The world is evolving. Almost everything is now possible with just a few clicks on the phone. Many new startups are coming up with disruptive technologies that continue to revolutionize the digital landscape!
These disruptive ideas come by identifying pain points and finding ways to solve a problem. But every problem can have countless solutions depending on the way you tackle it.
When putting into perspective every problem cannot be solved just by thinking and visualizing a perfect product, it is important to analyze the viability of the product as well.
Now, how to build a product that would be viable and solve the problem at the same time?
The answer is very simple to put out, build what customers really want!
Building a full-fledged product without analyzing the true need behind is not a profitable practice. This is where a Minimum Viable Product or an MVP comes. It is the perfect way to analyze the actual market need and at the same time build something that can be scaled up.
So if you are a startup enthusiast figuring out how to kickstart your startup and bring your idea into a reality, I will break down to you why and how you can build the Perfect MVP for your startup!
But First, What is an MVP?
A Minimum Viable Product in simple terms is the very first version of a product with just the necessary set of features. It is useful to analyze if the product actually has what it takes to be successful and profitable.
An MVP saves time as well as capital and at the same time helps you to receive actual user feedback.
Before launching a full-fledged app, startups can quickly launch an MVP in the market to receive user feedback and get an idea of how their customers react to the features they have incorporated.
The most successful startups like Dropbox, Facebook, and Airbnb initially came into the market with an MVP.
What is the First Step to Building An MVP?
Any app is viable only if it works on a pain point. Your idea can only be successful if it is solving a problem. So, the very first step to building an MVP is to get your idea validated to ensure that it is solving a problem.
You should start by identifying the pain points and converting them into opportunities. Analyze your target audience and try to understand what the user set wants. Each user set has its own preferences, what works for one may not work for another and so you need to find your niche audience.
The next move you should make is conducting research. When you get involved and research about your user group, identifying the problems they face and countering them to arrive at a solution becomes much easier.
Why Build An MVP For Your Startup?
Building an MVP is not just beneficial for mobile apps but this approach is also useful while developing a website or any other product too. It is important to build an MVP for the following reasons:
Analyzing Response From Target Users:
The first and foremost advantage of building an MVP is gathering user feedback. Through an MVP, you can make sure that your customer can clearly see the vision of your product and also provide useful insights to improve it in the process as well.
Dodge Potential Failures:
By building an MVP for your startup you can not only save time but also avoid huge loss of capital.
Grab Investor Attention
An MVP can help you attract investors for your startup as it is the tool on the basis of which investors make their funding decisions and you can use an MVP to raise money for your mobile app startup.
Quick Launch To Market:
Building an MVP saves time as it only has the necessary features and will also help you to enter the market in the shortest amount of time possible.
Steps To Build The Perfect MVP
If you have gone through this article then by now you are familiar with the concept of an MVP very well. However, a lot of people end up misunderstanding the idea and make some common mistakes in the process of building an MVP.
So, here are the steps that are important for MVP app development which also take care of the Do’s and the Don’ts of the process.
Figure Out The Right Balance
Most of the time, startups either end up making a really complicated product with many features or miss out on the most key features trying to keep the app basic. The solution here is to find the perfect balance between the app design and the app value. While keeping the design minimal the product should be offering the maximum value possible.
Minimalistic functionality does not mean that you ignore the Unique Selling Point of your product. It implies that your focus should be on maintaining minimal functionality while making sure that your product perfectly captures the essence of your idea.
Identify The Value Proposition
The value proposition of your product should not only define your brand but should also perfectly capture the goals and vision of your business.
The value proposition should be made by considering factors such as what your niche audience wants, what value your product should provide, and finally the USP of your product that distinguishes it from your competitors.
Do Not Chase Perfection
While building an MVP you need to know that it is just the first step and does not necessarily have to be perfect. The primary goal of an MVP is to gather feedback from users.
If you chase perfection like most companies, you may end up including a number of features that divert the focus from the key function of your product which can also lead to delayed market entry and increased costs as well.
The most successful companies started out with a solid MVP and slowly transitioned to what they are today. Facebook initially started as just a social network for Harvard students with basic features like a profile page, sending a message, and sending the request. We all know the array of features that the app has today and how successful the company is.
So, rather than focusing on creating something huge, you should focus on creating something that is viable and is actually solving a problem. Then you can scale it up by analyzing the user feedback.
Eyes On The Prize
The primary idea behind an MVP is to garner customer feedback. The aim of an MVP is not to make money but to figure out if your product is attracting the interest of users and are the customers willing to pay for it.
Target Audience Test
To test your product in the real world it only needs the most essential features. Testing your product in the real market will help you to explore user reactions and also find out where you need to improve.
Update and Improve
Once you are done observing how users are engaging with your app, gather your finding and work on a conclusion regarding the elements you need to improve and the elements you need to remove.
You should plan on improving those features that the user engages the most with. Make sure that your app has a user-friendly interface and provides a delightful user experience.
Always keep in mind that in startups, iterating, improving, and upgrading is a continuous process.
Testing the waters with an MVP is a very useful approach for startups. All new startups usually have just a single chance and building an MVP is their only chance to nail it!
The aim should be to develop an MVP that provides Maximum Value with Minimalistic Functionality and get maximum validation through minimum efforts.
I am Aakash Mangi, a blogger and digital marketer from Visakhapatnam, Andhra Pradesh, India. I have a keen interest in new and latest technologies. I work for Oyelabs Technologies and write the latest tech blogs for them.