In our conference today on the “construction of the first version of your product”, I introduced the concept of “minimum viable demand (MVD)”. MVD refers to the smallest amount of interest or customer need which is necessary to validate a business idea and justify the subsequent development of a product or service, essentially representing the lowest level of demand that it would bother to continue a market opportunity.
You are more likely if you can find extremely dedicated adopters who believe in you than trying to serve everyone and end up serving. I called this minimum viable request (MVD). With MVD, the demand is real and viable, which means that it is lifting even if you focus on the smallest possible request.
Key points on minimum viable demand:
- Focus on the proposal for fundamental value: The key is to identify the basic problem that your product solves and prove that a sufficiently large group of potential customers really care about this solution.
- Early market test: This concept encourages entrepreneurs to test their ideas with a small group of potential customers from the start to assess real interest and collect comments before investing in development.
How to validate a viable minimum request:
- Customer surveys: Perform surveys to understand pain points and the potential desire to pay your solution.
- Destination pages: Create a simple destination page with a clear value proposition to capture email addresses and assess the initial interest.
- Pre -order campaigns: Offer a pre -order option to assess the request before fully starting the product.
- Discussion groups: Make targeted discussions with potential customers to collect detailed comments on your concept.
Why a minimum viable demand is important:
- Reduces the risk: By validating demand before a significant investment, you minimize the chances of developing a product that does not resonate with the market.
- Improves FI of the product marketT: The first customer comments help refine your product to better meet the real needs of your target audience.
- EAssignment of FFIATE resources: Focusing on building a product that meets a proven need allows you to allocate resources more effectively.
Understand a minimum viable demand (MVD) for digital startups
—
Register at Tekedia Mini-MBA (February 10 to May 3, 2025) and join Professor Ndubuisi Ekekwe and our world faculty; Click here.
Register For TEKEDIA Mini-MBA Edition 16 (February 10 – May 3, 2025)) Today for early reductions.
Tekedia Ai in Masterclass Business open registration.
Join Tekedia Capital Syndicate and co-INivest in large world startups.
Register become a better CEO or director with CEO program and director of Tekedia.
