When creating a new product, you are never sure whether it will be successful or not. Market research and analysis can provide some insights, but what comes afterward is up to the customers.
If you are an IT business owner planning to release a new app, you are likely worried about whether the users will like it. Having put countless hours of planning into it, you want your final product to sell and gain popularity. To best ensure the success of your new app, it is crucial to determine if there is a demand for it in the market and if the whole idea is feasible.
This is why you need a Minimum Viable Product. What is it? We will explain the concept in this article, as well as tell you what mistakes to avoid when developing your MVP.
What is the Minimum Viable Product?
Minimum Viable Product is a concept originating from the Lean Startup methodology. The term refers to a development technique in which a product is created with the minimum features necessary to check market demand and feasibility.
The goal of an MVP is to see how potential users respond to the product and gather feedback to develop and improve the product further. It is usually developed quickly and with few resources to save time and minimize the risk of spending too much on a product that is not viable.
This early version is not an end-all solution, but rather a starting point that will give you a general idea of whether your product has potential in the market and what issues you might run into. If you want to learn how to build an MVP, you need to learn some basics first.
The Importance of MVP in Software Development
Building an MVP is especially important in the IT industry, as it allows software developers to test their ideas and concepts outside the safe confines of their organization. By building and releasing a Minimum Viable Product, developers can gather new insights and feedback from actual potential users. This can help them identify areas for improvement and see what aspects of their software are most valuable to users.
From a business perspective, developing an MVP can save both time and resources by allowing businesses to evaluate if their product is feasible and if there is a demand for it before investing heavily in its further development. The MVP can also give you an idea of whether you are pitching your product to the right target market. It can help attract potential future investors, too.
How To Define Your MVP
Do Your Market Research
Before defining your MVP, it is crucial to conduct thorough market research. You need to understand the industry landscape, your competitors, and the target audience. This will help you tailor your MVP accordingly.
Doing some research before actually starting work on your product can turn out to be a game-changer in the future, saving you time and money. Having accurate insight into market demands and using this information at this stage is the key to building an MVP that will resonate with end users.
Map Out Your User Journey
Understanding what problem you want to solve for your users is crucial. The user journey is the path that your target audience takes from the moment they find your app through every interaction and experience they have with it. You can think of it as a map, telling you where to focus your efforts and what to prioritize when creating your minimum viable product.
Think thoroughly about who the target user of your application is and what their needs are. While it may be tempting to cater to a wider range of users, at this point of development, you can focus on one buyer persona.
Decide on the Core Features
Now, it’s time to decide which features you want to include in your MVP version. Consider the key functionalities that provide the most value and the best idea of what the final product is meant to be. They should align with the needs and goals of your target user specified earlier.
Keep in mind that implementing too many smaller features can complicate building the MVP and defeat the purpose if the whole proves. Remember, in this case, simplicity is the key. Do not overcomplicate your MVP; stick to the essentials to ensure a smooth and efficient development process. You can consult professionals providing IT consulting services, if you find it difficult to figure it out.
Build Your Minimum Viable Product
Once you have the basics figured out, it is time to start building your MVP. Now is the time to build the application.
Remember to give your MVP the same level of attention as you would give to your full-fledged final product. Take extra care about responsiveness and user experience, as these can be deal-breakers for potential users. If your MVP app is slow and unintuitive, users may lose interest in your product and not give it the chance it deserves.
If you do not wish to spend an excessive amount of time polishing your minimum viable product, you may always outsource parts of the development process to a firm providing custom software development services.
Benefits of Releasing an MVP
Once your application is out there and gets its first users, you can start gathering data. All of the valuable insight gained from user feedback and usage patterns will be extremely beneficial when developing your final application.
One of the significant advantages of building and testing the viability of your application by releasing an MVP is risk mitigation. By releasing an MVP, you can identify any potential flaws or issues early on and make all the improvements needed before releasing the final version. Testing your product on the market with just a few of its core features allows you to gauge user interest before investing big money into it, too.
It also gives you a clear understanding of your customer’s needs and preferences, as well as an overall idea of how well your application will be received. Thanks to that, you will know if anything needs to be removed from or added to your product. This makes it easier to release a high-quality, polished product later.
Should You Build Your MVP?
If you are a business owner who plans to launch a new app or service, going for the MVP strategy can be a smart decision. It does require some work, but the benefits outweigh the effort. It is an investment that has the potential to save you time and resources in the long run.
Many big-name companies have successfully used this approach to validate their ideas before releasing the final product. If it worked for Amazon, it can work for you.
Article and permission to publish here provided by Elena Alehno. Originally written for Supply Chain Game Changer and published on January 19, 2024.
Cover image by Gerd Altmann from Pixabay.