An Introduction to Minimum Viable Product

One of the main reasons why startups fail is because their initial product is built on assumptions.

 

Entrepreneurs make the mistake of believing that their product will answer a problem better than any other solution currently available. They also believe that people are interested enough in the issue to pay for a solution. 

 

The startup will never get off the ground if these assumptions are incorrect. It seems sensible to design minimum viable products for these reasons (MVPs). This lets businesses to put their ideas to the test and observe how people react.

 

 

What is an MVP?

 

A minimal viable product (MVP) is a Lean Startup concept that emphasizes the importance of learning in the creation of new products. 

 

An MVP, according to Eric Ries, is the version of a new product that allows a team to gather the most amount of verified learning about consumers with the least amount of work. This verified knowledge comes in the form of whether or not your buyers will buy your product.

 

A crucial tenet of the MVP concept is that you create a genuine product (which might be as simple as a landing page or a service that appears to be automated but is entirely manual behind the scenes) that you can give to clients and monitor their actual behaviour with it. Observing what people do with a product rather than asking them what they would do is far more trustworthy.

 

This strategy aids them in producing a far superior end product. The research or marketing team will be able to determine where the product is lacking, as well as its strengths and flaws, using the MVP idea.

 

(Also read: A Guide to Experimental Economics)

 

Process of an MVP

 

These methods will assist you in identifying and prioritizing features, as well as clearly laying out what you'll need to get your MVP to market. 

 

Step 1: Identify And Understand Your Business And Market Needs

 

The first stage is to determine whether there is a market need for your product. This might be a business need or a customer need that fills a present need. It's also crucial to look at what your rivals are doing and figure out how to set your product apart. This can assist you to figure out what type of mobile app you'll need to succeed. 

 

Step 2: Map Out User Journey(S)

 

It's critical to think about your consumers while creating a mobile app. By sketching out user journeys, you can ensure that your users have a positive experience with the first iteration of your software. (Source)

 

This will allow you to see your product through the eyes of the user, from the moment they open the app until the moment they complete a task, such as completing a purchase. This gives you ideas on how you can make the app more user-friendly. 

 

Furthermore, outlining user flow and addressing the steps users must take to reach an end goal ensures you don't overlook anything while maintaining user pleasure. 

 

Step 3: Create A Pain And Gain Map

 

You'll want to make a pain and gain map for each activity once you've figured out the user flow. The pain and gain map helps you to identify all of a user's pain areas as well as the benefits that come from addressing them. This strategy allows you to figure out where you have the most opportunity to provide value. 

 

You may then concentrate your MVP on these areas while putting the less important ones on your product roadmap for later releases.

 

Step 4: Decide What Features To Build

 

You'll be able to tell at this point what features to include in your MVP and what things to put on your product roadmap that aren't as important. Here are some tools to help you identify which features are required for your MVP to be successful. Identifying and prioritizing features may be as simple as asking yourself, "What does my user desire vs. what does my user need?" 

 

Keep in mind that integrating too many user-requested features too quickly might detract from the product's core goal and degrade the user experience. The only features you should offer should be related to the ultimate purpose of your product.

 

(Suggested blog: Production Possibility Curve)

 

 

Benefits Of MVP Development

 

Several businesses have found success using the MVP method. Uber, Airbnb, Spotify, Facebook, and any other innovative concept all started with a minimum viable product (MVP). 

 

Once you've grasped the iterative technique that MVP development employs, you'll need to grasp the numerous advantages that this method may provide. 

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Benefits of MVP development

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1. Testing UX Functionality

 

A graphic designer is an essential member of any MVP development team. They create the product's user experience, which determines the user's degree of involvement. Given the fact that 21% of users exit an app after the first use, keeping a user engaged is critical. 

 

Users nowadays are technologically aware individuals who want nothing less than the finest user experience. They don't hesitate to remove an app or delete a software product if they detect even the tiniest whiff of a bad user experience.

 

You may test your product on actual people with a minimal viable product. This will reveal any bottlenecks, pain areas, or problems that a user may encounter early on. (Here)

 

2. Analyzing Market Demand

 

Almost 42% of firms fail due to a lack of market demand for their product. They set their sights too high with an inventive idea without first assessing the market demand. They may believe that their proposal will be able to meet market demand, yet this need may not actually exist. This is where minimum viable products (MVPs) enter the picture.

 

The iterative approach to MVP development lets you test your concept without committing all of your resources. Any company may launch a startup app concept with a minimal viable product and test it rapidly with an early adopter audience.

 

This method aids in the early identification of market demand. It prevents a company from putting all of its efforts, energy, money, and other resources into a single product without knowing whether or not customers would like it.

 

3. Winning Stakeholder/Investor Buy-In

 

Businesses frequently rely on stakeholder or investor buy-in to acquire money and gain approval for a mobile project. The key to getting this buy-in is to instil trust in the product you're pitching and its potential to provide the desired result (i.e. increase revenue, reduce check-out times, etc.).

 

Creating an MVP is a good way to get this buy-in since it allows businesses to see if their concept will work before approaching investors, guaranteeing that when they do, they will have a compelling business case that supports the product's market viability. 

 

Furthermore, an MVP is a completely functional product that allows entrepreneurs to demonstrate a real product to investors.

 

4. Developing A Monetization Strategy

 

Profitable products are required. When it comes to mobile apps, having a monetization plan is crucial to creating a long-term revenue stream. However, because a variety of app monetization tactics have been demonstrated to be effective, determining which strategy is best might be challenging at times. 

 

With so many factors to consider, organizations may believe one method will succeed, but it may not be the best option. The best thing to do is to put this hypothesis to the test using an MVP.

 

If an app's monetization plan revolves around in-app purchases, for example, companies may use their MVP to test this approach and gauge their customers' readiness to pay for in-app upgrades and add-ons. If the findings suggest that customers aren't spending as much as leaders had intended, it's time to try a different way to monetize the app.

 

5. There’s room for evolution

 

The advantages of creating an MVP carry over into later phases of software development. Early in the development process, preventing feature stuffing allows for upgrades and new features that consumers request. It's easy to recognise when additional features you add later are important to the value of your product since the MVP keeps the emphasis on the primary function.

 

According to the source, because your MVP allows for the progressive evolution of your product, it may benefit from newer technologies as it becomes available. It's easier to stay current in a competitive industry if you can update your product by incorporating new features and technologies while keeping the main functions in mind.

 

 

Conclusion

 

The advantages of creating an MVP are as basic and straightforward as the product itself. When done right, an MVP may save money while also improving productivity, customer connections, and product quality.

 

You will not be able to create a global software product in a single day. However, you may start building your corporate empire with an MVP. So, keep it basic at first. After all, the extras may always be added afterwards.