MVPs and how they’re used to validate products.

One of the most common reasons for a startup’s failure is that its initial product is based on assumptions.

Entrepreneurs frequently make the mistake of believing that their product will solve a problem better than any other currently available solution. They also believe that enough people care about the problem to pay for a solution.

If these assumptions are incorrect, the startup will never get off the ground. For these reasons, it seems appropriate to design minimum viable products (MVPs). Businesses can put their ideas to the test and see how people react as a result of this.

What is a Minimum Viable Product (MVP)?

Minimum Viable Product is the most important lean startup technique developed by an American entrepreneur Eric Ries. MVP is the methodology of validating businesses and product ideas with the customers early in the development process, by matching its power only by the amount of confusion that it causes.

How to build a Minimum Viable Product.

Idea Definition

State and validate the functionality of your imaginary product, bearing in mind the solutions you seek to provide and the market in which you will launch the product.

Costs Evaluation

Determine the ideal cost to achieve the outcome, each added feature means extra cost, so start with the most important features and functionality.

Faster Launch

Making your users wait so long for a product launch could be detrimental, as competitors can outshine you if they launch their product earlier than you do. With an MVP, you can access the market earlier, and gain a share before they do.

Data-Based Scalability

An MVP allows users to acquaint themselves with the product early and provide you with prudent feedback, based on this feedback the developers can now make a well-informed decision aimed at improving scalability.

Early Marketing

It doesn’t stop at developing an awesome product, without a good marketing strategy chances are the goals will not be met. So start early, the sooner the better.

The Process of building Minimum Viable Product

Problem Identification

Identify the problem you are about to solve, this is an integral part of building MVPs. Your ability to clearly identify the problems will enable you to fashion out your solution and the features of your product well.

Market Analysis

If you already have a product this process could be called competitors analysis. At this stage try to identify your market/competitors, what they are doing and what they are currently not doing well.

Identify a User Flow

Everyone on the internet lives a hurried life, no one wants to be kept waiting, so carefully outline the processes your product will follow. This goes a long way in influencing user experience when the product is launched.

List the Essential Functionality

Prioritization of functionality is vital at this stage of your brainstorming process, not all features are best displayed on the first version/launch. So when building an MVP product group the advanced features into several updates.

Planning the Development

The success of any project is dependent on the expertise of those executing the project. Aside from communicating the project goal, be sure to recruit competent hands to work on the project. Most times it is best to outsource the project to a proven-to-be effective agency.

Also, take into account the cost to start and finish the project. It may be helpful to recruit professionals to help during this process.

Benefits of MVP development

• Testing the UX functionality of a product would reveal bottlenecks a user might encounter earlier.
• MVP development allows you to test your product in the market without committing all your resources.
• Since creating an MVP guarantees a product’s market viability, it instils trust in stakeholders to invest.
• MVP allows a progressive evolution of your product, as you can integrate newer technologies as they become available.

The benefits of developing an MVP are as straightforward as the product itself. An MVP can save money while also improving productivity, customer relationships, and product quality if done correctly.

Looking to develop a product? Interested to learn more about MVP’s

Send us an email: info@thedigiscript.com