how to build minimum viable product

How to build a Minimum Viable Product (MVP)?

Many tech companies that have achieved success started out with a straightforward yet powerful idea: the minimum viable product (MVP). Nobody in the company wants to invest money in a product just to find out it doesn’t have a market. The solution to creative product development is an MVP

However, what happens if you have a tight budget and cannot afford to test every component of the product? Furthermore, running out of money ranks as the second reason for startup failure statistics.

The creation of an MVP would be the ideal course of action in this case.

This post explains what a minimum viable product (MVP) is, explains its primary types, and shows you how to create one with the least amount of resources to validate your idea.

What is MVP(Minimum Viable Product)?

what is mvp

A minimal viable product, or MVP, is a basic, launchable version of a product that supports the elements that are absolutely necessary yet still define its value proposition. It is designed to enable quicker time to market, draw in early adopters, and establish early product-market fit.

The “minimum essentials” are combined to form the MVP concept, which is defined as anything with the necessary functionality to satisfy the first clients. In the follow-up, input is gathered to aid in the development of future products.

An MVP is primarily meant to test the core of the product idea, evaluate user feedback, and inform the creation of a final product version. According to specialists in the B2B space, an MVP isn’t complete until it can’t be sold. An appropriate MVP strategy is well-illustrated in the image below.

Advantages of MVP

All benefits, strictly speaking, may be summed up in one word: “market feedback.” To elaborate further, we’ll see that developing the MVP is beneficial:

  • Determine whether there is a market for your concept.
  • Assess the possibilities of the product.
  • assemble client feedback
  • Highlight a product’s shortcomings
  • Draw in investors for additional capital
  • Improve your offering to meet consumer demands.
  • Slash engineering time by focusing on a smaller set of features
  • Steer clear of needless spending

To put it briefly, a minimum viable product is an affordable educational tool designed to test a concept and determine whether to invest in the release of a more advanced and feature-rich version.

Verify your Product Theories

MVPs provide a straightforward method for testing theories. An MVP assists in confirming the market’s reaction to a product by concentrating on developing essential characteristics. 

Reduce the amount of capital you invest

Launching a fully developed final product costs more money than developing an MVP. This strategy emphasises the value of employing just enough features to map the concept without using excessive resources, which is in line with the lean startup model.

Focus on achieving product-market fit

An MVP is a perfect tool for the dynamic process of refining towards product-market fit. Based on customer feedback, it helps entrepreneurs to closely connect their product with market needs. 

How to Build a Minimum Viable Product?

build minimum viable product

The most valuable player has passed away. “Long Live the Rat!” The autocomplete recommendation from Google states: “MVP is dead.” According to a quote by American businessman Reid Hoffman, you launched too late if your first product does not make you feel uncomfortable. Hoffman’s remarks, however, caused a lot of startup founders—particularly those who were starting their first business—to pay more attention to ‘M’ and almost disregard ‘V.’ Rather than producing outstanding items, it produced mediocre ones.

The following are steps will help you navigate this process:

Step 1: Conduct market research first

Ideas don’t always match what the market demands. A company should make sure an idea meets the needs of the target audience before launching an MVP development process. Conducting surveys would be beneficial for any firm. 

Step 2: Consider adding value

What benefits may users expect from the new product? How is it going to help them? Why would people purchase the item? The value proposition of the app can be defined in part by the responses to these queries. The important estimations for the product should also be evident. MVP suggests that in its most basic form, the product must add value for users.

Step 3: Create a User Flow Map

One essential MVP step is the design process. As a result, you need to create an app that is user-friendly. The company must view the app from the user’s point of view, from the moment the app opens until the very end, when a transaction or delivery is made. Furthermore, user flow matters since it makes sure nothing is overlooked while considering future product and user pleasure.

Step4: Give MVP Features Priority

Prioritise each feature that the MVP will support at this point. Does this product provide them with any advantages? After that, assign a high, medium, and low priority to each of the remaining MVP features. Setting these features’ priorities in the product backlog is another crucial step. It’s time to start developing your MVP.

Step 5: Introduce the MVP

A company can develop the MVP once it has determined the key qualities and studied the demands of the market. Keep in mind that an MVP must still meet the needs of the consumer and is not of lesser quality than the final product. As a result, it needs to be user-friendly, interesting, and appropriate.

Step 6: Practise “Build, Measure, Learn”

Everything works in a process: specify the scope of the project first, then proceed to the product’s development stage. The product needs to be tested once the development stage is complete. Quality Assurance engineers, who strive to raise the calibre of the product, conduct the initial testing phase.Review everything once more after releasing the MVP. The business needs to hear from its customers regarding the release.

Types of MVP

minimum viable product

There are numerous methods for developing an MVP; in this discussion, we will focus on the most widely used ones.

  • Flintstone’s MVP

Although the product functions aren’t actually implemented, Flinstone’s method, also called The Wizard of OZ MVP, offers a simulation of those features. MVP seeks to validate a theory and demonstrate the practicality of the selected business growth strategy. This strategy was criticised by many at first. The constancy of this approach was demonstrated by Nick Swinmurn, the creator of the online retailer Zappos. He made a website on which he uploaded pictures of various shoe models. 

  • MVP concierge services

This concept works well for online services where the target audience’s problems are solved automatically. When the implementation first starts, the service is provided manually by you. Chuck thus assessed the idea’s feasibility, ascertained the price point at which people are willing to pay, and identified his target market.

  • Piecemeal MVP

When testing and implementation of the idea can be done without developing unique software, use the piecemeal MVP method. Utilising this kind of MVP entails gathering pre-existing tools and services and integrating them into a single interface. You can avoid wasting time and money on developing your own technology by using it instead.

  • Single featured MVP

When a product has a minimal set of features, it is referred to as a minimum viable product (typically one feature). Spotify is one company that has already implemented this kind of MVP. When you introduce a product with just one feature, it makes it easier for your clients to comprehend what problem your service can solve.

Conclusion

You will have a strong minimum viable product at the end of seven steps, which can develop into the initial iteration of a full-fledged project. When developing the Minimum viable product (MVP), don’t be hesitant to make adjustments. The process we outlined in this post is merely an example that you may use to create your own, original product; it is not a hard and fast rule. Please contact us if you require a UI/UX design for your upcoming product, and we will help you bring your concept to life.
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