Minimum Viable Product (MVP) is like the first draft or copy of the product. The purpose of MVP is to release the concept and collect the data about customers’ response with minimum effort. It might be the first product of its kind and the company has no idea whether the concept will work or not. The uncertainty in the innovation process leads to the advent of MVP.
It might be the first product of its kind and the company has no idea whether the concept will work or not. The uncertainty in the innovation process leads to the advent of MVP.
MVP is not just about the product, rather it’s a process. It requires you to test the concept, make modifications, and most importantly, whether consumers will like it or not. MVPs are quite economical because it is like a beta version and does not cost as much as that of a full product.
Here are some of the innovative ways to develop a minimum viable product and set the path to a successful product launch later.
Understand User Needs
The concept behind any product creation is to address user needs and solve them. While developing a product, we perceive user problems as the final words. However, through interviews and surveys, we can get a better picture of what are the actual problems and how to solve them.
It is similar to market research that requires understanding the target market according to consumer’s preferences. There are possibilities that the concept you are working on might not be new to the users. Interviews and surveys will ensure that the concept you are working on is practical. Moreover, the interaction with the users helps you find any other problem that can be solved by you. You have to be vigilant and make sure to develop a great MVP for the best results.
Analyze Your Competitors
Startups or entrepreneurs who have blind trust in the product’s uniqueness must not blindfold themselves. An ideal approach is to analyze competitors and figure out whether there are similar products on the market or not. In fact, if there are no competitors, it does not mean that you can push the product and introduce it. Competitors’ analysis is thus a core part of MVP development.
In fact, if there are no competitors, it does not mean that you can push the product and introduce it. Competitors’ analysis is a core part of MVP development. A number of tools will allow you to analyze competitors’ websites such as the source of traffic, monthly page visitors, geographical location, and website rank.
Define User Journey
The primary goal of any product is to facilitate users and allow them to take certain actions. For instance, if you were looking for a pair of jeans, what would be your journey? Visit the store, select the most liked one, check the size and color, and pay for it.
The user journey comprises of the sequence of categories and activities. There are certain steps that need to be followed in order to achieve the main objective. For each of these steps, there are a wide variety of solutions and things to develop and achieve what the user wants in the end.
Prioritize and List Down Features
The next step is to prioritize and list down features that are necessary for each stage of the users’ journey. It is not necessary, but ideally, you can highlight features that are nice to have. Prioritize each feature for each stage you have listed down earlier.
For example, you can ask what your users want to accomplish by taking a certain action. This will be the main feature of your product. Ask what other features are necessary to facilitate users and why they need them.
Develop, Test and Learn
After the scope of work is defined, now it is time to gear up for development. Going through the long process of development it is time to test the product. For this purpose, quality assurance engineers have to figure out any kind of bugs or flaws in the product. Moreover, they make sure that the product is ready for alpha-beta testing.
The alpha testing is limited to a few people, mostly friends, and family. However, if you want to move directly to beta testing, there is no hard and fast rule. The process of beta testing requires users to test the product and varies from one to two weeks for the feedback.
The purpose of the Minimum Viable Product is to learn quickly about your product with low investment. As soon as your product goes through the MVP development phase, you will likely conclude something valuable, whether it needs to be discarded or it can be continued.