People embarking on MVP software development companies must familiarize themselves with MVP. An MVP validates your mobile development ideas and guides you through adding features that help you reach your targets.
An MVP is about testing an idea and discovering the ways that will help you grab the attention of your target audience. The article is a step-by-step guide that focuses on the importance of MVP and the steps involved in building MVP features that help you measure your success.
A glance at the past
CEO Frank Robinson coined the term MVP, Minimum viable product, in 2001, encouraging that product development and customer research are critical elements for a product to become successful. In 2011, Eric Ries described MVP in his book titled “The Lean Startup.” He mentioned that MVP is a freestanding product that works with minimum features to solve problems, especially those related to customers’ needs.
What is an MVP?
As mentioned above, an MVP is a basic version of the product with minimal yet essential features. The intent behind developing an MVP was to fasten marketing, attract early adopters, and achieve product-market fit.
Once you launch an MVP, the wait for feedback begins. A company like Altamira focuses on feedback because it helps them reiterate to fix the error and introduce new features suggested by the early adopters.
The MVP approach allows to:
· Make an early entry in the market, leading to business benefits
· Early test the idea with actual users to check if the product can solve their problems
· Work to develop products that integrate suggestions and users’ feedback
Why do we need MVP?
It is surprising but disappointing to see many founders’ journeys end before their target audience held their products. Since it is widespread, passing an MVP development process to check the success rate of the product becomes a need. Here, we focus on the benefits of MVP.
MVP displays your concepts. It allows the developers to display their idea instead of convincing the investors for hours. If the product developers persuade the users to try out their product, getting investors increases.
Build an in-demand product
Founders focus on the product’s image and keep that image until they launch it. Keeping the product’s image flexible is vital if you wish to cater to commoners. With meaningful feedback from users, developers can add features and remove functions that are not useful.
Understanding the Domain
When founders plan to build an MVP, they start digging deeper to understand the problems, market, and the industry they will dive into. In short, founders focus on understanding the domain and gathering related information to find hidden opportunities.
Fast Idea Validation
MVP requires minimum features to test the concept and minimum time to build it for people. Founders invest their time and money in central parts of the product. It is an affordable method to show the ways users will react to the products.
Minimum viable product provides room for alteration. It allows the founders to change the products and keep them updated. Moreover, it enables them to add new features and remove those that are not helpful.
How can you build an MVP?
Here, we shed light on the process involved in building an MVP.
Identify the problem
Before building an MVP, the founders have to identify the problem that exists in the market. Before you create an MVP, ask the following questions.
· What problem do we plan to solve?
· What are the objectives?
· Will the solution meet market needs?
Once founders identify the problem, the next step is to conduct market research. Sometimes, ideas do not fit in the market. Therefore, market research is vital before you plan to implement the concept and launch it. Make sure to keep a check on your competitors for better understanding.
Analyze the competitors
Launching products mean that you are entering a competitive market. Founders must study the existing solutions to launch a unique solution for the people. Collect information about your competitors and keep a check on their progress. Study the products they have established to understand your market and existing problems. Browse competitors and develop webpages; analyze their efforts to understand how they function. Adapt new ideas and learn from your competitor’s mistakes.
Define Features’ List
A product cannot be successful if it does not have attractive features. The minimum viable product depends on public feedback to add features. Therefore, feedback collection is crucial for MVP product development. You can make changes to the features based on the feedback you receive.
Once you have decided on the product’s main features and learned about market needs, you are ready to build an MVP. Make sure to launch a high-quality product and fulfill markets’ requirements. Moreover, it should engage and be user-friendly.
How can you measure success after building a Minimum viable product (MVP)?
Several approaches can predict future successes. Here, we have the most effective ways to measure the success of MVP.
Word of Mouth
Traffic predicts the success of products and services. Another way to measure success is by interviewing customers. You may start by listing problems a customer may face and then ask their opinion.
Engagement allows founders to measure the products’ current value and future success. It helps to enhance users’ experiences based on their feedback.
Percentage of active users
Downloads are not the only criteria to measure success. Founders must study users’ behavior and check the percentage of active users to measure the product’s success.
The Bottom Line
The step-by-step guide has focused on the essentials that may help founders embark on their first MVP development journey. It may not be perfect initially, but following the steps mentioned above, you will be able to build an MVP for the product.
MVP is a concept that empowers startups to discover their users’ behavior and preferences with the help of a product without excessive spending of time and money. All you need is to identify the existing problem, research the market, and add features before you plan to launch the right MVP.