10 Takeaways from 60 Minute MVP with AWE Cohort 1
What started as a lesson on MVPs evolved into a discussion on websites and digital marketing in a recent entrepreneurship class. Here are the top 10 questions and answers from the session with Cohort 1 of the Academy of Women Entrepreneurs in Trinidad and Tobago.
1. What is an MVP?
An MVP is a minimal viable product. It is an experiment that tests your riskiest business model assumption, with the lowest possible expense.
2. What is a currency test?
A currency test measures demand for a product by validating whether customers will pay sufficient “currency” (i.e. money, attention, or data) for a product.
Done is better than perfect.
3. What is a landing page?
A landing page is a one-page website created specifically for an offer that inspires action.
It’s a no-fuss, no-muss web page with limited distractions. There is no home page or menu to click away from the landing page. The sole aim of the landing page is to get you to take an action on the webpage.
Examples of actions:
- Email subscriptions
- Appointment booking
- Sales purchases
- Pre-orders (as in our MVP project)
For the purpose of MVP project*
Landing Page MVP Goals:
- Tell customers what problem is being solved
- Show customers why the solution being offered will solve their problem
- Ask for currency from customers to validate demand
Done is better than perfect
4. What’s the difference between a website and a landing page?
Whereas a website has different goals (e.g. to inform, sell, convert, create awareness etc), the goal of a landing page is singular and focused.
Landing pages are focused on having a visitor take an action in exchange for an offer. Each landing page has a call-to-action e.g. to purchase, make an appointment, subscribe, etc.
5. What is a call-to-action?
Also known as a CTA, every website and especially, every landing page should have a call-to-action. It’s an invitation to a visitor to take an action on your website or landing page. They are typically presented as a button.
Common calls-to-action include:
a. Sign Up
b. Make an Appointment
c. Checkout Now
d. Buy Now
e. Subscribe
f. Download Now
What are some other calls to action that come to mind?
6. Can I substitute a landing page for a website?
I suppose you could… but you shouldn’t.
A landing page is not a substitute for a website. Remember, your landing page is driving the customer to action… it’s what you use as part of your digital marketing strategy to convert visitors to subscribers, paying customers etc.
Like we covered in the 60 minute MVP exercise, you can create a landing page by itself if you want to validate a product or service idea but once you’ve decided to start a business, you should create a website.
A website is your own(ed) space on the internet; the only space where you are truly the queen of your domain — you do not own the IG or FB platforms. Facebook does, and you're at the mercy of their rules and algorithms.
Landing pages are recommended by digital marketers for marketing campaigns because conversion rates (number of persons taking action/buying/subscribing etc) on a landing page format is higher than on a regular webpage.
Remember, done is better than perfect.
7. How can I create a landing page?
There are services that allow you to create web pages quickly and easily. You can create your own landing page using a website builder (e.g. Wix) or you can also create a landing page using email marketing software like MailChimp or dedicated landing page services such as Instacart.
These are just examples, not endorsements. There are many service providers from which to choose. And as done in 60 Minute MVP, you can create your landing page from your own website vs. using a third-party solution.
8. Should I create my own website?
New business owners often cannot afford to hire a digital marketing team or web development team. That’s okay. There are plenty of free or affordable DIY tools today that allow you to create websites, social media content and other marketing materials without technical skills.
Key takeaway: Don’t let a lack of budget stop you from getting online. There are resources to help.
However, if you have the budget… stick to your core business and outsource some of these functions. It will save you time, and allow you to focus on your core income earner while the experts handle this important area on your behalf.
9. Be the Guide. Let the Customer be the Hero
This Storybrand principle asserts that we should invite our customer into our brand’s story… but position the customer as the hero and our brands as their guide.
We want to be the Alfred to their Batman; the Haymitch to their Katniss. Our brand story should be framed as our products and services helping our customers to overcome their challenges and problems to achieve their goal.
Why? Because customers purchase solutions to their problems. In practice, this means that your website’s above-the-fold copy and images (the area of the website that is seen before scrolling) should focus on how your solution solves your customer’s problem.
Information about your history, company values etc are also important and help to build your connection with your customer. This information can be shared lower on the website.
Example:
10. Examples of website builders and content management systems
I checked out WiShop (thanks for the rec, Delana :)). For those of you who need e-commerce functionality on your website, I think it’s a viable option.
Other website builders and content management systems for consideration:
a. Wix (free and premium versions)
b. Squarespace (paid. Great premium templates.)
c. Wordpress (free, open-source, gazillions of templates but requires some technical know-how)
If you’re building your website for yourself, check out my website cheat sheet for beginners.
More Resources
Check out this article on DIY digital marketing resources for graphic design, stock photography and more.
Resources used in MVP activity:
Landing Page: Wix
Payment Processing: Foxy.io
Appointments: Calendly
Newsletters: MailChimp
