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A Steady Approach on Introducing a Minimum Viable Product (MVP)

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Dec
02
2017

We all know that MVP is a topic that is not familiar to everyone and for those Minimum Viable Product a vision of your idea to potential customers. In other words, we can say that it is a way of validating your idea by designing a prototype for the market and core customers. The concept behind creating an MVP is simple – to create a functional, smallest and quickest product that could justify your idea. The prototypes can’t be designed on one go, you have to work with the requirements over and over until it works. Once you are up with the rough version of what you want, then scale it up from there. Lean Startup movement is the whole idea of MVP. An MVP can be based on strategies directed towards designing and launching a product to the market. The main goal is to minimize the development cost and provide quickly and immediately.

So if you are ready to work on any idea you got, here are basic things you should consider before creating an MVP. 

Do your Homework!

In Lean Startup methodology, it is all about validating and testing the facts such as:

  • The market needs a solution you are working on.
  • The market is willing to pay for your solution.

These 2 Hypotheses are very important in every sector coz why lose money in developing something when you don’t have market validation.

The very first phase while developing is get the feedback from customers before building anything. You should know what your clients want, their preference and how they use technology. If they can afford your solution, then how big are the market and the things they have in common. This way you should get to know more about your audience because based on these facts your product is reviewed.

For example: if a market needs a mode of transportation that could help the peers move around quickly than by foot, then your MVP shouldn’t be a model that someday should become a car but a simple skateboard which is better than a foot. Once you get to know that customer is utilizing your skateboard, you can slowly evolve them efficiently that supports the need for customers. You need to iterate the skateboard until it becomes a car.

Make sure that your MVP has a Value

There has always been a lot of misunderstanding on “Minimum Viable Product”. Some prototypes are built with too many features for concentrating on many segments even before they get market validation. Some, on the other hand, build half-baked prototypes that miss out basic functions.

Now talking about the best way while introducing an MVP is to be precise about it. They should have basic features and good customer experience. As the saying “The first impression is the best impression” coz if you present the market with products that are poorly designed, Customers, will walk away and never get a chance to build it again. When launching your MVP, all you need is Quality content, design, and codes that provide the best user experience.

Your MVP should only Deal with One Problem for One Audience

While implementing your business plans, you would have encountered many use cases and other segments. All you need to do is target the main audience and solve issues over there and to slowly provide features and solution for other segments. There have been some cases where startups go overboard by adding many features in prototypes and don’t have the resources to compete the bug issues.

Use Data to Figure-Out when to Add Features

Make use of the data in order to focus on the next feature that should be added to your product. Overbuild up was always an issue among startups as they may land you in trouble for trying to be everything to everyone. Look deep in your data to get a better understanding of what to build:

  • Dive into customer support data and find the common issues by building a feature.
  • Suggestion by the customer for new extensions.
  • Metrics of an application for commonly used functions.

Staying aligned with interests of your user is the best strategy while adding new features and extension to your product as it avoids overbuilding. Every feature you release should rectify some issues and it should be tested.

At this point, you should have a strong foundation on how to build a Minimum Viable Product (MVP). Now you have the brief understanding of what your business and customer needs, what features to build accordingly to user interest. 

Taking your vision from an idea to launch is a great deal. There are chances of mistakes bound to happen along the path. It is also important to learn from your mistakes and move on and building an MVP is the best chance to do that.

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