Why Should You Consider Business Analysis and Market Research When Creating an MVP?
In today’s reality, starting a business without proper business analysis and marketing research is illogical and even dangerous for business because it’s like launching a rocket into space without checking its readiness.
Business and Market analysis is the necessary business process that researches potential customers to determine the viability of a new service or product. And in fact, it is as crucial in the IT sphere as in any other. In general, if you do not analyze the market and a potential client’s needs in advance, you can throw money down the drain, waste time, and not achieve results.
Let’s look at the world-famous Uber. The first version of Uber, UberCab, was only meant to connect customers with taxi drivers and accept payments. However, the owners of Uber nicely tested this request, and it turned out that it solved such an old pain as calling a taxi. As a result, their MVP app was widely accepted because the Uber concept was very simple. And before launching it, the founders conducted a business analysis – identifying the user’s most significant pain point. They just put themselves in the shoes of the user.
Therefore, this approach to launching startups is correct. Launching an application that no one needs with irrelevant functions without analysis is risky. And this is a direct waste of money on ineffective solutions.
How does it work at Magnise?
At Magnіs, we understand that an easy startup business is not possible without a good MVP product. We took modern challenges into account when developing an MVP for your business. Therefore, in the package of our MVP services, you can order both business and market analyses. We do a detailed analysis of the niche and strategy to build your business model.
From a marketer’s perspective, MVP is a way to get customer feedback on what they like and don’t like about a product. Let’s put it this way, and this is a real opportunity to improve the final product from all sides.
Yes, as you can see, our priority is to realize your brilliant idea. However, we will always do our best to guide you to success. Therefore, as a responsible team, we support the regular analysis of the audience and the market. This makes it as accurate as possible to understand the needs of your users here and now.
What about Sprint Methodology?
For successful business analysis, Magnise employs Google Ventures’ unique Sprint methodology, which entails a full examination of a company idea, product, or service prototyping and testing the product on actual consumers from a defined target population. All of this is completed in 5 days.
- On Day 1, we are creating a business model and defining goals.
- Day 2 is dedicated to creative teamwork to generate a prospective product.
- On Day 3, after considering all the benefits and drawbacks, our team selects the optimal option for the prototype that fulfills the product’s purpose and criteria.
- At the end of Day 4, we have a tangible product prototype that potential consumers can test.
- On the 5th day of the sprint, we already have a future business idea and approved goals and key product functions.
That is, the client does not need to master the basics of business analysis on their own to launch a really cool startup. That is why it is more profitable to choose the services of our team because the project manager controls the entire research process. It’s about how easily your startup business plan can come to life. There are only five days left, and how much time and excitement are saved?
And what happens after the implementation of the idea?
The analysis of your customers does not stop after launching the MVP. And here, too, we can accompany you, because every product needs advertising on the market. That is, the business analysis at the beginning of the creation of the MVP provides the foundation for further successful work with the audience.
Magnis has a team of experienced marketers working with Google Ads, Twitter, LinkedIn, and so on. You’ll get your personal marketing specialist, and you can communicate depending on your MVP package.
However, MVP cannot always grow into a full-fledged product. As we mentioned above, a clear analysis and further implementation plans are needed. You will not be able to launch a startup without understanding the needs of your audience and without understanding the relevance of gaps in the modern market. But you can use our Magnise services, and we will close all these problems.
Our team knows how to properly promote your idea, check your project with investors, get feedback from users, test the viability of the project on the market, and bring it to success. Just let us know if you’re ready to bring your idea to life with us.