Are you thinking of launching a business? Many big brands once grew from a single idea. Still, an innovative concept is just the spark. It only forms the basis of a strategy. Evaluate your risks and opportunities, and develop a detailed roadmap to success. Here are five key stages in startup development.
1. Initial Research
Consider the 4 Cs for the project: your company, customers, competition, and collaborators. This is your preparation for MVP. Research each C to create a detailed description. The key question is: What could give you an advantage over rivals?
Study your competition closely. What does your audience need that these companies fail to deliver? Zoom in on the gaps and see how you can fill them. Research services to startups that will help you spread the word and make your brand seen.
2. Creating Minimum Viable Product
Using MVP, you can test your concept with the target audience. This is a set of basic features — no complex engineering involved. Structured feedback will help you improve the product to make it popular. Create a brief survey to collect ideas from your audience.
Your MVP should focus on solving one practical issue. For example, the first Airbnb site was basic and cheap. It was a quick solution that met the needs of conference attendees. Determine the features to include in your basic product.
Next, develop a timeline. When should your MVP be ready? Here, there are no universal rules — you can spend weeks or months. Everything depends on the scope of work, the budget, your partners.
If you do not have an in-house team, consider using mobile app development services. Let professionals create the prototype, so you can validate the idea. Then, you may continue working with the same tech experts. They may develop a website and app that will engage your audience.
3. Taking Off
Traction is when your first clients or customers appear. This is an exciting stage. Make sure these people become your repeat customers. Word of mouth is a powerful marketing tool.
Do not stop collecting feedback, even if you think your product is ideal. There is always room for improvement. Expand your customer base using catchy branding, promotions, referral systems, etc.
4. Looking Back
By now, you should have enough feedback to see which features are in demand. Get rid of any redundant elements, and focus on maximizing the value for your customers. Why do they choose your product, and what can make them love it even more?
5. Reaching Maturity
Be responsive to your clients’ needs and measure everything you do. Do not expect instant results. On average, the route to maturity takes three years.
The Bottom Line
Patience and persistence are crucial for any startup. If you want your company to grow, you need to plan every step. An MVP is crucial for your success. Hire specialists that will hone your killer features — this investment is sure to pay off.
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