An MVP stands for a minimum viable product. It’s the only technology which that allows you to lunch a new product with core functions and also receive customer feedback. In this article, we discuss five easy steps of building an MVP. From the customer’s communication with MVP, the product can go through the various cycles of improvement that result in a fully-featured product.
This article covers the meaning of MVP and its advantages. More importantly, Steps of building the MVP.
What is MVP?
A minimum viable product (MVP) is a concept from Lean Start-up that stresses the impact of learning in new product development.
Eric Ries defined an MVP as that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort.
What Is the Purpose of the Mvp?
A company might choose to develop and release a minimum viable product because this is the product that the team wants to use:
• Release a result to the market as quickly as possible.
• Test an idea with real users before committing a large budget to the product’s full development.
• Learn what resonates with the company’s target market and what doesn’t.
What Are the Advantages of the Mvp?
1. A Better Understanding of Customer’s Needs
2. Development of Early Relationship with Customers
3. Clear User Interface
4. Flexibility and Constant Updates
5. Focus on Core Functionalities
So let’s get briefly to these points:
- A Better Understanding of Customer’s Needs: Feedback from the early adopters is much more useful than the best assumptions of the business analytical and experienced advisor. The earlier a client can test the product, the more effective the development you get. Only users can tell you which feature will be useful for them. If a user wants something new in their product then he/she can also tell that what feature they would like to get in their next release.
- Development of Early Relationship with Customers: Timing play a very important role in any organization or business. It helps you to engage the new users and stakeholders at a very early stage. The customer will give you priceless feedback on your product.
- Clear User Interface: With the help of the MVP approach, it prevents your initial product from getting cluttered with unwanted features. It helps to easily adopted and not complicated in usage.
- Flexibility and Constant Updates: The MVP approach creates space for updates and new features that customers ask for. And your product can also benefit from the newer technology. It will help you to keep the product relevant in a competitive market.
- Focus on Core Functionalities: The MVP helps to find the transparency and well-defined core functionality of your product. It helps you to test your business concept with minimum cost and time.
What Are the Steps of Creating an Mvp?
Now, you will understand the main idea behind the launching of MVP. It will be divided into five different steps which are as follows:
STEP-1: Research the market
STEP-2: Identify and prioritize features
STEP-3: Choose an MVP type
STEP-4: Launch your MVP
STEP-5: Measure and learn
STEP-1: Research the market: The first step is to study the market in which you want to lunch the product. Consider the following question while you analyzing the market.
• What are the customers’ pain points that your product is trying to solve?
• Are there available solutions? Any drawbacks of these solutions?
• Who is the intended audience?
• What should be unique in your product to beat competitors?
STEP-2: Identify and prioritize features: The next step is to design your product features. Always be mindful while you are designing the product because your product should be customer orientated. Prioritize the features based on how vital they are to customers. Your framework should be convenient, descriptive, and useful.
STEP-3: Choose an MVP type: Among several types of MVP these are the most popular.
1. Pre-order MVP.
2. Concierge
3. Wizard of Oz
4. Single feature
5. MLP
So, with this kind of MVP’s you can make your best product.
STEP-4: Launch your MVP: Pretty self-explanatory step. When all the previous preparation is done, you should kick off the MVP. But even before the launch, ensure to make necessary tests of your product not to fail in the eye of a demanding customer.
STEP-5: Measure and learn: If you want to make an efficient product then adopt the BML method i.e. Build-measure-learn. This method means once your product is ready then launched into the market (built). Collect feedback from the user key metric (measure), and work on improving on your product (learn).
Conclusion
To save your time, costs, and resources when we entering in the market with a new idea, we highly recommend the MVP. And remember anything big you want, start with the small. The focus of launching the MVP is your idea and improve within time.