MVP is a typical launch strategy adopted by a lot of startup companies to help reduce the time and effort spent on creating a product from scratch. If you are looking to build a perfect MVP, this article is perfect for you! Here we`ll guide you through building an MVP.
What is Strategic Communications?
Minimum viable product(MVP), is a product developed and released with minimum functionality as opposed to a solution fully developed. An MVP is developed to attract early adopters, enhance swift market time, and achieve product-market fit from the beginning.
Purpose of an MVP
The aim of developing an MVP is to quickly launch a product based on an existing idea with little capital. MVP development solutions permit businesses to gather feedback from users for the main product and incorporate it in future versions. With an MVP, you can discover the right audience, use ideas gained from experience, and save time.
How to Create an MVP
Taking the shortest path to put your application on the market should be your top priority. Below is a detailed guide on approaching MVP with maximal efficiency.
Step 1: Market Research
At times, your ideas will not meet the market needs. As a business owner, before you put an idea in motion, and start a Minimum value process development process, ensure that it satisfies the target audience’s needs. Surveys and research is a business best friends. The more information you have, the greater the chances of success. Also, always look out for your competition, to know what they have to offer and how to improve on the product idea.
A survey conducted by CB Insights revealed that the top reason for the failure of a startup is ‘lack of market need.’ If products fail to fulfill their needs, customers won’t go along with them.
Step 2: Be Particular about Value Addition
What is the product’s value to its user? How can it be of advantage to them? Why should they purchase the product?
Asking yourself these questions can assist in defining the product’s value proposition.
The crucial estimations for the project should be clearly spelled out. As the minimum value process (MVP) implies, the product needs to offer value to people in its primary state. To do that, start by outlining the consumers and creating the MVP according to their needs.
Step 3: Outline User Flow
The vital stage of MVP is the design process. Hence, you need to design the app in a convenient way for users. You need to consider the users’ perspectives from start to finish. Additionally, user flow is crucial because it ensures everything is in place while keeping user satisfaction and future product in mind.
Defining the steps(user flow) required to get to the primary objective is crucial. The focus should be on functionality, like locating and purchasing the product or receiving and managing orders, instead of features.
These are what the end users are concerned about while visiting the app. When every procedure stage is laid out, you can now define the features of each stage.
Step 4: Prioritize MVP Features
This is when you prioritize the features that the MVP will support. To do this, ask yourself questions like: What do customers want? Is this product providing them with something beneficial?
Next, classify all the MVP features that are left from high priority to low priority. One other important step is to organize the features in the product backlog based on priority. Now you can begin creating an MVP prototype If you want to see its future product look.
Interesting Fact: Steve Jobs lost his job because he ignored the prototyping stage while developing the Apple Lisa, which resulted in a disaster as it failed to attain a lot of sales.
Step 5: Launch MVP
Once you have decided on the primary features and understood the market needs, you can build the MVP. Remember that MVP needs to constantly attend to the needs of the customer. Therefore, it must be engaging, easy to use, and user-friendly.
Step 6: Practice ‘B.M.L.’ Build, Measure, Learn
First, explain the scope of work, then move to the development stage. After this phase, the next stage is testing. The initial testing stage should be executed by Quality Assurance engineers who aim to enhance the quality of the product (regardless of if the product is released or not).
After establishing the MVP, go over every detail again. Then the business should get feedback from its customers. Through this feedback, you can determine the competitiveness and acceptance of their products in the market.
The main focus of MVP is building an application based on the needs and choices of users, not just startup investors or founders. The building stages mentioned above ensures the availability of the audience who uses, appreciates, and is prepared to purchase your product.