How to Launch Your Next Big Idea using MMP
Entrepreneurs, all too often, try to build a complete project, and THEN launch.
Sometimes, that’s necessary if you are breaking new ground in your industry – because often, people don’t know what they need until they see it. (facebook, ipad, smartphone, etc).
But not always.
When thinking about building your idea – a new digital product, web application, mobile app, idea or web site, etc, think about getting to MMP, or Minimum Marketable Product first.
MMP is the absolute minimum you need to get to, before launching your product/idea.
MMP doesn’t have to be a completed project – as much as your heart may want it.
A way to think about MMP is to ask questions like:
“What is the absolute minimum I need to get to so that someone shows interest in this idea?
What can I show that will be convincing enough so that someone makes a micro-commitment, like joining an email or pledging to invest or buy?
Looking at your project this way, the MMP could even be having some graphic mockups done for your application (without actually having anything work yet) and posting them online for someone to view and join an email list.
If you are building a SAAS web site, selling a digital product, or launching a new product, it could be a landing page with an overview video, countdown timer, and email capture.
If you can get to MMP, and build an email list, then you have some next steps you can take:
– send a Bonjoro thank you video (greatly increases conversions IMO!)
– ask for investment
– ask for ideas
– discuss possibilities
– gauge general interest based on email list growth
– take payment from early adopters
– offer a deep discount before launch
– ask them to join a FB group to discuss further
And you can do all of that before you even build your project!
Selling or securing funding before launch is becoming more and more common – especially in the digital product space – these days. This approach is the model offered at Kickstarter as well – undoubtedly successful.
So instead of trying to build your big idea, just get to MMP first, and then take the next step after that.