At the last edition of #StartupSaturday Sumit Marda, Co-founder at MindHour brought up the idea of building an MSP or Minimum Sellable Product. Interestingly, many entrepreneurs have taken the route to building an MSP than an MPV. It’s highly popular among those creating B2B products.
Why a Minimum Sellable Product?
Building a product, your users are ready to pay, is the best way to validate it. At the initial stage, once you have built your MSP, you should focus on getting the first 10-15 customers who are ready to pay. Not ready to use, ready to PAY. There’s a slight difference. Everyone who uses your product, may not necessarily pay for it. And that is the basic difference between an MVP and an MSP. MSP helps you reach the proof of concept. It’s the initial beer money, that may not be enough to run your company, but that could be enough to help you pitch to your investors and boost your confidence that the idea is good enough to build a company.
How do you get started?
The process of creating an MSP is similar to the process of creating an MVP. Actually, MSP in itself is a process. Once you have the idea and you have listed all the features your idea should have, you start to eliminate the features you think are an additional value add and is not your core offering. Once you have identified your core offering, ask whether users are ready to pay for this or not. MVP or MSP is not creating a product with minimum features which the market doesn’t want. It means, giving users the minimum features that they can use to solve the problem you intended them to solve.
I usually create various user scenarios. You can do that as well. Create one scenario where your user is trying to solve her problem using your product. Now, think which steps you can reduce to make it simpler for her. Next, build just those features and steps. BINGO! You have an MVP ready. Now go to the market and ask whether your users are ready to pay for it. If not, take feedback, ask what would they pay for.
Good luck. Share your experience of how you validated your ideas in the comments below.