Why Build an MVP?
If you have an innovative new product idea, you want to make sure your idea is helpful or life-changing for customers and valuable to investors or other stakeholders. To do that, building an MVP or Minimum Viable Product is an effective way to test the market.
MVP development helps validate product ideas and understand customers’ needs.
This article will walk you through what MVP development is and guide you through what your ideal approach to developing an MVP should be.
Minimum Viable Product – A Primer
A Minimum Viable Product is a launchable version of a product with minimum yet essential features. An MVP product offers a quick marketing time, attracts adopters, and optimizes the product according to the market demands early.
The MVP assists in designing, testing, and releasing the final product. This process is integral to web design and development.
Businesses can discover loopholes while launching the MVP for a website or a mobile application and course correct or pivot quickly. This basic understanding is critical to building a successful Minimum Viable Product.
Designing A Minimum Viable Product – A Methodical Guide
The 2 Goals of Building an MVP
Keep in mind these two goals as you design an MVP:
- Proof of Concept: Having a proof of concept helps outline the solutions’ technologies and helps figure out the product’s technical flow. The goal of an MVP is to see how customers react to the solution.
- Business & Marketing: Market your MVP across channels to achieve your marketing KPIs and understand consumer demand and, more importantly, feedback for your product.
Before working on your idea, consider the requirements of your target audience.
Make sure to carry out customer interviews. You can increase your success rate by targeting customers directly rather than conducting ‘done-to-death’ and often ineffective surveys and market research.
Als,o study your competitors and look for solutions to make your idea stand out. Finally, don’t forget to check out how other companies learned from their MVP. Some highly successful Minimum Viable Product examples are Dropbox, Amazon, Foursquare, AdWords Express, Groupon, and Airbnb.
Figure Out The Value Proposition
Entrepreneurs should ask themselves what value their product offers, how customers will benefit from it, and why they want to buy products from it. The responses and deep thinking can help you to discover your value proposition.
Design The MVP
One of the critical stages of the MVP process is designing the product.
During the designing process, consider the product’s user-friendliness. You can ask yourself questions like “is this product beneficial for consumers?” or “what do the consumers want?’
After getting solid answers to questions like these, classify the features by categorizing them on a low, medium, and high priority basis. Besides categorizing your MVP, you must also focus on order and inventory management when designing the MVP.
Launch The MVP
Once the necessary features are up and running and the product solves a market pain point, your MVP is ready to launch! It is wise to focus on fulfilling your customers’ needs at all stages.
What Is BML and Why Do You Need It?
BML is an abbreviation for Build-Measure-Learn. It is the product-building process, measuring the response and learning from it to enhance the product according to the customers’ needs.
BML is essential for a successful MVP as it helps to determine what the users want and what steps you need to take to make a better product.
How To Target The Correct Market For MVP
Defining your target audience is a complex yet critical procedure. However, by considering the points given below, you can discover your target market:
- Identify Customer Base: Identifying the relevant customer base is critical for MVP success, as you will have to make necessary changes after considering the target audience.
- Test Your Niche: Before releasing your product, solicit reviews and feedback from a targeted and smaller group of people.
- Think Small: The significant thing to determine the niche target is to narrow down the customer base as much as possible.
How to Assess the Success of an MVP
Here are some benchmarks to determine the success of an MVP, but every industry and market is different, so you need to define your barometer of success.
- Getting about 1.5% of customers from downloads
- Make sure that at least 1 in 10 users opens the applications daily
- Less than 1% of customers rated your application
- The customer acquisition cost is lower than the profit you generate from the application.
Conclusion – A Step-by-Step Guide to Building an MVP
Designing an MVP is easy when you’re 100% customer focussed and use consumer insights to design your user flow, learn fast and make changes as you go.
Are you looking for a company to help you build your MVP inexpensively? Then, turn to Byldd if you need more guidance. Byldd is an MVP development company that helps early-stage founders build and launch revenue-generating, investor-fundable mobile, web, and cross-platform MVPs in under a month and for less than $10K.