What is an MVP?
Building an MVP has become an effective process for startups that want to penetrate the business landscape. The minimum viable product proves to be crucial for startup success. It enables you to create a low-risk and cost-effective product that you can improve at a later time. If you’re scared of taking risks, MVP will be your safe haven as you aim to break into the market. Do you have an idea that you want to test? Can you tell the needs of your target audience? These answers are just a few scrolls away. This article gives the nitty-gritty of Minimum Viable Product (MVP).
Before we explain the reason for MVP and how to build an MVP, let’s define the term “MVP.” MVP is described as a free-standing product with minimum features that support its unique selling point. According to the author of The Lean Startup, Eric Reis, MVP is: “That version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” In other words, MVP is an early market entry to collect information about the product and how customers respond to it. From the feedback obtained, you can decide to develop the final product or improve the process. This methodology is indispensable to product launch as it gives the core functionality of your product to your target audience.
Why a Startup needs MVP
Stats show that 20% of startups fail due to financial constraints, hence building an MVP. With MVP, these startups can test their idea, discover their users’ needs, and how to meet them. Here’s why a startup should build an MVP:
Reduces Risk
Product creation comes with many risks as you might have to invest resources into the product, which may fail later. Developing an MVP is cost-efficient, thus reducing risk to the barest minimum. Through this methodology, you can tell if your product idea will produce positive outcomes.
Reduced cost of development
Funding is usually an issue with startups; hence every business strives to develop a product within budget. To build an MVP, you won’t need to incorporate numerous features in the design since this can be expensive. It’s not ideal to spend a fortune on product development when it’s not guaranteed that it will achieve great success. If your MVP proves successful, you can utilize resources for future improvements.
Shorter time to market
Time to market explains the duration required for a product to break into the market. It encompasses the idea process, creation of the product, and launch. Every entrepreneur wants to unveil their product, receive feedback, make improvements and generate revenue. Startup founders build MVP with the intent of promoting its functionality while appealing to users’ interests. In most cases, you must put your product on the market before competitors reach your target audience.
How to build a successful MVP
From conducting market research to creativity, defining MVP features, and developing MVP, here’s a step-by-step process for a successful product launch. Let’s get at it!
Research the market
Market research is the first stage in MVP development. According to a report by CB Insights, about 42% of startups fail to meet the needs of their target market. Therefore, it’s crucial to conduct thorough market research before putting your product out there. First, find out how your product will meet the needs of your target audience. Study your customers’ habits, understand their problems, and discover how you can solve them. Furthermore, distinguish your competitors, their products, and how you can make your product distinct from your rivals. Also, analyze their pitfalls and leverage them for the success of your product.
Validate your product idea
What benefit will your product offer to users? What’s your unique selling point? How is your product unique? Consider these questions. This will give you a clear understanding of your product idea.
Define your user flow
After you’ve performed your market research and brainstorm ideas, you can now determine your user flow. In this stage, you’re expected to view your product from the user’s standpoint. This helps in developing the ideal MVP. For instance, you’re designing a car-hailing app, you’ll want to create features like destination name, payment mode, vehicle information, rider’s details, etc. To define your user flow, consider the problems your app will be solving, study user’s behavior, and how they will navigate around your app.
Outline the MVP features
Before building your MVP, you should highlight the features you want to be included in the product. List out these features while considering the needs of your target audience. Next, prioritize these features by classifying them. You can use the MoSCoW method or other techniques to categorize the features. The MoSCoW analysis typically places these features into categories such as must-have, could have, and will not have. After making your choice, you can now proceed to design your MVP.
Develop MVP
This sums up the overall process of MVP development. Though you can use various approaches to create your minimum viable product, you might want to consider each approach’s cost, skillset, and technical know-how. This stage can take up to two or three months to complete. Do you need help with your MVP design? Then, outsource the project to OT Solutions. We’re the best business development firm in the region.
Evaluate MVP performance
After building your MVP, you should measure the success of your product, collect feedback and implement changes in future models. From the feedback, you can determine how your product is faring in the market. This stage encompasses checking engagement level and feedback received, number of sign-ups, and active users.
Conclusion
By now, you have a vivid understanding of an MVP, the importance, and how to build your minimum viable product. Do you own a startup? Building an MVP is indispensable to your business growth and market presence. If you want to launch a product, you’ll need to prioritize MVP.
Let OT solutions help you build your MVP. We have numerous minimum viable products that suit different projects, apps, and websites. Perhaps you’re having second thoughts about this methodology or unsure how an MVP can boost your brand? Contact us at OT solutions today! Let’s help clear your worries and doubts. We await your call.
