The prominent social networking site Facebook started as a basic MVP to connect Harvard students. Users were able to post messages on board and interact with one another. Facebook\u2019s MVP proved the platform successful enough to be advanced with more complex features.<\/p>\n\n\n\n
So if you think MVPs might disappoint your target audience for its lack of perfection? Think twice before jumping onto conclusions. In fact, a 2019 survey<\/a> reveals that starting small then scaling your software product is critical for almost 70% of all startups fail because of premature scaling.<\/p>\n\n\n\n Let\u2019s start from the basics to discover the potential of an MVP in building a successful business. What is an MVP?<\/strong><\/p>\n\n\n\n An MVP or a Minimum Viable Product allows startup founders to build a skeleton or minimum viable version of an innovative product to test features and functions with real users to minimize risk and gather feedback for advancement.<\/p>\n\n\n\n However, it is still a launchable version of a software\/product that supports must-have features of a product and nothing more. The intent behind an MVP is to attract early adopters, achieve product-market fit and enable faster time to market. <\/p>\n\n\n\n The process also involves gathering feedback from early users to steer the subsequent development of the product over the MVP. Eric Ries<\/a>, who was responsible for bringing MVP to the forefront of startup product development, defines it as \u201cthe version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort\u201d.<\/p>\n\n\n\n Related:<\/strong> Is your Technology Stack Resilient?<\/strong><\/a><\/p>\n\n\n An MVP must be \u201cminimum\u201d, meaning it must take the least effort possible to build. However, it also needs to be \u201cviable\u201d, meaning that it has enough design and functionality to be reliable, usable and considerate of user needs.<\/p>\n\n\n\n The purpose of an MVP is to accelerate product launch with minimal risk of failure, based on an established idea and within a small budget and timeframe. With MVP development, startups can rake in user feedback, pull in ideas based on experience and roll out a product that stands all tests.<\/p>\n\n\n\n In some instances, an MVP showcases the potential of a business idea and gets investor or stakeholder buy-in.<\/p>\n\n\n\n Related: <\/strong>Should You Indulge in Conversational UX for Your Startup?<\/strong><\/a><\/p>\n\n\n The problem statement<\/strong><\/p>\n\n\n\n Write down the problem statement on paper. What is the user\u2019s struggle without your product? A problem statement defines the need for the product and how urgent and critical it is for the user to solve it. The more urgent and critical the problem, the more willing users are to pay.<\/p>\n\n\n\n Market \/ audience analysis<\/strong><\/p>\n\n\n\n The more you know and learn about the target market, the better off you will be in business. Conducting surveys and soliciting user feedback is the best way to prevent failure. You may think you have a great idea. But if the market thinks otherwise, your product might struggle to succeed.<\/p>\n\n\n\n A pre-requisite for this step is that you know who your target market is, deeply and personally. Market analysis puts you in the users\u2019 shoes to empathize with them while building the product.<\/p>\n\n\n\n What\u2019s the icing and the cherry?<\/strong><\/p>\n\n\n\n You\u2019ve now successfully identified the target market and the problem statement. Now, let\u2019s talk about the solution. A simple Pomodoro timer and Trello solve the problem of productivity in completely different ways.<\/p>\n\n\n\n In your product\/solution, how are you going to solve the identified problem? More so, which features are the cake\u2019s icing and which are the cherry on the top? Prioritize the various functions in terms of their usefulness to the user. Then, consider which are worth adding to the product.<\/p>\n\n\n\n Developing the MVP<\/strong><\/p>\n\n\n\n Now, you will begin an iterative development process to build the MVP. The MVP you finalize must be engaging, interactive and user-friendly, as it represents the final product. Be sure to maintain the focus on the primary features.<\/p>\n\n\n\n
<\/strong><\/p>\n\n\n\nThe Purpose of an MVP<\/strong><\/h2>\n\n\n
Building Your Minimum Viable Product<\/strong><\/h2>\n\n\n