Nick Swinmurn, the founder of Zappos Company, brought the term Minimum Viable Product (MVP) when he didn’t find his favorite pair of shoes in the market. His frustration made him take a decision of making a website, just simple website that has some basic functions and pictures of pair of shoes, he didn’t go through detailed market research to build the website.
Luckily, his simple website got incredible sales from the market. He concluded that my idea has something to be appreciated. Then, he turned his amazing idea into a fully functioning business. The approach of creating a simple website just to display core functionalities of a system is what we term as MVP development in this contemporary world.
So, what is the Minimum Viable Product MVP Development Process?
First, let’s hear how Eric Ries, an American entrepreneur, defines this terminology
“Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”Eric Ries, an American entrepreneur
An MVP basically means a product with the essential features – those features that provide value to its target users. It’s nothing but a version of the product with the minimum amount of features that are just enough to attract early adopters. Basically, MVP is another name for the prototype. Not all startups build an MVP before launching their products. The decision depends on various factors, like the startup size, level of capital invested or invested, and its future growth plans.
5 Promising Benefits of MVP Development
Suppose you get a project of creating a men’s clothes within a specific time and budget, and you come up with ladies’ clothes; will your hard work pay you off? Is it what you paid for? Definitely not.
If you are doing very well with your project in terms of money and time but somehow failing to give the desired product, then you and the project is in a jigsaw. To stay alive in this cut-throat era of online business, you must need to come up with a product that has a faster releasing time and well-managed budget.
Here are 5 Promising Benefits of MVP Development
1. Startups badly need MVP
Some statistics revealed that 28% of startups failed due to lacks in the budget. Startups have a huge crush on MVP because it helps in validating the product by the early end user’s feedback and gives a signal for creating an end-product with complete functionalities.
2. Resource Optimization
Sometimes, our idea looks perfect in our mind but when it goes out in the market, it is failed due to several reasons such as insufficient value proposition, stiff race, etc. Going with the MVP process, we save our money, time, human resource by getting sufficient feedback from users.
3. Testing UX And Usability
Building a mobile product that results in extensive consumer engagement is a tough duty to perform. Localytics revealed that only 32 per cent of customers continue to use an app after 90 days, and 21 per cent of users abandon an app after one use. It’s essential to have a purpose that overcomes the insignificant no of downloads. Engaging users by giving constant value is a fundamental purpose of UX design, and an MVP will examine the product’s potential for app engagement.
Once again, saving money on costs before continuing with the further turn of events. Furthermore, with an MVP, associations can assemble information and bits of knowledge on how clients connect with the item to survey how rapidly they comprehend the reason and stream of the item and dependent on this, can distinguish new chances to extend usefulness to give a superior client experience.
4. MVP Saves Money
The least strategy also aids to restrict the product from growing as a sophisticated product and demanding more complex coding. As companies start to get more users and collect more useful data to inform the way of the product from the MVP, they can begin to invest more, and more effectively.
5. What About Market Demand
Yes, of course, an MVP helps companies to examine market demand for a product they are developing. MVP will tell organizations whether the market is ready to buy your products or not.
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How to build a minimum viable product that’s immediately valuable?
There are several steps involved in the Minimum Viable Product MVP process that tell organizations how to conduct thorough market research with step-by-step guidance. These are the steps to follow how to build a minimum viable product that’s immediately valuable:
1. Conduct Thorough Market Research
Suppose you have an excellent idea to be initiated and you embark upon an MVP process but did you conduct thorough market research to check whether your product can solve the problems of your targeted audience or not? If not, then don’t put your idea into the MVP process until you are done with your market research completely.
“What if you found your company involved in building the product that nobody loves. Even, you are doing very well in budget and time, who cares?”
According to CB Insights report, startups fail because they don’t do thorough market research and it leads to disaster.
2. Make your Idea Crystal-Clear
What is a unique factor in my product that others don’t have? Who is my audience? What are my targeted audience’s problems and how my product is going to solve them? Why customers go for your product, not for others? What’s the initial estimation of my product? So, these questions should be in your mind to give a crystal-clear image of your idea.
3. You should clear about the value proposition of your product
To make the MVP Development Process successful both for the company and users, you must have a crystal clear image of the value proposition of your product. To accomplish this, keep these points in your mind:
- Are the core functionalities of your product doing well?
- Must check the full delivery system of your product.
- Your MVP must prove the market achievability of the product idea on which your company is established.
4. Create an MVP
When you are done with the core features of your product (means to say your MVP), it’s time to build an MVP and transform your idea into reality. Don’t think about the mistakes! Your primary purpose is to create a product with its core functionalities that are based on your market research with less risk and fewer efforts.
When your MVP will become live for your users, the more feedback your users will give to you, the more success your MVP will get. When users accept your imperfect MVP, they will accept your product with more enhancements and features.
5. Test Your MVP
Remember what we taught you regarding How to build a minimum viable product that’s immediately valuable? Are you done with market research, express your idea, the value proposition of your product, and then finally creating an MVP? This will be your clear guide for the next step. So, you must ensure what your audience is saying about your product (Customer Feedback).
- Your users’ feedback will tell you that your product is worthy of them or not.
- It will tell you the audience is your actual target audience or not.
- MVP will tell you which features should be in and which features shouldn’t be part of your product.
- It will help you focus on developing the end product with full of dedication and focus.
Don’t afraid of receiving negative users’ feedback. It’s better to listen to negative comments rather than no comment.
Hurrah, we are done with How to Build a Minimum Viable Product That’s Immediately Valuable. Now, you can create a valuable MVP that will add outstanding value both for your users and company. So, just follow the mentioned-above steps to build MVP for your product.
Want to share your MVP idea with us?
Don’t put too much on your budget and choose expensive developers from the beginning. Consider outsourcing your app development to get more work done for the same money. Also, our team will complement any expertise you or your workers lack. So, the outcomes of such cooperation will be a powerful minimum viable product with stable prospects.