What is MVP? Before understanding this let’s understand the following example.
You developed a mobile app and added all the necessary features you thought your target audience would need. You assumed that your app would be a fantastic solution to many problems in the mobile world.
Everything was great: the UI/UX design, the flow, and more. However, your app got few installs. All your money, time, and efforts go in vain. You don’t get what went wrong.
Do you know what have you missed?
You have not invested much time in building an MVP. Yes, it plays a massive role in determining the success of your app.
Finally, the big day has come. It’s the day you were waiting for. Your mobile app is finally going to be launched today.
But everything didn’t wet well as expected. You assumed that the app was fantastic as it was based on concepts that would give a solution to many problems.
Everything was double-checked on the checklist. UI/UX design, flow, and everything else too. But unfortunately, the app has only a 3-digit number of installations.
Then what went wrong?
Did you miss something important? Are you cursing your luck?
It would have been better if you had invested some time in building an MVP. You may have invested in the best Software development company, but your cards play well only when you get a fair idea through the MVP.
What is MVP?
Minimum Viable Product is the full form of MVP, an acronym quite often used in the technical field. It is a development technique that emphasizes the concept that before investing your time, and resources into an idea, it is advisable to build a replica of the new product with sufficient features. This replica can earn you correct feedback from early customers and help you with future product development.
MVP got its prominence after Eric Ries wrote about it in his influential book “The Lean Startup.”
The basic premise behind such a concept is that before putting at disposal all your limited resources, businesses can launch a basic version to get a validation of the interest from actual users.
Should I Go for MVP or switch to my goal?
Minimum Viable Product helps reduce the risk of loss of resources. Launching new products without any tested results may lead to failure. On the other hand, MVP helps organizations test their products and services thus leading to a cost-efficient solution and gathering the most valuable feedback.
The feedback works as a foundation by checking the business environment and checking the weaknesses and strengths accordingly. Thus the corrective measures help in the avoidance of costs that may not hamper the app’s potential.
How to Create MVP for Business? Here are 8 Steps
1. Market Research and Evaluation
Before you wish to launch the final app/ product in the dynamic market it is essential to come to a valid draft through Minimum Viable Product MVP. MVP helps know the target audience, the market demands, and potential buyers better. Such an evaluation helps you determine the features that must in included or removed from the final idea.
An independent survey suggests that a considerable amount of resources can be used wisely through MVP. The shortage of market demand can give you a deeper insight into carrying or aborting the business idea.
2. Recognizing your Target potential customers.
MVP helps you know the real target customers. Their buying behavior and their expectations. If the product reaches the final stage without considering the real buyers, it may result in a weak point that may cause capital investment and a low rate of return. Hence MVP is the most viable and efficient way to recognize the potential buyer aspects and product goals.
3. MVP Technique Selection
The product goals, budget, and available resources help the person to understand the MVP strategy that must be followed.
i) No-product:
This method involves circulating the product idea through a video and email capture form to summarise the feedback. Such a strategy is helpful when the products are yet to be built and require minimum developmental skills
ii) Product-mockup or Product-based MVP:
As the name suggests, this MVP is based on the concept of the actual building of a product idea. The mockup provides a fair idea of the features it holds. This may be in the form of a product prototype, demo video, or an early basic version of the app.
iii) Single-feature MVP:
This technique focuses on one single feature that truly represents the product. The minimal Viable product becomes the representative of the product feature and basic idea. The input feedback is then used to reconcile and find the solutions in case of any deviations.
iv) MLP:
Minimum Lovable Product is a technique of developing the smallest, most essential features of the product and releasing it to users
4. Mapping the user pattern
Once you are all ready to develop the product, MVP helps you with the real path location where the product is most likely to see a boom. After a good groundwork, The test or feedback assistance can be taken from a specific set of people.
5. Construct the Pain-and-Gain Map
Tentative feedback helps you construct a pain and gain map. This is an awesome way to determine potential user problems and address the same conveniently. Also, one gets to know the Gain pointers that actually would help the app/ product reach the public.
6. Build your MVP
Once you are ready to provide a good showcase for the product features, it is time to build the final MVP. Now it is time to start the iterative development process. It must be noticed that MVP demands testing throughout the development cycle.
7. Measure Success
Measuring the success of MVP is the most decisive function. The actual production depends on the results that command the scaling up of the product. Take some time to understand the product response and use this to develop the learning curve
8. Deploy
If everything looks favorable, go for the testing stage and deployment of the very first version of MVP. Adjust the features accordingly look at the basic feedback pointers and take action accordingly.
Final Thoughts
MVP is the most essential step before you invest all the efforts and capital. The business environment is competitive and demanding, understanding the market structure beforehand gives you a better insight into the business landscape.
Check out how Sifars build an MVP for Forecasty. AI
With MVP development services, businesses can take advantage of understanding prospective customers and invest rationally in their limited resources. So, consider building an MVP today if you’re looking to unlock your business potential.