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What is a PMV and how to implement it

Do you want to know what a PMV is and how to implement it? In this article we will tell you everything you need to know about the PMV, or Minimum Viable Product; the best way to check the hypotheses about your project and the place it will have in the market. Take note!

You may also like: Postgraduate in Digital Product Management .

Index of contents

  • What is a PMV?
  • Steps to develop your PMV
    • # 1 Identify your customer
    • # 2 Field study
    • # 3 Identify your competition
    • # 4 Build your Minimum Viable Product
    • # 5 Return to your customers
    • # 6 Invite to test your PMV
  • 7 Ways to implement your PMV
    • Landing Page
    • Advertising campaigns
    • Crowdfunding
    • Explanatory video
    • Wizard of Oz Technique
    • A / B test
    • Concierge Technique
  • Examples of good PMV
    • Zappos
    • Meal Planning

What is a PMV?

You have already decided all the functionalities that your product or service will have, however, are you sure that the client will need all of them and will appreciate them? In order not to waste time and money it is important that you create a first version of your proposal so that you can check its functionalities and the reception it will have among your potential clients. You must create a Minimum Viable Product, that is, the minimum version of the product that you need for them to start buying it .

PMV is one of the basic concepts of Lean Startup , it is the best way to adapt a new product to the market and customers. We could define it as a version of a new product that has the necessary characteristics to achieve a specific objective and for which customers are willing to pay in some way.

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Its main characteristics are:

  • Fast and cheap – it’s the fastest and cheapest product you can build
  • Accessible : you can make it reach your customers easily in a short time.
  • Useful: allows you to make your customers need your products or services and want it.

To understand what a PMV is, we could define it as an experiment that helps you validate a business hypothesis such as “our product arouses interest in consumers.”

PMV is crucial to managing your time productively. After months of working, you will be able to acquire the first real feedback (positive or negative), until then you have been working by intuition, a project on paper. Until you launch it, it won’t exist.

However, you should not confuse PMV with prototype , sometimes it happens that it is difficult to distinguish between both concepts, especially due to the possibilities offered by new technologies such as 3D printers. The functions of a prototype and a PMV are completely different, while a prototype is a visual or real representation of the product you want to launch, the PMV is looking for interaction with early adopters to learn from their feedback. To create the products that the customer wants to buy, it is essential to know how the traditional sector has changed.

Steps to develop your PMV

# 1 Identify your customer

The first step that you must follow to develop your PMV is to identify what your target is, what is the profile of your potential client, your ideal client. Define their demographic and geographical features, what they are looking for, etc.

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# 2 Field study

You must go out into the street, check in first person if the audience you want to address is really there and not just in your imagination.

# 3 Identify your competition

Get out of your office and test yourself the products and services of the competition, both your direct competitors and possible substitute products. Check their prices, their value proposition, their channels, etc.

# 4 Build your Minimum Viable Product

Starting from the data you have obtained, create your first version of the product.

# 5 Return to your customers

With your proposal in hand, go back to your clients and ask them if they would be willing to pay a certain amount for what you offer with your PMV.

# 6 Invite to test your PMV

So you can check your hypothesis with what the client says, not just with what he does.

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7 Ways to implement your PMV

Your MVP depends on the type of product and its complexity will vary depending on that. Once you have determined the hypothesis that you want to test, we recommend that you use some of these techniques in order to obtain reliable results and data from your clients.

Landing Page

The first website that your potential customers will visit, that’s why they represent a great opportunity for you. On the landing page you can explain the uniqueness of your product by having users who access it sign up. This PMV allows you to verify that your product has a place in the real world. It is important to include an effective value proposition in your Landing Page, as well as an effective and attractive Call to Action. Since you are interested in learning, you should measure your results with tools such as Google Analytics or KISSmetrics.

Advertising campaigns

It may sound strange, but ads are a very effective method for conducting market validation surveys, especially on Google and Facebook , platforms where you can emphasize targeting your potential customers. This will allow you to check which are the functionalities and features that are most valued and most attractive to your audience. These campaigns allow you to access statistics such as the Click Through Rate (CTR) or conversions.

Crowdfunding

Crowdfunding campaigns become a great opportunity to test your PMV since these platforms, deep down, could be considered collections of Minimum Viable Products where we can study the place that the final products have in the market based on the contributions to the campaign. This strategy offers you various advantages: on the one hand, you learn by validating the development of your product by having access to a first group really involved in your project and, on the other, you acquire financing to carry it out. Include in your campaign a Storytelling, explanatory videos, incentives for people who support you, etc.

Explanatory video

You can try to explain your product in great detail, however, nothing communicates more than a video in which the user experience with your product can be seen. The explainer video should explain what your product does and why people should buy it. Less is more, 90 seconds is enough.

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Wizard of Oz Technique

This technique consists of developing only the simplest part of your platform , therefore at a reduced cost and manually. Users will think that you are testing the final product, even though it will be manual work. This technique will bring you numerous advantages in terms of the study, since you will have a greater interaction with your clients and you will be able to observe the information received first-hand. Being manual, it also allows you more agility in changes since, from observation, you can try different things on the fly and study the reactions of customers. The Wizard of Oz technique requires a lot of effort but it is certainly worth it for the information they provide.

A / B test

This test allows you to check the effectiveness of any change you apply to both your product and your marketing actions . It consists of testing two versions of the same marketing action or of the same page and determining which is the best based on the reactions of different visitors. That is, a portion of the users will see version A, while the rest will see version B to finally find out which one has been more successful with measurements such as the bounce rate or conversions.

Concierge Technique

The operation of this technique is similar to that of the Wizard of Oz, but in this case it is not pretended that everything works automatically, but it is specified at all times that everything is done manually, emphasizing the completely personalized treatment of selected clients . These tests assure you that you are building something that customers are going to use and pay for.

Examples of good PMV

Zappos

The founder of this online shoe sales platform started using the Wizard of Oz technique. He spoke to the owner of a local shoe store and uploaded some photos of his shoes to his website to gauge the demand. When an order was placed, he would go to the store himself, buy the shoes, pack them and send them manually to the customer. He was finally able to test his hypothesis: ” there are people willing to pay to buy shoes online .” Zappos was bought by Amazon in 2009 for $ 1.2 trillion.

Meal Planning

A food.com platform that is dedicated to helping families make their weekly shopping based on the tastes and offers of nearby stores and supermarkets . This organization used the Concierge technique: they started with a single client who paid $ 10 a week, without any software, so they did everything manually with the sole objective of obtaining feedback. It wasn’t until customers increased that they began to invest in automating processes and increasing staff.

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Can you think of other companies that will start their activity by presenting a PMV? Share them with us!

If you want to learn how to develop your business idea or project successfully, take a look at the MBA in Business Management and Digitization  and adapt to current new business models.

MBA in Business Management and Digitization

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Crypto

How to Create Account in EXMO step by step

In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.

How to open an account in Exmo.com step by step

Access the official website of EXMO to be able to register for free.

Select “Registration”

At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.

Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”

Phone and email verification

They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.

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Account Verification

Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.

  • For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
  • In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
  • For the card, you need to enter your card details and even take a photo and attach it.

Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.

After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.

Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.

Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.

Configuration

Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.

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Crypto

How to create an account on Poloniex step by step

In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.

Go to the official website of Poloniex

Access the Poloniex registration page to later follow the step by step that we will give you to register for free.

Select “Sing Up”

Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.

Verify your email

Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.

Account access

With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.

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If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.

Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.

This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.

Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.

Two-factor authentication verification

To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.

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Crypto

How to Invest in Cryptocurrencies on Skrill

If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.

But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.

But first log in to your Skrill account, then you could already start the step by step that will be shown below.

Access Skrill’s Cryptocurrency Investment Options

Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:

  1. Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.

Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.

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  1. Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.

  1. Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.

  1. When you have entered the crypto you chose, you will see a Buy – Sell panel.

Ways to trade cryptocurrencies in Skrill.com

In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:

Steps to buy cryptocurrencies within Skrill

First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:

  • Select the currency in which you want to buy cryptos.

  • Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).

  • Select the cryptocurrency in which you are going to invest.

  • See what you are going to receive in cryptos in equivalence for what you have invested.

  • See the commission you will be charged for that transaction.

When you have everything ready, then you can click Next.

After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.

Steps to Sell Cryptocurrencies within Skrill

There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:

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  • You establish the type of crypto that you are going to sell (and that logically, you should own).

  • You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.

  • Select the currency in which you want to receive the funds in equivalence.

  • See how much you will receive, in the same way as the previous case.

Having this ready too, you would click Next.

Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.

Some other options that Skrill gives you to trade

The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:

The Portfolio section

In this section you have at hand some useful things for your negotiations, such as:

  • The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.

  • Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.

  • Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.

The Trade section

Within this section, you can do what you are told below:

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  • Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).

As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.

This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.

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