How do I turn an idea into a commercially viable product?
Analysing whether you should you build a minimal viable product (MVP) or a minimal marketable product (and knowing the differences between the two) is a key step in developing your business – as is knowing if you are best evaluating the ideas with customers or instead engaging customers to generate ideas before designing. The following resources give you the tools to craft a product development plan and how to work with a product development agency to bring the idea to market.
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Minimal viable products
British Library
How to think about minimum viable products from British Library.
WHEN: You’re thinking long-term and are happy to iterate on the product design to build a better one down the line. Not so much for those who want to sell a profitable product up front.
WHY: Learn by asking your customers about what they liked most about the MVP, what they didn’t like and what they would like to see added to make it better.
WHAT: This article provides an overview to the “Lean Startup” methodology of MVPs. This is a scientific approach to creating and managing startup businesses, and getting products that customers desire into their hands quicker and more efficiently than ever before.
OTHER: Deeper article on the Lean Startup business model methodology by British Library.
MVP testing
Sonoma Academy
Discover eight different ways to get user feedback on your MVP from Sonoma Academy.
WHEN: You want ideas to test an MVP in the real world.
WHY: Not all MVPs need to be built. There are a number of ways to test a minimal viable product – some more suited to idea generation, some more suited to idea evaluation.
WHAT: Two minute video of eight different ways to test a MVP: audience building, Wizard of Oz testing, crowdfunding which we also cover in Alternative Finance, AB testing, concierge (customised manual service), non-functional prototypes (a paper model, for example), narrative story boards and landing page testing.
OTHER: Good explanation of the Wizard of Oz test and the concierge test from Grass Hopper Herder.
OTHER: How to run AB testing from Neil Patel.
Product design
Small Business Bonfire
Why product design is different for small companies from Small Business Bonfire.
WHEN: You are starting out with product design for your own business.
WHY: Whether you have experience in design for a larger business or have never done this before, this can help you think about how to operate efficiently with designers.
WHAT: Short article giving an overview of three useful ways of informing your product design: reference designs, experts and good process.
OTHER: Product design process from Bytestart.
OTHER: Five lessons learned by a product-design entrepreneur from Redshift.
Packaging design
Telegraph Business Connect
Master the product packaging from Telegraph Business Connect.
WHEN: You are considering outsourcing packaging design.
WHY: A label or packaging that grabs attention, but also tells your brand story, is key if it’s to catch the eyes of consumers.
WHAT: A short article containing useful guidance on how to brief, select a designer and a legal sense-check.
OTHER: Short blog with four tips on packaging from Bytestart.
OTHER: Five lessons learned by a product-design entrepreneur from Redshift.
Product design agencies
British Library
Hire the right product design agency from British Library.
WHEN: You want to work with a product design agency.
WHY: Moulding an idea into a technically feasible and commercially viable product is actually very difficult. You need to select a qualified partner.
WHAT: An article providing valuable advice on how to assess design agency credentials and pick one that meets your needs.