Many startups fall into the trap of perfecting their product and then launching it to the rest of the world. The problem arises when they don't test their product in the marketplace and then invest all of their capital into it.
What if your idea isn't quite as groundbreaking as you thought? What if your idea isn't turned into the product that your target audience wants? This is a waste both of time and money.
Many startups and large businesses have created an MVP (Minimum Viable Product) to overcome this risk.
MVP is a product that solves the problem it was created to solve. It does not yet include the add-ons or complementary features that would make it more powerful and better.
MVP is a tool that allows you to test your ideas. How? Let your audience use your MVP to get feedback. Is it able to solve the problem? Is it working as it should? Are your customers having any problems?
This saves time and money, and you can be sure that your money is going to a winning horse. MVP allows you to present your product to investors and allow them to see it in action. Investors are more likely to invest in your product if they can see the potential.
Did you know that the social media giant we now see was once a way for Harvard University students and faculty to communicate? This was Facebook's humble MVP. It was the humble MVP of Facebook. Who would have thought it would be able to connect the entire world?
Ubercab was founded in 2009 which is now known as Uber. The service can be accessed via an iPhone app or SMS. It was limited to San Francisco. It generated over USD 17 billion in revenue by 2021.
Many startups have created reliable MVPs and used them to test their products/services, identify demand and get feedback to improve the product/service. If you do it wrong, you could face the consequences.
Before you start to build your MVP, here are some things to remember.
What should your MVP have? And what can be skipped for now? It is important to find a balance between an overly complicated MVP and one that solves only the core problem.
Keep the launch time brief
Let's suppose that people love your MVP, but they also experience some issues that you can't ignore. It almost always will. What time will it take to fix them and launch your product?
You may need to take too long to launch your business. It is important to not take too long before you launch your business or you could lose your first-mover advantage.
Building a quality MVP
Do not fall for the trap of believing that a low-quality MVP will suffice. It is more important to have a strong MVP that serves its primary purpose than a product with 10 features.
No one cares about what stage you are at in your product's development. You cannot hide your product's failures by calling it an MVP. It must be great. Period.
You will have asked yourself the following question: "How do you build an MVP that allows you to enter the market without spending a lot of cash?" Let's take a closer look at this process.
Determine the exact value of your product
Each product solves a problem or fulfills a requirement or both. How about your product? What problem does it solve or what needs does it fills? What does it do for your target audience? These questions will help you determine the value it adds to people's lives.
It is important to identify who you are targeting. A product cannot be all-inclusive. Define your exact target audience
Conduct market research
MVPs are designed to help you understand your customers' needs. To find out if there is really a gap in the market, it's a good idea not to wait to develop an MVP.
Startups often fail because they create a product that isn't necessary. It's as easy as filling out a form to conduct market research and then sending it out. Unexpected insights are sure to come your way.
Map user journey
It can be viewed as a movie in which your target audience is the protagonist. Movies have a story and a problem. Your hero already knows the problem. See what steps your product takes to help him solve the problem.
Begin with your customer finding you, and work your way up until he does the desired action. Usually, this is buying or subscribing. You should know the steps in-between. What pages should he go to in your web app, mobile app, or website?
Find the features you absolutely must have
Your vision of your idea might be vast. You need to go through each step. Do you remember the MVPs of business giants that I mentioned earlier? Start small and then grow.
List all features that you want in your product at each stage. Next, categorize the features according to their priority - high, middle, or low. Focus on the top priority features that must be present in order to solve the problem you are trying to solve.
Create your MVP and launch it
The real fun begins as you build the first version of your product. You have two options.
- It can be made by you
- It is best to hire a professional to handle it
MVP does not mean that a low-quality product will be accepted by your audience. They will not be kind to you. If you don't have any experience building such products, it might be a good idea to hire a professional.
Find a remote developer or freelancer. After you have completed the work, launch it with all your attention and ears. Next, move quickly to improve it and add secondary features.
No one starts with the perfect product or service. How you adapt and innovate to the market will determine how long and how impactful your journey is. These are just a few reasons why an MVP is essential:
- This helps you understand your target audience, their behaviors, and their needs.
- This helps you to ensure there is a demand for your product/service, without spending a lot of money.
- Once the proof of concept has been completed, investors will be attracted.
- Your audience will have a firsthand experience with your product. This is more likely than to provide concrete and useful feedback.
- It allows you to be more focused on what is important and less on what is not.
- An MVP is much easier than a fully-fledged product, which makes it simpler and less daunting.
It is crucial to take small steps to help you make big strides whether you're looking to start your startup or bring in a new product for your company. Building an MVP is one such baby step. What are you waiting to do?
To start your journey, get in touch with an MVP development company like ours.