Road-test your digital strategy using a Minimum Viable Product

Now is the time to invest in your digital experience: to reach new customers, break into new segments and take your brand forward

In 2015, Deloitte Insights predicted how the consumer product landscape would look in five years. It anticipated “rough seas” based on “a proliferation of customisation and personalisation”, “pervasive digitisation of the path to purchase” and “health, wellness, and responsibility” as a new basis for brand loyalty. And so it came to be. Deloitte described a perfect storm of “rapidly evolving technologies, consumer demographic shifts, changing consumer preferences, and economic uncertainty.” To which we can now add “global pandemic”.

Invest in digital

It’s important to invest in digital at all stages of business growth. Right now, it’s predicted that sectors like technology, fintech, sustainability and wellbeing are set to thrive. Online fashion retail and beauty sales have surged. New categories like athleisure have emerged.

As we move through the pandemic and emerge on the other side, a digital strategy with a strong customer focus should be heading the priorities list. This could mean new directions in ecommerce, a more personalised and immersive customer experience, or launching entirely new services based on previously unknown consumer wants.

‘Where do you want to go today?’

The old waterfall development model was the product of a pre-digital bricks-and-mortar era. You had to get the early stages as right as possible because it was so much more expensive to make changes later. We’re no longer constrained by that linear straitjacket. But a leaner approach still demands discipline, progression and precision; no short-cuts, and no compromises in due diligence.

Get it right, and you can energise and accelerate your digital product strategy. To borrow an old Microsoft campaign line, where do you want to go today? Do you want to

unlock hidden growth opportunities, improve something you already have - or perhaps create something entirely new?

Test and learn

Companies are naturally cautious to sign-off on capital expenditure that might be wasted. A lean approach goes a long way towards mitigating those risks. It helps you to build a strong case for investment and get to market faster. It starts with trusting your instincts then moving forward in a rapid but prudent ‘test and learn’ mode.

Testing and learning are essential. Digital consumers are savvier than ever, companies (including your competitors) have the attitude and technology to bring ideas to market super-fast, and there is so much NOISE in the marketplace that can swamp your best efforts.

You and your team know the market space. What you may lack is the assured confidence to take decisive action and execute your idea.

Socialising your product ideas can provide confidence you’re on the right track. Talk to colleagues and potential customers about the benefit you want to deliver or the issue you’re aiming to solve. Would they be interested in buying it? How can you make the product “real” and do so quickly?

Creating a minimum viable product (MVP)

New products generally have multiple features, functionality and benefits, and you’ll want to develop most if not all of these. But it doesn’t make sense to try to tick all these boxes simultaneously. Instead, focus on the boiled-down solution, perhaps the main benefit your product idea delivers. Create a simple, minimum viable version to give you clarity; focus on getting the fundamentals right.

While you won’t have a fully-fledged product yet, you will have a far stronger sense that you’re on the right track. Now you can dip even deeper into the market to assess interest and viability, gathering more insights to shape what comes next.

This could mean running targeted digital ads, driving traffic to a tactical site or expression-of-interest form or running an email sign-up campaign. Groupon started by offering a basic contact form and a PDF that it emailed to customers daily, while it worked out the best ways to build a full offer.

Prepare to launch

By this point, you’ve validated that at least some consumers are interested in buying or using your product. Your gut feeling has been proved (or disproved) using an evidence-based approach, and indications suggest there’s a market out there for your product.

This is when you can build-out more detailed plans and make that strong case to invest for growth – a case that can be signed-off with confidence.

Talk to Mediablaze, the digital marketing specialists.