How to Know What Your Customers Really Want

Despite the technique being proven ineffective, most entrepreneurs still begin their ventures by creating some sort of a business plan. By doing this, they are trying to obtain a complete description of the problems that need to be solved and decide on products and services that people want. In theory this would help them plan further activities, calculate the size of the opportunity, make income and profit forecasts, and so on. Unfortunately, this approach doesn’t work. Successful ventures are created based on experiments and feedback from customers, not attempts to predict the future. Therefore, the only way to start a successful business is figure out what your customers really want. This is exactly what we at Yarandin are offering to our clients—help testing the market for new products and services by designing and developing minimum viable products (MVPs). Many people think that an MVP is a product with minimal functionality. However, this opinion is erroneous. First, there are two different types of MVPs—those intended to prove a business hypothesis and those whose goal is to disprove assumptions. Second, depending on the situation, MVPs can take completely unexpected forms. In addition to traditional “limited-functionality” MVPs, there are concierge MVPs, which involve directly solving potential customers’ problems; Chatbot MVPs, virtual assistants that use artificial intelligence and allow businesses to gain validated knowledge directly from customers; and finally, Landing Page MVPs, created for goods and services that only exist in the entrepreneur’s imagination. Deciding on the right type of MVP is not a trivial task. It is not enough to only formulate a business hypothesis and develop a product with core features based on your experience and best judgment. Choosing the right type of MVP is a strategic decision that can lead to your success or failure. Therefore, it is important to hire MVP developers who provide both MVP development and consulting services. Yarandin, Inc., as one of the major players in lean start-up/MVP development, possesses all the necessary skills, and offers more than ten years of experience to ensure your success.