We start this article with a quote by Eric Ries, author of the best seller “The Lean Startup”:
“It’s not enough to have a brilliant idea, you need to validate and test it to see if it really has value for users.”
Eric Ries, autor de “A Startup Enxuta”
Developing a SaaS can be a long and expensive process, so it is essential to ensure you are building something that truly meets your customer’s needs.
This is where validating an MVP – Minimum Viable Product – comes in which is a basic version of your product, designed to test hypotheses and validate market demand.
Why validating your MVP is important to your SaaS success?
Validating your MVP is crucial to ensure you’re building something people actually want to use.
It’s an opportunity to test your hypotheses and ideas with a select group of users, before spending a lot of time and money on building something that may not have real value to them.
Additionally, validating your MVP helps identify flaws and necessary improvements before launching the final product, increasing the chances of success and reducing the risk of failure.
It can also help guide the future development of your product, based on user feedback and real data.
How can MVP validation save time and money when building a SaaS?
By validating your MVP before starting to develop the final product you save time and money at various stages of the process.
For example, you can avoid spending time and resources on building unnecessary or poorly designed features, and you can adjust the direction of development based on user feedback.
Additionally, MVP validation helps you avoid creating a product that no one wants to use.
By testing your hypotheses and ideas before building the final product, you can ensure you are creating something that users want, avoiding wasting time and money building a product that will have no real demand.
5 steps to validate your MVP and ensure the success of your SaaS
- Identify your main hypothesis – Before you start creating your MVP, identify what your main hypothesis is about and what users want or need. This will help guide the entire validation process.
- Define your target audience – Determine who your target users are and make sure they are representative of the market you are trying to reach.
- Create your MVP – Build a basic version of your product that includes only the essential features to test your main hypothesis.
- Test with real users – Test your MVP with a selected group of real users.
- Interact with the audience.
Constantly seek feedback
Do not wait to release a finished product to look for feedback. From the beginning it is important to be in contact with the target audience and understand their needs and expectations regarding the product. Through research, interviews and usability tests, it is possible to validate ideas and find areas for improvement.
Based on the feedback you receive, iterate on the product and test again. Don’t be afraid to make significant changes to the MVP to make it more attractive and efficient. Remember that the MVP is just an initial version of the product and that over time it will be improved.
Track metrics
Define metrics that are relevant to your business and monitor them closely. This will help you understand whether the product is heading in the right direction and identify issues that need to be resolved. Some important metrics for a SaaS are: conversion rate, churn rate, customer lifetime value and customer acquisition cost.
“If you’re not doing something that improves someone else’s life, you’re wasting time.”
– Will Smith
Creating a SaaS can be a challenging task, but validating an MVP can help minimize risks and increase the chances of business success.
By following the tips presented in this article and always seeking the opinion of the target audience, it is possible to create an innovative product that meets the market’s needs.
Remember that the MVP is just the beginning, and the product will need to continually evolve to stay relevant. Always stay up to date with market trends and the needs of your target audience, and do not be afraid to make significant changes to the product to make it even better.
With dedication and perseverance, it is possible to transform an idea into a successful business.
QWize has a team with a large track record in validating MVPs, so count on us to help you solve your needs.
Count on us at Qwize, we have a team with extensive experience in validating MVPs with research and functionality validation tools.
