Launching and developing a startup is a complex process that involves time, commitment and investment. Entrepreneurs are usually afraid to get started especially when stepping into an unfamiliar future.
Stats show that only four out of five startups were able to survive in their first business year. To reduce the probability of failure of a business in the first year, build an MVP first.
In this article, we will discuss how an MVP minimise financial costs, draw early adopters and analyse input from first-time customers when it comes to building momentum in an early phase of startups.
Before moving forward Let’s first get a quick overview of what MVP is?
What is an MVP?
MVP stands for Minimum viable product and it is a minimally featured software solution, it is the initial version of the product which developers develop with simple specifications to evaluate its worth in the target market. The idea of MVP provides perfect testing ground, showcasing what can be improved based on consumer feedback.
Eric Ries was the first to propose it, he brought this lean methodology concept and MVP was processed as the client-facing version of the product.
Some factors need to be considered by every startup before dealing with MVP.
1. Analyse Market First
Sometimes, just because the idea sounds great in concept, that doesn’t mean it’s going to be effective in the market. If you don’t want to end up broke do the market research before starting the project. Make sure you target the right market and your idea is your targeted market demand.
Conduct surveys to have a more detailed analysis of the market so that the probability of success of the product is higher in the market. Analyse your competitors in the market as MVP is introduced into the market to directly compete in the economic environment. Take a look at what your competitors are proposing in the market and how your product can stand out.
2. Target Right Audience
The smartest way to create a demand for the product is to attract early adopters. Develop an MVP that keeps engaging the targeted audience. Your audience will influence your product development process so do your research first and make sure your product addresses the challenge in a way that it appeals to the target audience.
3. Build Product Roadmap
Before you act, plan first, make a product roadmap that tells about the expected growth of the solution. You have to be able to develop a practical plan if you want to get the results you want before you start developing the product.
4. Work out on User Flow
When designing an MVP make sure from start to final process of the application that you ought to look at the application from your audience perspective. Work on user flow in detail, create many ideal scenarios, use cases for how your product should be used so that you don’t forget anything when considering the upcoming product.
5. Make Feature list
Remember that minimum is minimum as overdevelopment is a great issue for startups. You may want it all but a better approach is to stick to the main functionality of the MVP. Make a list of all features you want to add before you start creating MVP, upon completion process review the list of MVP functionality as the efficiency of any MVP depends on its feature and whether the targeted audience requires it.
6. Conduct User Testing
MVP is a real product, after launching it in the market engages early consumers to test MVP. When you start getting reactions and opinions, analyse it and make a conclusion based on their feedback. Improve your product feature and develop your application in compliance with the preferences of users.
7. Create A Product Landing Page
To create an effective MVP invest some additional time to build up a strong landing page. Try pushing traffic to the landing page of your product as much as possible. Traffic is driven by blogs (SEOs), social media and articles related to the industry, the traffic outlined ideas effectively and softly promotes the product and inspires early users to sign up.
When it comes to testing a product idea as soon as possible, an MVP is the most commonly agreed possibility. MVP is a great start-up tool as you learn a lot about your users, without excessive use of precious time and funds by way of a workable product.
The MVP must be simple and promising. If you are successful, the users will look forward to the project’s growth and will comfortably win the support of investors for future development.
If you’re looking for professional guidance on MVP application development, or if you’ve never done MVP before, drop us a message, with dedicated product development services we help startup creators and other leaders to create high-quality MVPs for them.
Naba is a Content writer with Engineering bachelor degree. She takes care of all the documentation and a key person in making project strategy.
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