As someone in the startup space, I’m certain you are not new to the concept of Minimum Viable Product, but it might be the first time you are seeing an equivalent in Minimum Viable Marketing.
So you’re probably wondering what this means.
Well, in this article, we will be looking at:
- What is Minimum Viable Marketing (MVM)?
- Why you should consider the idea of MVM.
- Some techniques for building a MVM campaign.
Alright, let’s get into it.
What is Minimum Viable Marketing?
Using Eric Ries’s concept of ‘Minimum Viable Product’ (MVP), which is the minimum product feature needed for gathering the most data and learning about the scalability of the product, think of your marketing campaign as a product rather than a promotion.
The term Minimum Viable Marketing (MVM) is the idea that you can test out marketing channels and see if they work (i.e. generate sales and leads) before increasing your marketing investment on the channel.
You should note that your test should be carried out in a speedy manner. You also need to understand what data needs to be measured at every stage of your experiment.
Before picking a marketing channel to test, it is important to properly evaluate your marketing goals, and how you think will be the best way to achieve those goals.
Now that you’ve gotten a good understanding of what Minimum Viable Marketing is, let’s look at some of the reasons why you should adopt the idea of a Minimum Viable Marketing approach as a startup
By adopting the minimum viable marketing approach, you can save money and resources by avoiding expensive marketing campaigns that may not yield the desired results.
2. Efficient use of resources
MVM ensures that you start by testing your marketing campaigns on a smaller scale, helping you identify what works and what doesn’t. What this means is that you can now allocate your resources more efficiently towards campaigns that are more likely to succeed.
3. Reduced risk
With the MVM approach, it helps minimize the risk of investing in a full-scale marketing campaign that may not produce the desired results. By testing on a smaller scale, you can identify any potential issues before investing significant resources in a larger campaign.
In today’s rapidly changing business environment, it is important for startups to be agile and adaptable to changes in their marketing approach. Adopting MVM can help startups quickly test and validate their marketing strategies
Knowing why you should consider adopting MVM isn’t enough, you need to understand the techniques involved in minimum viable marketing.
Here are some techniques for building an MVM campaign:
Identify your target audience
Before launching any marketing campaign, it’s important to understand your target audience. This includes the demographics of your audience, their interests, needs and pain points. By identifying your target audience, you can tailor your messaging and marketing efforts to appeal to them specifically.
Understand your unique value proposition
You need to understand and be able to properly articulate what makes your product or service stand out from competitors. Clearly defining your unique value proposition is crucial in building an effective marketing campaign that resonates with your audience.
Choose the right marketing channels
There are a variety of marketing channels available, from social media to email marketing to content marketing and so on. Consider which channels are most relevant to your audience and focus your efforts on those that are most likely to yield results.
Test and repeat
Once you’ve launched your minimum viable marketing campaign, it’s important to gather feedback and data to refine and improve your approach. Use tools like A/B testing and analytics to measure the effectiveness of your marketing efforts and make adjustments as needed.
By applying these techniques, you can create a minimum viable marketing campaign that will effectively reach your target audience, communicate your unique value proposition, and help you gather enough data needed to refine your approach over time.