The issue involved a significant budget that not many startups had at the beginning. Many ideas stayed unrealized because their creators have not found a way to launch fully operated projects. But not many business owners know that to understand how successful your future products will be, you have to construct their prototype without spending all the money. Here you would learn steps to build an MVP of the end-product and the reasons it is profitable.
The Meaning of MVP
A Minimum Viable Product presents a template of an end-project that has a limited set of features and options integrated. You should build an MVP to identify the functions and explore the users’ needs, behavior, and demand. The main point of an MVP is to shorten money expenses and time. MVP shows an accomplished solution with main features and a basic concept. Thanks to this, it gives us an opportunity to ensure the correctness of the picked directions, as well as to study the reviews from real people. After establishing the evidence from your target audience, the project can be enhanced even at the development stage. This helps to eradicate possible, unexpected errors.
Stick to the Plan to Build an MVP
It may seem that to build an MVP takes less energy than to construct a fully functional product., but it is not so. Before you offer chaotic ideas to professionals you should perform some tasks and do your homework, otherwise, your MVP will be useless.
How Can Your Product Solve Users Problems
When you come up with the idea of a product that can solve a particular issue, try not to spend all your budget at once to make it real. First, build an MVP, wait and observe if the crowd really needs it. There are several methods to prove it, like crowdfunding platforms, actual presale, or advertising. Basically, the MVP is a presentation of what you can suggest to a certain group of people. It can be drawn by a designer, composed of some raw materials, or even created in XR, like the recent car advertisement.
Find Potential Audience
Before you build an MVP, form an idea of who may be interested. Draw an accurate picture of your target audience. The more detailed, the better: give them a name, visualize them, find a suitable photo. You have to believe in the existence of these specific individuals. Sure, these will only be hypotheses about your users, and over time, you can completely redo them.
And here is the most creative part of getting to know your crowd. From the drawn descriptions, select those who can become your first followers. These people should meet the following criteria:
- A common issue that your product can solve.
- High level of awareness.
- The constant search for a way out.
- A critical level of the issue, so that they found some temporary indirect solution to it.
- They have the means to buy a solution to the problem (or the ability to see it).
In the first place, your MVP will be useful to this category of users. They should share your ideas and believe that you are capable of bringing them to life. They will be fine with the limitations in the earlier versions and still wish to tell others about them. Keep in mind that it is pointless trying to sell your product to everyone; stick to people who really need it.
Know Your Competitors
Focus on other popular projects that fulfill the same customers’ needs. Analyze the roots of their relevance. Follow this plan to evaluate the rivals:
- Identification. Search in your niche or an area close to it. Look how long they have existed on the market. Consider the innovations they integrated since that time.
- Read users’ opinions to see their weak and strong spots.
- Utilize analysis programs.
- Find articles on the internet about these startups and organizations.
Proper exploration of your opponents will give you an opportunity to build an MVP that fulfills the wishes of customers right here and now.
Do not Forget about a SWOT Analysis
SWOT abbreviation describes strengths, weaknesses, opportunities, and threats. It is viable for strategic planning. Though, it can be used for ranking ideas. To make a SWOT analysis, you should answer a question: “What does your customer wish to do to gain the proper result? What actions to fulfill?” In delivery services, we can observe inner qualities like strong and weak sides. For example, we are fast and offer great quality; however, we need a better marketer. Outer sides would include possible directions to increase and threats from our opponents. Maybe there is no other delivery service in the area, or our business rivals can produce some powerful update, and we need to perform it quicker.
Define and Prioritize its Functions
Even the most loyal potential users will not purchase anything if it does not answer their criteria and copes with their troubles. This is where you should build an MVP with a limited set of features so that early adopters will be willing to pay for it. Find a minimum viable product somewhere between a prototype and a fully functioning product.
Testing and Enhancing
You are almost there; you need to perform one more step before you place a product. To ensure that everything works as planned, start testing. Invite a small group of interested individuals and observe the results. Here you may see what needs improvement. If you skip this step, you probably will face some unexpected difficulties in the future.
Launching the MVP
The last step is the actual launching of the project. Keep tracking of how it is going, gather feedback from users and all other possible Internet sources. Sure, you could have done it on the testing stage, but you have to understand that now many more people have access, and you can face other problems.
MVP Assessment and Further Support
It is viable to remember that an opportunity to build an MVP helps many businesses to realize how profitable or not the actual project might be. It is significant to keep watching and analyzing products after their launch. Without it, it would be hard to tell whether or not they are worth future development.