Sociable Labs (C) Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Sociable Labs (C) Case Solution

Background

Sociable Labs began as a start-up company, aiming to curate and promote online purchasing possibilities based on friend recommendations. Nisan Gabbay, the founder of Sociable Labs, is trying to show the clients that what their friends were purchasing or "enjoying" in the hopes that somehow this information would help them make better decisions and even empower the vendors on using Networking sites specially Facebook, to boost their sales. Similarly, it was focused on showing how his Facebook social events app benefited friends to find activities based on their friends' events.

Analysis

After concluding more set of customers’ interviews;Gabbay entirely focused on a MVP "minimum viable product for Sociable Labs”. It would be a software-as-a-service (SaaS) solution, which would allow e-commerce businesses to integrate social media into their websites, allowing the customers to get recommendations from friends at the time of purchase. These social recommendations are likely to result in greater sales conversion, and as a result of which, a good return on the customer's purchase is achieved.

But to his surprise, the potential early clients didn’t emphasized more on the aim of "generating ROI" as compared to figuring out the right long term solutions that are expected to drive increased sales for them and they'd been burnt previously.

Also, early consumers did not desire a packaged solution, despite Sociable Labs' strong beliefs about which of the consumer features would be most beneficial. Instead, they wanted to be able to pick and choose whatever features they thought their customers would find most useful. For that, they illustrated a possible application for their website.

Should Gabby Proceed to Build the MVP?

Yes, MVP is definitely a good-to-go solution for Sociable Lab. Through MVP, Gabby will be able to figure out which Sociable Labs property would be useful for wide range of different companies and how. As a result, he will be able to create customized software for a variety of e-commerce applications.MVP gives businesses concrete indicators about the product, such as what works and what doesn't, what can be added, and, most importantly, what can be updated.

Creating an MVP helps Gabby in avoiding to add those features that aren't needed or desirable to your initial product. This implies that the new consumers will receive a straightforward product that perform precisely what it claims to do.

One of the most important advantages of MVP is the cost-effectiveness of product development. In terms of cost, developing first versions of your product with less functionality is a simple and safe strategy. Furthermore, spending less money in the beginning allows you to save money for future improvements.It will assist Gabby’s customers in gaining more users and gathering more data, allowing them to invest more wisely.(Gupta, 2021)

MVP assists in gauging the market demand early on in the development process, ensuring the idea of success. It will help early potential customers of Gabby in determining whether or not there is a demand for your product in your target market. It is so, because they cannot invest their entire cash solely on a guess. Therefore, MVP development enables the companies to join the actual market more quickly, allowing them to field-test their ideas and gather feedback on the entire product.The MVP approach is more iterative in nature. MVP development provides a platform for the company’s team to learn and apply iterative development techniques such as:Agile, which might help your product in providing more value throughout the development and to generate profit with it................................

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Sociable Labs (C) Harvard Case Solution & Analysis