Building your successful Minimum Viable Product (MVP ): 5 things you need to know

Minimum Viable Product

Today’s world is fast-paced, where products are launched daily, and can be a challenge to service providers. Companies regularly strategize to be more efficient to grow the business without investing excessive resources, as a result, Minimum Viable Products have become invaluable. An MVP is not just about testing a product but it’s about validating your idea by collecting relevant data with less effort. This blog will discuss the five things you need to build a successful MVP. 

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An MVP is tested according to assumptions and generally used to gather feedback, for rapid product development while conserving resources. Building a successful MVP requires a strategic approach and an understanding of its core principles.

building-your-minimum-viable-product-5-things-to-know

Building your MVP: 5 things you need to know

Understanding your Minimum Viable Product

You need to understand your MVP. It is not about creating a full-fledged product. A minimum product is a sample product for testing ideas and understanding what works and what doesn’t work in the current trend. MVP is a minimal product used for learning purposes with minimal risk and expense.

Defining Correct Success MVP Metric

For small businesses, MVP can be a huge break for them in the current market. For a successful Minimum Viable Product, selecting relevant metrics that help to define goals can help in the long run. Suppose for your MVP, user engagement is a main goal, but you obsess over different metrics like “user reach”.

If you are stuck to not even start the project thinking that you may not be successful in your business, you’re nowhere. So you should focus on certain goals that are related as well as measurable for your product; This helps to start and define your ideas a lot faster.

Spotify can be taken as an example of using the correct MVP metrics because they prioritized engagement and retention metrics when Spotify was an MVP. They are the perfect example of focusing on what matters the most ie refining music streaming service and because of that, they met the audience’s expectations which contributed to their current status.

Prototyping your Minimum Viable Product

Creating a prototype is also an important factor in building your MVP successfully. After you set your goals and find relevant features or metrics that are suitable for your product, create a prototype from many available tools like no-code tools, paper prototypes, wireframes, or interactive prototypes.

There are many methods available choose a suitable method and create a basic product. We prefer using Figma to present the prototype of the MVP. This helps you in viewing what you’re going to get; essentially helping you visualize your dream and provide feedback very early on.

Introspect about Feedback about your product

We recommend showing MVP that you have finalized with your potential customers. This is the most realistic feedback from customers that can help you move faster than your competition.

Getting feedback for your minimum viable product is valuable because it gives you a basic understanding of your MVP. Reflecting on this feedback can help you create a successful MVP because you can focus on what is working and change what’s not working for your potential customers. Do not focus only on positive feedback, you need to be able to face the negative feedback and think about how to improve the MVP.

The feedback can help you see your potential customers’ current trends and focus on improving that aspect of your product. Moving one step further, we recommend showing this MVP that you have finalized with your potential clients. This is the most realistic feedback from customers that can help you move faster than your competition.

Instagram also deviated from BurnBN to a photo-sharing platform due to the user’s feedback during the initial phase of product development which shows that if the feedback is taken success can be gained.

Apply Agile Methods in your MVP

Applying Agile methods while developing your MVP can help increase efficiency. Iterative development, proper prioritization, continuous feedback, and adaptability are some of how agile works and can help you create a successful product.

By applying the Agile methods in your MVP development, the entire process of creating a successful product can be accelerated as well and the risks are decreased. Researching about using Scrum, Kanban, and other methods that fit with your product development team and company dynamics. Continuous Integration and Continuous Development are the key factors in developing an MVP. Agile methods like collaboration can be used to understand your MVP while defining proper metrics and helping in creating rapid prototyping, getting feedback, and using the feedback to improve your MVP.

Some successful Minimum Viable Products

You now know the basics of creating a successful MVP.  There are more factors that you need to for a successful MVP but the above points should be your main focus.

minimum-viable-product-example

Take the example of Dropbox which launched as a simple file storage and sharing service with a basic interface.  Dropbox had focused on the above points, which helped the company become a renowned cloud storage platform from a startup. 

Minimum-Viable-Product-airbnb

Take Airbnb as an example, Airbnb was created to solve lodging problems for specific audiences. The founders, Brian Chesky, Joe Gebbia, and Nathan Blecharczyk, noticed the accommodation industry and came up with the mission to revolutionize the travel lodging P2P Marketplace model deviating from the hotel bookings

Conclusion

Building MVP is an important step in creating a product. The creation of MVP requires patience and a deep understanding of your product. You need to be able to handle the complexities of the products during development and work in an iterative process, following the ideas or reviews given by your users according to their experience.

In the end, the success of your MVP is all in your hands. How you handle data, how you work, and how you listen to your target audience. Learn from your feedback and focus on improving what has worked for your product, so that your MVP can also be a huge success.

We as a company help you create your MVP More about this in [ Startup MVP Building ]

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