In the 90s, there was a young man who desired to own a particular kind of shoes. So, to purchase it he went to the nearby market. But, he didn’t get those pair of shoes. Frustrated, he thinks of why not to start selling things online. Then, suddenly an idea popped into his mind and he decided to sell the shoes online. And here’s how Zappos comes into the picture.
Instead of doing extensive market research, he developed a core website first. After that, he purchased shoes and placed them on his website. At first, he made no profits on every sale, but still, it was the best way to test the business idea. He decided to expand his business online once customers are ready to purchase its shoes.
While Nick Swinmurn’s Zappos was later acquired by Amazon for $1.2 billion, this story is a remarkable example of how MVP-first approach can give you a headstart into your product idea and build your brand without burning your pocket. Launching your product faster, in weeks rather than in months, depends on how smartly you implemented the MVP development process.
MVP Development Process – An Overview
Minimum Viable Product (MVP), is simply the product in its minimal form, least featured with core functionalities.
Eric Ries defines it in the following way:
“Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
MVP development is a process of building a new product with basic functionalities and minimal features, to analyze how the target audience would react.
Here Comes The Benefits Of MVP:
To stay ahead in today’s modern digital business era, launching a product faster and within a budget in a market is all you need for successful product development. Here are the following MVP benefits:
1. Focus on Building Core Functionalities
An MVP app works on one single idea and follows that throughout the process. The core idea behind the lean startup is to develop a product with minimum features and minimum budget and too in less time. The minimum features can reduce the mobile app development cost.
2. Feedback Collection and Analysis
The MVP development process helps you to find out your targeted audience opinion and feedback about the product and how they want to see the product to look like.
3. Allows Market Validation Check
MVP development process ensures you whether your product satisfies your targeted audience needs and is it right for them. It should represent your product well to the users making them understand that it is better than others.
4. Less Development Time
Less development time leads to low app development costs. You will definitely receive a faster response if your product launch time is fast in the market. This will help you to work on the improvement of your product fast, and release an updated version in no time.
One of the important advantages of MVP is that it eliminates investing all your resources on things that may not work.
“What if we found ourselves building something that nobody wanted? In that case, what did it matter if we did it on time and on a budget?” by Eric Ries
MVP Development Process To Start With
Here is the list of steps involved in the MVP development process that needs to be performed smartly to develop the product faster and launch it into the market in no time.
Step 1: Begin with Market Research
It might be possible a few times that your ideas do not fit into the market needs. Before initiating any idea process, ensure that it satisfies the targeted audience needs.
Do watch what your competitors are offering to the customers, and how you can stay ahead from them.
Step 2: Ideation on Value Creation
Is your product worth buying? Does it add value to your customers? How is it going to benefit them? As MVP states, providing value to the people, first, outline them and create your MVP based on that.
Step 3: Figure Out User Flow
To define user flow, you need to describe the process stages and the explanation of the steps to reach the destination. Laid more focus on core tasks such as searching and buying products, managing and receiving orders.
Step 4: Prioritise Core MVP Features First
Make a list of all the core features you want to incorporate into your product and then start developing the MVP. As soon as the development is completed, cross-check with the MVP features list. After that prioritise the MVP features present in the list.
After setting the priority, define the scope for the first version of the product and start building MVP.
Step 5: Launching MVP in the market
Now, it’s time to launch MVP in the market and see the audience reaction to the product. As we all know, MVP is never less than a final product. It is a glance of a final product.
Step 6: Analyse the Customer Response
After launching the product in the market, it’s time to check and analyse the customer response. You can now easily determine whether your product is acceptable by the market and the customers by analyzing the feedback of the targeted audience.
Quick Tips For Successful MVP Development
Here are the most useful tips for the businesses to get started with building an MVP.
Create quick MVP Checklist
Before kickstarting your MVP process, make sure you have the answers to the following questions.
- Who will be your user?
- What value does your product offer?
- What problems does your product solve?
- When and how much revenue will it generate?
- What determines your product’s success and failure?
- When will you deliver it?
- What are the core features of your product?
Define Core Features of MVP
List down the core features and functionalities that you want to incorporate into your product and deliver to your customers. The big brand MNC Uber is a great example of this. The core functionality they work on is ordering cars around different places.
MVP is not just the minimal featured product. It’s more than that.
MVP is not just the minimal featured product. You also need to consider 3 other areas:
- Your product should be reliable enough that it has no bugs and no crashes. So, that you face no disappointment.
- Your product should be usable to the customers with simple UI and legibility.
- The user experience of your product should make your product unique and incredible.
Minimum Viable Product is a full-fledged PROCESS.
MVP is not just a product, rather it’s a whole process that is executed recursively. It is implemented in your workflow and then repeats by adding modifications infinitely.
Focus on a small set of the audience first
Don’t reach out to a large group of customers first. It’s better to have limited engaged users, rather than a crowd who are only interested in your product.