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Elena Tsemirava

How do you define an MVP success?

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How do you know that your MVP is successful and is getting a product-market fit? What are your criteria?

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Conversion from user to dollar)
@alex_egorov Haha! I agree but, most importantly that users are satisfied with UX
Elena Tsemirava
@alex_egorov fair enough! do you have a specific dollar amount as a kpi?
Louis Cirignano
Customer feedback/stickiness are the most important, but remember, the users don't need to like the first version. Get feedback and relaunch ASAP to see how you can address their needs better.
Elena Tsemirava
@fam_socialfinance that is an interesting point actually! what is your user sample to make a decision?
Louis Cirignano
@elenat You really need to have face-to-face conversations with the consumer and make sure you are addressing their needs properly. It's certainly not easy to do
Elena Tsemirava
@fam_socialfinance do you set any kpi on that?
Mark Amouzgar
To determine if our MVP is successful and achieving product-market fit, we measure user retention, customer feedback, and the rate of organic growth.
Elena Tsemirava
@mark_amouzgar do you use any tools for tracking these kpis?
ISHIR
Defining the success of a Minimum Viable Product (MVP) service can vary, as it depends on various factors such as the goals and objectives set by the company, the target market, and the specific metrics used to measure success. Here are some common indicators that can be used to evaluate the success of an MVP. - One of the key indicators of an MVP's success is customer satisfaction. A successful MVP should address a pain point or solve a problem for its intended users. Therefore, if customers are satisfied with the product and find value in it, it can be considered a success. This can be measured through user feedback, reviews, and ratings. Additionally, if customers are willing to pay for the product or continue using it on a regular basis, it further validates the success of the MVP. - Another important factor in defining the success of an MVP is its impact on the company's bottom line. An MVP should not only attract customers but also generate revenue. If the product is able to generate sales or leads, increase customer acquisition or retention rates, or improve overall business metrics such as revenue or profitability, it can be considered a successful MVP.