There will a point where you’ll need to convert and monetize your traffic. This is where positioning, pricing and packaging comes it. How can you design a minimum viable product that your customers will love and purchase?
Early on in my entrepreneurial career, I made the mistake of driving traffic using SEO strategies, getting my rankings, however, failing to convert the traffic into paying customers.
Common Fears When Designing a Minimum Viable Product
Even up till today, I still face a lot of fears when designing a MVP. Here are some common fears:
- What if people think I’m a scam or a fraud?
- What if I’m charging too much?
- What if nobody buys?
- What if somebody buys and refund?
- What if I got defamed online?
There’s no reason to be afraid of charging for your services. You’ll actually be doing your clients a favor by charging for your product or service. That’s because, people don’t value what they pay for. Secondly, by charging for your service or product, you’ll have the cash to innovate on your customer support, hire employees, innovate on the product, better your business systems and more.
Okay, now, let’s get into the framework on how to design a minimum viable product that your customers will love.
Step 1: List Out 5 – 10 Burning Pains
Okay, firstly, it’s important to ask yourself what burning pains does your product or service solve?
This is where you pluck out data from your customer research you did early on, and attempt to build your product around that.
Step 2: Create Solutions to Those Burn Pains
Now, you’ll need to create a product or service that solves this burning pain. You should also include these burning pains in your sales copy and product description. You may not be able to find solutions to all their burning pains. However, you don’t have to find solutions for every problem, you’ll just need to find solutions to solve some of them.
Benchmark and Important Questions
There are important question to account for when designing your minimum viable product.
The first important question 1) demand, is there enough demand for your product? This is where SEO keywords and customer research is important.
2) Skillset. Can you fulfil that demand? Can you create that product, that solves problems and deliver?
3) Interest. This is the most important factor of all. Do you have enough interest in the product itself to adjust and innovate along the way?
I enjoy writing about digital marketing and entrepreneurship in the 21st century. I find a certain joy and fulfilment in designing my SEO courses and helping my client as a Singapore SEO consultant. I’m constantly innovating on my digital marketing skillsets, and I believe that digital marketing can help the underdog entrepreneur to excel in the world of entrepreneurship.
Including 3-5 Killer Features
Okay, next, you’ll need to figure out 3-5 killer features to package your product and service around.
Here are some features you can include in your product or service:
Information is everyone, don’t limit yourself to information. If you’re marketing courses or digital products, how can you differentiate?
Community is one way you can differentiate from your competition. You can invite your clients to a private forum or social media group.
- 1:1 Coaching
1:1 coaching is also a way to differentiate yourself from the competition. This is why parents pay for private tutors for their children.
Can you create a system that ensures your student is kept accountable to their behavior?
- Free Shipping & Returns
There are many E Commerce retailers that offer free shipping and free returns, making it effortless for online transactions.
- 100% Money Back Guarantee
100% money back guarantee is also extremely common in the E-Commerce space and digital products space.
- Customer Support
The Singapore web host that I use has 24/7 customer support. Their customer service is tip top, often getting back to you within 24 hours. That’s one of their killer features.
Take a look at the difference between Toyota and Mercedes. When someone purchases a Toyota over Mercedes. They are both solving the problem of transport. However, Mercedes is inherently solving a different problem than Toyota. They are solving a burning pain: a need for social status, along side many other luxury brands.
How can you position your products this way?
Giving Your Products and Services Compelling Names
Lastly, after you’ve created your product. You’ll need to give your product and services compelling names. Here’s where you need to meet where your audience is at. What burning pains are you solving? Can you infuse burning pains into your product names, descriptions and positioning?
Kit Kat is a good example. They infused ‘taking a break’ with their product, as you often see in their commercials and product positioning. They are solving a burning pain: needing to take a break with chocolate biscuits. Yes, the snack is great, however, they still needed to meet where the audience is at, and solve a burning pain.
MacDonald’s is another good example. They just aren’t marketing burgers and fries. Their trademark slogan: ‘I’m Loving It’ subtlety means something. They are marketing a lifestyle choice, an identity. Hence, MacDonald’s is a billion-dollar company.
How can you infuse these examples in your copy, titles and product names on your digital profiles?
Closing Thoughts on How to Design a Minimum Viable Product
I used to rush into everything, from the content I wrote, to my marketing, to my positioning, and my product and services. This caused a huge problem down the road. I couldn’t price my products properly, I couldn’t communicate the right message I wanted across in my digital profiles.
When you design a minimum viable product, it’s important to think in the future, 5-10 years down the road. Do you want the same product to be able to sell 5 years down the road? Yes, you do. This is why you should be focused on designing a world class product with a huge competitive advantage over your competition.
Firstly, this will help you get raving testimonials from your customers that’s specific and authentic. You’ll also earn the trust of your customers, earning the goodwill from your customers for years down the road.
Lastly, whilst it’s important to create world class products, there’s no need for perfection. When your product and service is good enough, able to solve burning pains and have killer features, you should ship it!