Many entrepreneurs have doubts about coming up with ideas for investing in the application market. Validating the idea that an app is feasible or not should be done as cautiously as a market research. The prototype must not be a product destined to go wrong, it must contain everything that can be developed and have defined the right target audience.
To get out of the card, a well-structured phased planning is very important. Knowledge of the market you want to enter too. Hence, the focus on an innovative product in an unsaturated segment can be the basis for supporting your business.
Minimum viable product
The MVP (Minimum Viable Product) and the business plan are strategies that carry a logic of creation that implies giving value to the product, knowing who is willing to be your customer and how to reach a greater number of people. For this, the business model solution must contain:
- Value offer;
- Customer segments;
- Basic activity;
- Key partnerships;
- Sources of revenue;
- Cost structure;
- Main features;
- Communication and distribution channels;
- Relationship with the customer.
These elements become indispensable for the realization of an idea. With a promising MVP, the chance of getting investors also increases. In this sense, look at what Instagram’s business model was like, according to the Business Model Canvas tool:
The compact version of the main concepts within your project is essential for the development to be robust and the realization to happen if, and only if, you have the adhesion of a previously structured audience.
As with any business, feedback is extremely important in analyzing how your app is displayed. Subsequently, feasibility tests are easier to develop, observing weaknesses, failures and potentials. Also, be careful sharing it with people you trust and who can make constructive criticisms of your prototype.
So after finding out if your application idea is feasible, invest and renew your business based on market progress, always look for innovation to further expand your niche and retain more customers. The viability of your app should always be user-centric.
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