Get a Head Start With Your MVP
Most entrepreneurs try to equip themselves adequately before entering the market. They make sure that they have their business plans in place and enough research to back their product and model. Despite this, the chances that an unprecedented challenge will catch them off-guard are high.
A Minimum Viable Product, or MVP, allows startups to test waters before actually diving into the market. In the words of Eric Ries, author of The Lean Startup, “The minimum viable product is that version of the new product which allows a team to collect the maximum amount of validated learning about the customer with least efforts.” Thus, an MVP includes only a basic set of features that target users can evaluate to help startups improve their product.
Most startups do not have deep pockets and need to use their funds and resources conservatively. It is easier for them to incorporate feedback before the launch of the product instead of correcting mistakes later, some of which may nearly be irreversible. An MVP also helps analyse the most important features from the consumer’s point of view and checks if the right audience is being targeted.
Here are the details of the steps involved in building an MVP:
Understanding the Problem, Solution and Target Audience
The first step in building an MVP is understanding the need for your product in the market. You need to ask yourself questions such as – What problem is my product solving? Is it different from the existing solutions? Who will benefit from buying my product?
Unless your product can solve at least one pain point distinctly, the customer will not feel the need to switch to your brand. You must also ascertain the customer segment you are targeting and gather enough information about them to build a product suited to their needs. Knowing your right audience is also essential because they will give you the feedback you need for your MVP.
Competitive Landscape
You are bound to have competitors, regardless of the industry you are in. Startups make the mistake of ignoring direct and indirect competition because they have immense faith in their product’s success. While confidence is good, there is a lot that can be learned from others.
By studying the competitive landscape, you can gain important insights into consumer behaviour and how they perceived products similar to yours. You can even see the drawbacks people found in those products so that you can bridge the gap.
Prioritising the Features
The primary purpose of an MVP is to give the consumer a product with a basic set of features that he can use and evaluate. While building the MVP, you must start by listing all those features that you envision in your product. After this, you can narrow them down to the ones that are more important and incorporate them in the MVP.
However, this does not mean that your prototype ends up having too few features and is not appealing to the customer for even necessary feedback. If you are looking to test a couple more MVPs, you can play with different sets of features.
Testing and Feedback
Once you build your MVP, it is time to test it in the market. You can choose a particular sample of the population or randomly distribute your product among your target audience. It is vital to give the customer enough time to evaluate the product, depending on what it is. You must also ensure that they give you the real picture.
Once you receive feedback, you must analyse it properly. If some aspects of the product are not popular with your audience, you must find immediate ways to rectify them. The process of learning begins with the MVP and carries on until the product is alive in the market.
An MVP is a great tool to launch a product in the market that has already gone through rigorous testing. However, in the entire process, you must remain mindful of your budget and expenses along with timelines. Shelling money over what you should or experiencing delays is far from ideal for any startup.
