Ultimate Guide to Building Minimum Viable Product (MVP)
Minimum Viable Product or MVP is a total game-changer as it offers a new perspective on how to introduce products into the market successfully. It is not only cheaper but quick and efficient. Let’s take a closer look at it.
What is the MVP?
The MVP is identifying and implementing key functionalities of a product that will solve clients’ problems. It helps in outlining the main features of the product for its ultimate success.
If you are keen on getting early adopters, examine their first reactions, and reduce commercial risks, you may consider building the MVP as an excellent idea. Despite this, don’t take it as the quickest method to save funds on launching a startup. The grounds of MVP is to examine the startup plan and its prospective of being helpful for your target audience. Some startups evade this basic step and depend on lady luck – which is a big mistake as it will cost you more, eventually. The smart ones do not want to rely on risky solutions and so they come up with an MVP before launching their product in the market. Good examples of startups with great MVP were Dropbox and Foursquare.
Foursquare was started in 2009 as a single-feature app – a location-based check-in function. After getting users’ feedback, the company gradually added more features like suggestions and city guides. By the end of 2019, the app was used by as many as 50 million people.
Why building an MVP is important?
The benefit of building an MVP is as simple and crucial as the product itself. It can help you both snag the interest of potential clients and prevent financial disaster. Before identifying ways to build an MVP product, let’s understand some of the key benefits of MVP:
- Quick and reliable testing among your TA
- Easy to scale
- Aid in attracting investors
Thorough TA Research
It provides a precise benefit for POs to get market feedback sans full-size development. If the MVP is not drawing users, you must review the overall strategy and then come up with the required adjustments. A question now arises as to ‘How can I test the MVP?’ The answer is quite simple – Once you built the MVP, try to understand how customers react to it in real-life situations, hold surveys, and immediately start adding new useful features.
Another useful perk of MVPs is their scalability. As soon as a prototype is released in the market, developers can add additional tools in an iterative approach. Besides, soon after such release, bugs or critical snag are usually not on users’ devices. There is also a lesser risk to rewrite something to fix some issues.
MVP can substantially bring down wasteful resources on ideas that may not work at all. As you will not be adding all the features that you would like to be part of the full product all at once, you will be spending lesser time on the project which also means lesser money. Imagine this: a full-product development could cost you nothing less than $35,000-$100,000, whereas you can build MVP for only about $25,000-35,000 and still get to test-run your product.
Some entrepreneurs often depend on financial investors to provide capital to build a project. MVP service provides POs to experiment with their business plans before presenting them to capital investors. Also, it can be very helpful in gaining new funding as MVP is already a functional product that can be showcased to investors as a prototype.
A good example is Pebble – one of the first smartwatches that hit the market. The makers ran out of money but they started to raise funds on Kickstarter and they got enough capital to build an MVP product. As many as 60,000 investors pledge $10.2 million to the campaign and soon enough Pebble was able to come up with the final version of the smartwatch.
How can the MVP boost innovation?
You will be surprised to know that hugely popular and profitable apps like Spotify and Instagram were built as MVPs and it was only later that additional features were incorporated. As of today, entrepreneurs are trying to understand what is MVP in business and how to innovate with it. When we take into account the overall value of some applications — an innovation level is an extremely crucial element. One of the most significant elements in a successful MVP innovation — is to experiment with assumptions many times and if required as soon as possible. In the world of development, this is called getting to a minimum viable product.
This is what’s MVP for – to test out your genuine and unique idea and provide you with facts and numbers which are based on real user feedback. With the data you get, you will be able to predict, analyse, and make more assumptions about the chances of your product’s success. Some users may not like all the features of the product and they will give their honest insights which can be used for future improvement and development of a new feature. The ability to rapidly change and add enhancements creates innovation.
It is quite unfortunate that many entrepreneurs released their products into the marketplace sans MVP only to realize that their product is not what people craved for. As a result, lots of capital and resources get wasted.
MVP is really about saving the crucial resources – money and time. It is important to correctly determine the simplest MVP type which can provide you and your team to get the necessary feedback and build on them. It is quite common for many to spend years in developing and by the time they are ready with the product the market trends could have changed. This is why an MVP that can present a quick and usable feature in the shortest possible time is the right way to start a project.
How to develop an MVP?
MVP development stages can be grouped into three stages: Discovery, Design, and Development.
The Discovery Stage:
Never underestimate this stage as it is the foundation of your product. Properly identifying what’s the product you required can define your path to success. You need to:
- clearly define and analyze your business requirements
- understand your product’s goals
- analyse relevant competitors
- identify who will be your clients or product users
- plan and develop your product’s monetization model
Getting these things right is not an easy task as a small mistake could lead to a total collapse of your entire project. It is good to take the help of professionals, including a qualified BA, who will assist you in realizing a comprehensive discovery.
When you are done with the discovery stage, get ready for mockups and blueprints of your MVP. Some of the basic steps your development team should execute during this stage are:
- prepare use cases and feature flow. In simple terms – put out a functionality chart of your app and how the user can productively use the features. The main aim of the scripts is to showcase the working process of the product.
- provide the wireframes of the app or product. These are the blueprints of an app, a website, or software. They are documents that describe the features of your product in detail.
- prepare visual User Interface design.
Product development is the most important stage. For the determined cost, the customer gets the basic functionality, required to validate all hypotheses. As this stage can be extremely vast we cannot touch all development strategies of successful products. As a result, here is the general outline we’ve come up with.
Environment Setup: All products start with setting up a development environment & planning.
Development: After setup, the team develops builds with intermediate milestones and tests them accordingly. Stakeholders’ feedback forms a crucial part of this phase.
Testing: Proper testing is a must to ensure that your MVP will work as intended.
Release: Once, rigorous testing is completed, it’s time to release the MVP. Let the real users test your product and take note of their feedback, analyze those, and add new features if required.
Voila! You finally released the MVP and now it’s time to test it. Allow real users to try out the product and study their feedback and then add new features to build your audience.
MVP product at the Wild Web Art
We are now finally at the most interesting stage – hоw to build an MVP prоduct in a real-life situation? To be successful, you must focus not only on the discovery, development, and release stages of the product but also on choosing and working with the right development partner. Having already launched many successful products, we at Wild Web Art are fully equipped to give your MVP a successful kickstart. Our dedicated team will efficiently work on your project while also ensuring your app is ready at the earliest. We will give you a strong MVP with excellent prospects for success.
If you are interested in learning more about all processes — just contact us! Together, we’ll turn your hypothesis into a profitable project!