Many startups fall into the trap that they have to perfect their product before launching the product to the public. It's when they fail to test their product on the market and instead invest their entire capital into it.
What if the idea isn’t as innovative as you expected? What if your original idea doesn't translate into a product you and your audience love? This is a waste of time and money.
Many startups and even large companies create an MVP first, or Minimum Viable Product (MVP) to mitigate this risk.
What is MVP?
MVP stands for a product that is just enough to solve the problem. It doesn’t yet include any additional features or add-ons that could make it better.
MVP can be used to test your idea. How? Your target audience can use your MVP. Then, see the feedback you get. Does it solve your problem? Is it able to solve the problem? Is it intuitive to use? Are customers experiencing any difficulties?
This will save you time and money as well as ensure that you are making a profit by investing in the right horse. MVP allows you to show your product to potential investors to see it actually working. They will be more inclined to invest if you can show them the potential of your product.
Example of MVP
You may not know this, but the social media giant you see today was once used to connect Harvard University students. This was Facebook's humble MVP. Who knew that this would become the global standard for communication?
Uber
Uber, earlier known as Ubercab, was established in 2009. Their service, which can only be used by iPhone apps or SMS, was launched to see if the concept of sharing cabs had any market. This service was also limited in San Francisco. Fast forward to 2021. It has generated revenues of more than USD 17 Billion.
Common problems in developing an MVP
Startups often created a reliable MVP that they used to test their product/service, identify market demand, and receive feedback to improve. But if you don't do it right, you might have to pay the consequences.
Before you begin to create your MVP, there are some important points to remember.
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Right Positioning
What is the minimum requirement for your MVP? There is a fine line between a heavy MVP that has too many unnecessary features and a simple solution that does not solve the core problem.
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Keep the launch times short
Let's assume that while people loved your MVP, they also encountered some issues that were beyond your control. (It almost always does). How long does it take to resolve them and launch the product?
You might have to compete for a large portion of the market if you take too long. Do not delay launching your product or you will lose your advantage as the first-mover.
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Designing a quality MVP
Don't believe that a poorly-designed MVP will work. An MVP is not about having 10 features, but rather a powerful product.
People don't care about your stage of development. Therefore, it is impossible to excuse your product's failures and call it an MVP. It must be excellent. Period.
One question that will be on your mind is "How to build MVP that helps enter the marketplace without spending a lot of money?" Let us take a deeper look at the process.
A step-by-step guide to MVP development
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Calculate the exact value of your product
Every product either solves the problem fills a need or both. What do you think about your product, though? What is the problem or need that it solves? How will it benefit your target market? These questions can help you discover the value it has in people's lives.
It is vital to determine who you are targeting. You can't have a product for everyone. Define your exact target audience
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Conducting market research
MVP helps you to understand your customers. To make sure that the gap you're trying to fill is real, it's a good idea for MVP development to do market research.
Startups that create products that don't exist are often the ones that fail. Market research is as easy as creating a form, and sending it to your target market. You'll be surprised at the unexpected insights you get.
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Map user journey
Imagine it as a movie, where the protagonist is you. Every movie has a story. And every story has a problem. You know what the problem is for your hero. So, you can see how he solves the problem with your product.
Start by introducing yourself to your customer and continue until your customer does what you want. Find out what the next steps are. How many pages must he access to your website, web application, or mobile app?
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Find out which features you absolutely have to have
Your vision may be broad. However, it is important to work through the steps step-by-step. Remember those MVPs who are business leaders I talked about earlier? Keep your humble beginnings and work your way up.
You should then list all the features that you would like to see in your product, at each stage. You should then classify them according to the importance they are required - high or medium or low. Only focus on the high-priority features that are essential to solving the problem you're trying to solve.
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Make your MVP, and launch it
You now have to start the real challenge, building your first product. Two options are available here:
- Make it yours
- Get a professional to help you.
MVP doesn’t mean a poor product won’t work for your audience, as I mentioned earlier. They won't be lenient with you. This is why you should hire some professional if you're not a skilled developer with experience in building such products.
Locate a freelancer or remote developer. Once it is done, launch it. Keep your eyes and ears open. Move fast to make the product even better. Keep adding the secondary features.
Conclusion
Nobody starts with the perfect product. How you adapt to market changes and how you innovate will determine the length and impact of your journey. Below are reasons why you should develop an MVP.
- It will help you to understand your target market - their needs, behavior, etc.
- It will help you make sure there is a market for your product/service without spending a fortune.
- Once the proof is complete, it will attract investment.
- It gives your audience firsthand knowledge about your product. You will get more concrete and practical feedback.
- It helps to keep your focus on the essentials and let go of the rest.
- It's easier to create an MVP than a full product, which makes it less overwhelming.
It is essential to take small steps to make great strides. You don't have to wait any longer!
For more information, contact an MVP development company.
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