of minimum viable product launch strategy, we sold a product before
the product existed, we funded the people because
we needed to test buyer intent, we needed to test that
people actually were willing to pay for the product. We couldn’t just say, “Hey,
enter your email address “and we’ll let you know
when it’s available”, ’cause that’s not buyer intent. Like people will sign up, but they won’t ‘necessarily purchase, so we needed to test the purchase. Another example of minimum
viable product launch strategy, or lean startup launch
strategy could be to pre-sell a product before it actually exists. So things like Kickstarter for example, Kickstarter’s a crowdfunding platform where business owners,
or product creators, can list their product
ideas on Kickstarter, and if people really like the idea, and they wanna see this product, they can fund and back this project. And what happens is as a
result of funding and backing this project, for the amount they fund, they would receive something from you, as a business owner in return. So you might say, “Hey, if
anyone pledges $50 or more, “they will receive two
versions of our products “from scratch and a special
thank you certificate “for being one of the first to “bring this product to market”,
or something like that. And so people fund, fund, fund, fund, fund your project and then
if you hit the threshold that you need to hit to cover
the cost of manufacturing and bringing it to market, you would then receive the
payment from Kickstarter, then you can go to manufacture and then you just fulfil on
your orders and obligations for the people that funded you. All right, so quick
Kickstarter is another example of minimum viable product strategy. The minimum viable
product is literally just an idea that you’ve listed on Kickstarter and if people like the idea, they back it. Okay, so that way you
get the capital before you even go to manufacture. So to summarise all of this, we can take these ideas,
take these concepts, and ask, what’s the minimum version of our product that we can create, most effectively, in the least possible time, and for the least amount of capital that’s going to test the
demand for our product with our target market? All right, what can we do to test whether people actually
will pay for this product, or this service? And if you can do this in a
way that is going to enable you to test ideas without, you know, sinking huge amounts of capital into it, it’s gonna mean that as a business owner you’re far more able to actually hit on what the market wants
and actually provide people with that they need. Okay, so always adopt this strategy whenever you’ve got any kind of launch, any kind of idea, you’re
starting up in any way, ask what’s the minimum viable product that we can create to
start testing the market and testing buyer intent. So hopefully this video’s helped, if you’ve liked it, hit like, and also if you’ve had a
perspective or an idea, or something that you’re now
gonna do in your own business as a result of watching this video, then comment below,
share that perspective, ’cause a lot of people do
get value from the comments. And finally, don’t
forget to his subscribe, you’ll see that in the
bottom corner, right now, hit subscribe, hit the little
notification bell beside it, and you’ll get an alert every time one of these videos go live. I do multiple per week, and remember, this video
is part of a mini-series. If you missed any of the previous ones, you can access them in the top corner, and also you’ll get an
alert for the next one if you subscribe. Thanks very much for watching, and I will see you in the next video. Bye for now.

3 thoughts on “Minimum Viable Product Examples – How To Launch Like A Pro

  1. Would love to hear your thoughts on this, how could you use this effectively in your own business before moving forward? Or if you've anything to add, comment below ⬇️⬇️⬇️

  2. Really enjoyed this video Dan, I was just reading the 4 hour work week Tim was explaining the idea of validating your idea with pre selling, but your real life examples with your products really consolidated the idea and it’s much clearer in my mind.

    Would you always opt for paid ads over organic traffic out of interest?

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