The journey of a startup begins as soon as the idea stuck in mind. No matter, whether the idea is about developing a mobile app or software solution, your next step is to brainstorm it and find out whether it will be successful or not.
It is worthwhile to mention that 9 out of 10 startups fail. It is a spine-chilling fact that holds many individuals from pursuing their dream. As a startup, you are low on funds and can’t afford to launch a fully featured product with all the features. Developing a Minimum Viable Product is the solution to avoid big losses.
However, if the MVP development fails too, what would you do? You can’t afford to sit back and wait for the miracle. To address this problem, let’s have a look at what to do after your MVP fails.
Look for whether it solved the Problem
The first thing to look out for your MVP product is that whether it solves the problem of masses or not. Whatever your idea might be, you need to focus on developing MVP with core functions. For instance, an app developed for finding hotel and vacation deals should focus more on helping people find the best and discounted deals. Instead, if the app focuses on deals that are available near the hotel to buy vacation stuff, it might not entice people.
You need to do some revision after your MVP product fails. The best way is to collect feedback from people before launching an MVP. Use social media to engage people and find out what people are saying about it. The feedback will help you better understand the needs of the customers.
Focus on More Scalable Solution
If the idea was good but not scalable, your MVP product will fail in near future. Though you might generate some revenue in the beginning what if the core functions of the product need more than what you are offering.
Make sure to find out what will be the next step after launching your MVP. Will your customers be satisfied with what you are currently offering? Or will they demand more features in the product that would address their needs? The answer to these questions should be analyzed critically in order to devise further strategies to scale up your product.
Growth Hacking to Attract Early Adopters
Most of the startups think that once the product is developed, they will shift their focus on marketing to gain early adopters. It is a completely wrong approach. Before and during the development of your MVP, make sure to focus on growth hacking. It is the process of rapid experimentation across marketing channels to verify the most effective ways to grow a business.
In the early version of your MVP product, you might have missed this part. Now it’s time to make it right and hire marketing professionals to reach out potential buyers. Whether your MVP is in development phase or in ideation phase, growth hacking will help you save lots of money and time.
Overview Your Pricing
Overpricing is another factor that might result in failure of your first MVP release. Look at your pricing and find what are the alternatives to your product that offer similar solutions. If you have overpriced your product, think of reducing the price or offer it free of cost for six months.
Once the product is well recognized and people like your product and willing to pay, you are ready to set the price as much as you like. However, make sure that the MVP product is not overpriced. Once the product is launched fully, you can do whatever you want to.
Strengths and Weaknesses of Your Team
Your team plays an important part in leading your product to success or failure. If your MVP product failed on the first hand, now it’s time to look at your team’s strengths and weaknesses. For instance, some of the people who were engaged in developing the app might not know how to brainstorm the idea. Your marketing team might have the knowledge of basic marketing concepts but are not well versed in digital marketing. Teams that lack expertise fail and you should be watchful on whom you are hiring, and what expertise or skills, do they have.
Failing after the launch of your first MVP product is not a complete windup of your startup. It is rather something to learn about and make improvements in the next launch. Make sure to consider the above steps and make the things right.