Table of contents:
What is MVP?
Why MVP? The need to build an MVP
Steps to Build an MVP
Benefits of MVP product developmentConclusion
Bringing a new product into the market is a high risk. If you are unaware of the product demand and target customers, then your massive hard work of years may slide down. According to statistics, the failure rate of startups has increased to more than 90%. The main reason behind this is the misunderstanding of market needs. As a result, if you’re thinking about starting a business and putting your product on the market, you should test it first to see if it meets the demands of your customers.
The process of testing implies creating an MVP (Minimum Viable Product) which is a minimal form of your product that undergoes testing in the market. This popular approach can help you understand what customers need and can help you test your business idea.
This article will help you know more about the term MVP and the need to build an MVP. Finally, this will cover the step-by-step guide to creating an MVP followed by the benefits.
What is an MVP (Minimum Viable Product)?
An MVP is a launchable testing version of the product that assembles minimal yet must-have features in it. It includes only the basic functions of a mobile app to solve a specific problem and satisfy early users.
Building an MVP is an iterative process for identifying user demands and determining the right product features for users. This development method also enables you to test product assumptions and understand how your target customers respond to your product’s main features.
Why MVP? The need to build an MVP
The fundamental objective of MVP is to create a functional product that delivers instant value while keeping expenses to a minimum. As you test your assumptions, you’ll learn more about your end-user and the market you want to penetrate by starting with an MVP.
An MVP will also provide the groundwork for future development and define the project’s sequential phases – whether that means shifting directions or sticking to your original plan.
An MVP may also be used to demonstrate commercial potential and gain stakeholder buy-in in specific cases. Whether you’re searching for funding from internal or external sources, having an MVP enhances your position.
Now, we will walk you through the stages of developing an MVP and explain what happens at each stage.
Steps to Build an MVP
Here are the key stages that will help you in building a minimum viable product.
These stages will help you to identify and prioritize features that you will need to get your MVP to market.
Step 1: Define the user problem
Identifying the user problem is the first step in developing a successful minimum viable product. To put yourself in your customer’s frame, start by asking yourself two main questions: Why do I need this product? And how can it help me? Answering these questions will help you figure out the aim of your product and the ideas for meeting the demands of your potential customers.
Step 2: Do market research
The foundation of each project is market research. To avoid substantial money and time losses, you must conduct market research to assess demand and competition, regardless of how unique or interesting your idea is. Make sure your product will be appealing to customers. Also, keep an eye on your competitors by following their developments.
Step 3: Define user journey flow
It is crucial to design a user-friendly and easy-to-navigate application. By sketching out user journeys, you can ensure that your users have a positive experience with the first iteration of your software. Furthermore, this will allow you to see your product through the user, from the moment they open the app until they complete a task.
Step 4: Prioritize MVP features
This stage includes prioritizing your MVP features. Identifying and prioritizing features may be as simple as asking yourself, “What do my users desire and what do they need?” Keep in mind that adding too many user-requested features too soon might detract from the product’s primary goal and degrade the user experience. Hence, you should include features that are related to the main objective of your product.
Step 5: Build an MVP
Now, you can start building your MVP once you have settled on the major features. Keep in mind that an MVP is not a lower-quality version of a finished product, and it must still meet the demands of your customers. As a result, it must be simple to use, interesting, and appropriate for your users.
Step 6: Test the MVP with users
At this point, your primary goal is to get the app out as soon as possible so you can test assumptions with minimal risk.
It’s best if your genuine users start utilizing the product as soon as possible. Their responses will reveal if they are interested in this type of software or whether it would be a complete waste of time and money to build it.
Step 7: Improve your MVP
Once the MVP is tested and users give their feedback, you may start working on improving your MVP.
You have now figured out what your users enjoy and don’t like. Now you may enhance the features customers like, eliminate the ones that aren’t needed and add something new to see if it works.
Benefits of MVP product development
The process of creating an MVP provides several benefits to companies operating in software and application development.
Here are the few benefits of MVP Development:
MVP serves a trial round to the users and gathers the feedback and ideas of the customers. This trial may help you make necessary adjustments to the product to make it more appealing and valuable to the users. Hence, it gives a perfect trial action to see your idea into action and make the appropriate improvements if needed.
As we know, featured applications take a year to build and the cost depends on the amount of time the software development team spends on the project. Hence, it creates a high risk with a larger initial investment if you don’t build an MVP. Also, the cost of building an MVP is considerably cheaper than the expense of developing a full version.
Another advantage of MVP software is that it allows you to test the entire concept of your project. It will be considerably more difficult to build an app for a certain target if you launch it with a lot of features.
Building an MVP also works to attract investors. To attract investors, you must first pique their interest in your products. MVP is the greatest option here. With an MVP, you will have a better chance of attracting cash and attention from VCs or angel investors if you have a working product.
Building a Minimum Viable Product has shown to be a helpful stage in the software development process. It allows companies to test their ideas and check out the feedback of users.
To sum up, building an MVP helps you to test your business idea and determine whether it is feasible to develop a fully featured product. It also allows you to save a significant amount of time and money rather than investing in a completely worthless product.
Do you need any help to create a successful MVP? At Ailoitte, we will be happy to help you in figuring out your customer’s needs and build an impactful Minimal Viable Product.