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How To Build A Minimum Viable Product

Author: Bridget

25 October, 2022

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If your company is releasing a new product, you might first want to test the waters with a minimum viable product (MVP). An MVP is a stripped-down version of a product that has only enough features to get early users who can test the idea. If you understand MVPs and feedback, you might be able to get investors, change your product, prove the business model, and sell more.


Usually, businesses strive to create products and services that customers can use to meet their needs. Developing a product with just enough important features to test a business model can help companies determine if there is a market for their product or service.


In this article, we explain how to build a minimum viable product. 


What Is t The Minimum Viable Product (MVP)?

So, what is the minimum viable product? Companies gather customer feedback based on the first release by showing customers and potential investors the basic version. Based on the feedback, the company then modified the product to suit customers' desired outcomes. 


The use of MVP minimum viable product has its roots in the Lean Startup methodology of determining if a business model is effective, thereby clamping down the time spent in product development phases. It helps companies test their products at low costs. 


The goal of the MVP minimum viable product is to cut down costs. Sometimes, entrepreneurs and new businesses spend a lot of time and money making features that the end user doesn't care much about. MVP development aims to find out what basic features must be present in a product to be viable.


Getting the right mix of features in the minimum viable product usually takes more than one try. Entrepreneurs keep doing this over and over until they get what their users want.

 

Importance Of Having An MVP


MVP lets a company learn as much as possible about its customers while putting in the least amount of work. This is a way for companies to get early customer feedback to help them figure out what people want before they finish making their products. Other benefits of making an MVP are that it:

 

  • Helps attract early investors and potential customers
  • Create a fast learning curve for developers and users
  • Helps product developers put resources to better use
  • Helps developers get useful information about how users act
  • Gives developers more time to come up with a good plan
  • Helps get more users before the launch
  • Helps reduce financial risks
  • Sets up a feedback loop to help guide product development in the future.

 

Types of MVPs

What you want to learn from early customers will determine the type of MVP you will develop. Here are the eight different kinds of MVPs:


1. Software prototypes
Software prototypes are minimum viable products (MVP) that let software developers show how their product works with the most important parts. Depending on what people say, the software might be successfully completed and have more features and functions added.


2. Product designs
Companies can use different kinds of product designs, like sketches or mockups, to show how their finished product will work.


3. Demo Videos
Videos that show how a product works are called "demo videos." Views and comments help your company figure out if the product is something people are interested in or if it solves important problems.


4. Wizard of Oz
Wizard of Oz, or manual-first, lets a company act as if its product already exists, even though it is still in the development stage.


5. Piecemeal
A piecemeal MVP is a project that uses existing services and tools to give users a new experience or function.
 

6. Concierge
Sometimes, companies use different methods to build a customer base before deciding which products to create based on customer needs. For example, a company can start by selling third-party software (as an affiliate marketer or partner) before deciding to develop their own product when they already know what their customers want. 
 

7. Crowdfunding
Crowdfunding is a type of campaign in which businesses raise money by giving rewards in exchange for donations, such as access to a new product.


8. Landing pages
Companies can tell people about new products by putting up landing pages. Then, they get email addresses to see how many people are interested in the products and analyze responses from these potential customers.

 

How To Build a Minimum Viable Product


Here are the basic steps you need to build a minimum viable product: 


1. Define the problem your product will solve

Think about what the product is meant to do or what problem it solves for the people it is meant for. For example, software for editing videos can be used to edit videos and make editing easier. The goal is for people who buy the solution to be able to get more out of it than they can from competing products. Defining the problem to be solved can help the company decide on the product's core features.


2. Understand your target market
Find out more about the people you want to reach to determine your product's features or functions. You can do surveys to find out more about your audience's problems and possible solutions. Research can also show how they feel about the company's competitors and what they like and don't like about their products. Use what you know about the competition to develop better features for the MVP. You can also check to see if there's a market before moving forward.


3. Define core features
Make a list of all the product features before deciding which ones are most important. Market research can also show the most important features for the target audience. For example, the people who make software for editing videos might decide that the most important features are the ability to combine videos, add subtitles, or add other parts. Although they might add the ability to change the background music later, customers may ask them to put other features first. Designers can skip this feature when making the MVP to save time and money.


4. Build the MVP
Build the MVP and add the most important features. You might think about adding more parts, but it's best to stick to the plan since adding more parts can slow down development and use resources on features that customers don't care about. You can be sure that your MVP will be accepted, bought, and used by potential clients if it has the features you've researched.


5. Start using the MVP
Give the MVP to early adopters so that they can try out the product and give feedback. Find early adopters by publishing a sign-up page on the company's website or letting people know about the MVP on social media. Once you send the MVP to early adopters, give them enough time to try it out, learn about it, and form an opinion about it.


6. Get feedback and look at it
Ask the early adopters questions about the MVP by getting in touch with them. You can ask them how they thought the MVP's main functions worked and if they can think of other features that would improve the product. They can also tell you what didn't work for them. Collect and analyze their feedback to find trends or common answers that can help the company make decisions about the future of the product.

 

Conclusion


That is all about building a minimum viable product. You now know all about minimum viable product benefits and why it's important for startups. We hope that this concise guide will help you make a high-quality, successful app.


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