Market research is the organized effort for gathering information about the market. It’s a crucial business strategy as it determines if there’s a product market fit.
Here’s the steps for a thorough market research:
Use this customer avatar template, and talk to the market to gather feedback. Determine the most common problems that your target market has.
MVO – Stands for minimum viable offer which the bare minimum amount of service/products that you need to satisfy your ideal customers’ needs.
After completing the customer avatar template, rate the seriousness of each problem. Find a solution to solve the top 1-3 more common problems, and that’s your MVO.