When it comes to creating a successful product, it can be a challenging feat. According to CB Insights, 42% of startups fail because they develop products that are not in demand. This is where the Minimum Viable Product (MVP) method comes in handy. By following the 7 minimum viable product steps, you can validate your idea and determine if there’s a market for your product before making a significant investment.
Building a Minimum Viable Product (MVP) allows you to validate your idea, get rapid customer feedback, and identify the market fit that you seek. It is also critical in assisting early-stage companies in developing a customer-centric culture.
We at SolGuruz, have expertise in building a minimum viable product, and in this blog, we’ll share the proven minimum viable product steps process that we follow ourselves.
Minimum Viable Product Steps
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Define The Problem You Are Trying To Solve
The first step in building an MVP (minimum viable product) is clearly defining the problem you are trying to solve. This step is vital as it establishes the basis for MVP development.
TeamStage’s research indicates that just 30% of projects will be completed successfully (on schedule, within budget, and with all features and functions as initially planned). A significant reason for project failure is an absence of specific project goals and objectives.
With a clear understanding of the problem, it will be easier to determine what features and functionality are necessary for the MVP.
Here are a few steps you can take to do so:
- Conduct market research: Understand the current market and identify your target customers’ needs and pain points.
- Identify the problem: Once you understand the market and customers well, you can identify the specific problem you’re trying to solve.
- Define the problem statement: Clearly define the problem in one or two sentences in a specific, measurable, and actionable way.
- Talk to potential customers: Understand their needs, concerns, and pain points related to the problem you’re trying to solve.
- Gather feedback: Use surveys, interviews, or focus groups to gather feedback from potential customers about the problem and potential solutions.
- Look for patterns: Analyze the feedback you’ve gathered and look for patterns or common themes that point to a specific problem or set of problems.
Here’s an example of how you can define the problem:
If you are developing an MVP for a new e-commerce platform, you must clearly define the problem you are trying to solve. This could be like: “There is a lack of user-friendly and affordable e-commerce platforms for small businesses, which makes it difficult for them to sell their products online.”
The above mentioned problem statement sets the foundation for the MVP development process and helps determine what features and functionality are necessary for the MVP.
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Define Your Target Market
Defining your target market is the second step in building an MVP. It is important to identify who your product is for and understand its characteristics, needs, and wants. This data will assist in shaping the MVP development, making sure it is customized to the distinct needs of your target market.According to Hingemarketing, companies that frequently research their target market are likely to grow at twice the speed and remain more profitable. By identifying your target market, you can ensure that your MVP is designed with increased chances of success.
For instance, it’s crucial to define the target audience if you’re creating an MVP for a fitness app. This could be something like: “Our target market is young professionals aged 25-35 who are looking for an easy and convenient way to track their fitness progress and set goals.”
Understanding the characteristics and needs of this target market can ensure that your MVP includes features such as goal-setting and progress tracking, which are essential to this group of users.
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Determine The Minimum Feature Set
The third step in building an MVP is determining the minimum feature set. This step involves identifying the essential features necessary for solving the problem and providing value to the customer.
You can work with a Minimum Viable Product development company to prioritize features based on current requirements.
Projects with too many features and functionality can lead to increased development time and costs, which may fail.
The goal is to keep the MVP as lean as possible to minimize development time and costs.
For example, if the MVP development company is working on creating a new social media platform, you must determine the minimum feature set. This could include creating a profile, posting updates, and connecting with friends. These features are essential for solving the problem and providing value to the customer. Other features, such as video editing or live streaming, may be added later, but they are optional for the MVP.
It’s important to note that the MVP is not a final product but a starting point to test the market, get users’ feedback, and gather insights on what to improve and add to the final product.
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Design And Prototype The MVP
Now that you have a basic idea of your product or service, it’s time to get started on the actual web design and development work. The best way to do this is by creating a prototype—a quick and dirty version of your product that’ll help you identify any major flaws or problems in your idea as early as possible.
A prototype can be as simple as a sketch, mockup, or something more complicated, like an interactive wireframe that mimics real functionality. The objective is to produce something concrete that could be shared with potential clients, gather feedback, test and enhance it.
You can sometimes build an MVP with limited functionality to test specific aspects of your business model without spending too much time or money on them (like testing out different pricing schemes).
In other cases, you might want to build an MVP with all the bells and whistles in place, so it looks exactly like your finished product would look if it were already launched for real (this would allow you to test out every aspect of the business model all at once).
You can also use wireframes to visualize your app’s user interface. Wireframes are low-fidelity sketches that show how elements on an app screen will be arranged but not how they’ll look or behave.
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Build And Test The MVP Version
The next step in creating an MVP is to build and test it. This step involves developing the MVP using agile methodologies to allow for frequent iteration and testing. It enables the team to make necessary changes and adjustments based on user feedback and testing.
Conducting user testing is also important during this step. User testing allows for gathering feedback on the MVP and identifying any issues or areas for improvement. This feedback can be utilized to improve the MVP, making sure it meets the requirements of the target market.
According to Nielsen Norman Group, user testing with five users can help identify usability issues as it would keep things with all the testers having a defining role in it.
By conducting user testing, you can increase the chances of success by ensuring that the MVP is user-friendly and meets the target market’s needs.
For example, if you’re creating a new meal-planning app, you need to build and test it. This could involve developing the MVP using agile methodologies and conducting user testing to gather feedback on the app’s usability and functionality. This feedback could be used to refine the MVP, such as by adding a shopping list feature or improving the user interface.
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Launch Your MVP
After the MVP development company completes the development, it’s time to launch it on the market. This step is crucial as it will provide real-world feedback on the product’s performance and ability to solve the problem it was designed for.
Before launching, it’s essential to conduct thorough testing to ensure that the MVP is stable and ready for the market. This step also includes creating a marketing plan to promote the MVP and make it visible to potential customers.
You can launch your MVP through various channels, such as a website, an app store, or direct sales. A clear plan in place for marketing and promotion and a strategy for collecting feedback and making improvements will help you make this launch a success.
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Analyse And Iterate
After launching the MVP, it is time to analyze its performance and gather customer feedback.This minimum viable product development step involves collecting data on user engagement, customer feedback, and product usage. This information will provide valuable insights into what works and what doesn’t and what features need to be improved or removed.
A crucial element of this step is to monitor essential metrics like user engagement, conversion rates, and retention. These metrics will provide a clear understanding of how the product is being used and its performance.
Additionally, gathering user feedback through surveys, interviews, or user testing is essential. This will give you qualitative insights into how people use the product and their pain points or frustrations.
Based on the analysis, the product team can make necessary changes and improvements to the MVP. This process of analyzing and iterating is crucial as it helps improve the product and make it more valuable to customers. This testing, analyzing, and iterating cycle continues until the MVP reaches its final form.
How SolGuruz Can Help You With MVP Development In 2023
SolGuruz is a leading custom software development company specializing in MVP (minimum viable product) development.
We can assist you by collaborating with you to comprehend your business objectives and needs and creating an MVP that fulfills those requirements. This may include creating a prototype, developing a basic product version, and testing it with a small group of users.
Additionally, we can help you with the ongoing development and maintenance of the MVP as your business grows and evolves.
Ultimately, SolGuruz can help you bring your MVP to market quickly and efficiently so you can begin gathering feedback and making data-driven decisions.
Conclusion
Developing a Minimum Viable Product (MVP) is essential to introduce a new product or service. By following the minimum viable development steps outlined in this blog, you can ensure that your MVP is built on a solid foundation and addresses the needs of your target customers.
The key to a successful MVP is to start with a clear understanding of your business goals and customer needs, then iterate and test your MVP with a small group of users. This will enable you to acquire valuable feedback and make informed decisions about the trajectory of your product based on data.
Remember that an MVP is not a final product but a tool to validate your idea and gather feedback, so stay open to learning and be prepared to adjust your strategy as you learn more about your market.
With a well-designed MVP, you can quickly and efficiently bring your product or service to market and gather the feedback you need to grow your business.
FAQs
What is the MVP process?
The MVP process is a structured way to develop products and services based on how people want to use them. It helps you to focus on what matters most and reduces risk by testing your assumptions about customers and their needs with real people. In short, it’s about learning what works and what doesn’t, so you can iterate toward something that does work.
How do you create an MVP in agile?
Creating an MVP in an agile environment involves taking a lean approach to product development. The process starts with identifying the core features of the MVP that are necessary to validate the product idea and meet the target customer’s needs. These features are then prioritized and developed in small, iterative sprint cycles. During each sprint, the MVP development company builds and tests the MVP while gathering feedback from customers and stakeholders. This feedback is then used to decide what features to add, remove, or modify in the next sprint.
How many features should an MVP have?
An MVP, or Minimum Viable Product, should have the minimum set of features necessary to validate the product idea and meet the target customer’s needs. The exact number of features an MVP should have will vary depending on the product or service being developed and the MVP’s goals. However, it is important to keep in mind that the MVP should be as simple as possible and should only include the core features necessary to validate the product idea and gather customer feedback.
What are the four types of MVPs?
There are four common types of Minimum Viable Products (MVPs) including the Concierge MVP, the Wizard of Oz MVP, the Piecemeal MVP, and the Landing Page MVP. The Concierge MVP involves manually fulfilling customer requests, the Wizard of Oz MVP uses a simple facade to simulate a more complex service, the Piecemeal MVP involves taking an existing product and building an MVP by removing features, and the Landing Page MVP is a simple website or landing page used to validate a business idea.
What comes after developing an MVP?
After developing an MVP, the next step is to test it with a small group of users, also known as early adopters, and gather feedback. This feedback can then be used to make data-driven decisions about the direction of the product and to identify which features to add, remove, or modify. Based on the feedback, you can decide if the MVP has reached product-market fit.
