New startups are rising nowadays. Due to tough competition in the market, most of them do not make it to the top. Therefore, users can only see successful startups.
The reason most startups fail because there is no need in the market for them. To understand what a user wants from a product, business owners should develop an MVP (minimum viable product). MVP costs less than the fully functional application which allows gaining user feedback from the market. This strategy made companies like Alibaba and Amazon reached heights.
A minimum viable product includes only the basic features required to solve a user’s problem. Moreover, one common misbelief is that companies build MVP to accelerate their time in the market. However, it is more common that companies develop MVP to sustain their economic viability.
MVP Benefits for Businesses
The development of an MVP acts as a shield for an application. It provides user feedback and shows the interest of the user in the market. Moreover, the MVP prevents businesses from bearing high losses. MVP has the following advantages in the business world.
Check: MVP development services
- Early User Research
The quicker the product is available to the users, the faster one may be able to collect the user feedback. It is a huge advantage for a business owner to understand the needs of the market. If MVP fails to facilitate the consumer, one may have time to reassess the features and the overall formulation of the application.
However, in the contrast, if the user gets fond of the proposed project, one may be sure to develop the project. Prioritize MVP features for the user so that the project may achieve its ultimate success.
- Testing Phase
One significant benefit of launching a minimum viable product is that it allows one to test the MVP concept of the project. If an application is launched with tons of features, it may be hard for users to grasp all the features at a time. Moreover, one may have to delete additional features that the user finds it difficult to use. This process may result in money loss.
At the same time, while launching an MVP, one may develop a small number of features. Later, if these features suit the needs of the user, improve them, and develop new ones.
- Cost-Efficient process
Launching an application in a single phase is a risky and costly process. Luckily, MVP provides a solution to launch an application in stages so that user feedback can be calculated, and the application meets the demand of the user. This process has fewer risks and is cost-efficient.
Check: MVP development cost
- Attracting Investors
An employer of a software company relies on good investment which is provided by outside investments. More importantly, to attract investors, one may have to attract them through the designed product. MVP seems an excellent strategy at this point.
With a functioning product, there are more chances of getting funds. Moreover, stakeholders do not have to wait for months to get user feedback. MVP projects are perfect in terms of paper and practicality.
How to Build a Minimum Viable Product
MVP consists of pretty much basic features; however, one may still take certain steps before the MVP development process. Let us look into the key factors of building an MVP.
- Analyzing Market.
Analyzing the market’s needs is the fundamental point of any project. To have successful project research the market. Make sure that the product is interesting for the users. Conduct surveys from various platforms to analyze user feedback. Surveys can be conducted on platforms like “One poll” or surveys by Hubspot. Keep the rival’s insight if any.
- Get a concise idea
Some of the challenges that almost every employer has in mind are the following questions.
- What tasks may the product solve?
- How useful can the product be for the user?
- Why would someone opt for this solution?
At the end of this stage, one may conclude to a precise picture of the essential features required for the product. Since these qualities are helpful to the user, define the problem at first, and then move on to the development process.
- Defining the Features to be added
While launching an MVP for a startup business, provide a list of features required either to a software development company, in-house software developers, or freelancers. Pen down the features required for the application.
Furthermore, consider adding those features that are vital for the application. MVP means that only the basic features can be added.
Also check: MVP Prioritization Methods
- Build and Launch the application
After all the points are checked, one may begin the development process of the MVP. One common mistake employer make is that they launch a product of poor quality hoping to fix in the future. More importantly, building an MVP must satisfy the customers and investors.
- Analyze the Feedback
After analyzing user responses, conclude based on the response. Customer feedback is an important element that helps in the progress of the application. Early users will play the role of new idea generators and testers. Moreover, make sure to add new features consistently and fix bugs and glitches if any.
Why most MVP’s Fail
Here we will discuss the most common mistakes a business owner makes while launching an MVP.
- Mislaid priorities.
This term refers to that the team is not clarified on the product’s long term goal before the development process. Focusing on the wrong problem will be of no good, the product will go extinct.
- Communication barrier with users
Paving in the wrong direction will be of no-good use. Ask the user honest questions and be prepared for the feedback. Unless straightforward feedback is not received one may not know what the user wants.
- Launching late
The launching time should not be the priority, the quality of the application determines the success. Keep balance in the development pace. On average it takes around 2-5 months to complete the development process of an MVP.
Hope you’ve got how to build an MVP and if you are planning to build the MVP product feel free to contact us.