A minimum viable product, or MVP, is a version of your product that requires minimal time and money to create, so you can implement your business plans without a lot of risks.
If you were given a time machine to go back in time and avoid mistakes in business development, would you take this opportunity? The implementation of MVP does not replace a time machine, but it helps to avoid mistakes in business digitalization through testing and the possibility of checking the concept, ideas, and functions of a web resource or application. If MVP finds its customers, then the product is scaled, supplemented, and becomes a full-fledged business. Although despite the attractive wrapper, such development in inept hands becomes the enemy of the startup. So, what should a startup do? We can show you how to handle it!
We need an MVP to develop a simplified version of the product available for use. The main goal of the strategy is to get feedback from users, based on which the product can be improved and developed. MVP allows you to find out what features potential customers expect from a product. Implementing the concept of MVP software development can happen in different ways, but the most reliable will be to turn to people who "are an old hand at that" - outsource companies or dedicated development teams.
However, how not to "fail" and how to choose "your" team? First of all, it is necessary to monitor the market and make a shortlist of companies for potential cooperation. These should be customer-oriented companies with similar experience and philosophy. At this point, it sounds quite simple. Nevertheless, many companies manage to fail the development of MVP. What mistakes could await a startup and how to avoid them? Let's see.
A Step-by-Step Guide to Building successful MVP
- Step 1. Define the problem you want to solve Ask yourself the question "What is this product for?" Once you provide answers to it, you can form goals and objectives. The main mistake in MVP development is expanding your audience. Our task is to test the product, assess its prospects and understand how to promote it further.
- Step 3. Analyze your competitors Even if you think that you have a "unique idea" I must disappoint you - most likely someone has already come up with it. The challenge is to take a primitive idea and develop it into an exclusive format. Analytics will help you understand strengths and weak sides, assess prospects, and make a product that will stand out from others.
- Step 4. Do a SWOT analysis SWOT analysis is the definition of strengths and weaknesses. It is important to understand the threats, risks, and opportunities.
- Step 5. Define a user road map Try to think of your product from the user's perspective. In MVP, it is very important to build the right step-by-step path for the client so that he takes a new step each time and gradually reaches the main goal.
- Step 6. Make a list of requirements This is the most important stage of your MVP. Here you need to paint a list of all the necessary functions of your MVP and do prioritizations. A dedicated development team can help you handle it faster.
- Step 7. Define the scale of the MVP Here it is very important "not to lose". It needs to implement the most essential features, but do not make your MVP "dry". End-users need to catch the end idea of your product.
- Step 8. Consider end-users feedbacks Here the main task is to evaluate the application from the user's side, to find problem areas, to understand what they don't like. At this stage, we attract and your team and end-users. In the course of detecting problems, specialists immediately solve them.
Main mistakes in MVP development:
1. Don't try to make the perfect product Remember the main idea of an MVP and implement only key functions. Provide customers with a common understanding of the future product.
If the product is unneeded, neither design nor fast performance will save it, and resources will already be spent.
2. "Reasonable savings" Minimum does not mean “unfinished” or “minimal quality”. Here it is important to find the middle. The main functions must be done qualitatively.
3. Сhoose the right team to collaboration Often rely on teams without the appropriate (insufficient) development experience, which leads to incorrectly project road map of the product or its architecture
4. Lack of user feedback Here it is important to "hear" your users. Banal, however, startups often fail by ignoring feedback from users and testers. Important indicators: - daily number of users - retention rate is the average time spent on the application or on the website
5 . Direct participation of the owner (founder) of the product in the development process Product owners should not stand aside but conversely should manage the development process, makes "emphasis". this requires constant interaction with your team. This will allow you to manage the quality and price of the MVP
6. Premature predictions Don't make premature predictions about your users. Never promise your users new features at the MVP stage. The implementation process may not take place and users will be disappointed. Protect your reputation.
7. Moving "too slowly" Do not postpone the implementation of your idea "for tomorrow". As long as you dare to launch an MVP, your competitors already occupy your niche in the market. You have to understand that one of the key advantages of being an entrepreneur is agility.
Let's consider one pattern of MVP on the example of our client - a platform for the ecommerce industry from the US implemented by the Saytonix team.
- The customer came to us only with an "idea" but without clear requirements, product roadmap, understanding of the process.
Solution: We analyzed the market, offered a list of tasks, and prioritize them with the help of the client. Due to it, we received a road map and an architectural solution for the project.
- The customer could not decide on the design.
Solution: Our UI/UX designer suggested a solution for this project with the possibility of further improvement, which met the expectations of the customer.
- The client wanted to connect several payment systems at once could to make the product more expensive.
Solution: We have proposed to minimize this feature and limit it to 1-2 payment systems to ensure that that is relevant.
Only due to close cooperation with the client and a clear implementation plan, we have achieved a successful product launch that has received excellent feedback and customer demand. as a result, the customer turned to us for the second time to extend his project - the implementation of a mobile application.
Before you start developing an MVP for your startup, take the following steps into consideration:
1. Define the purpose of your product, namely: the audience, features, make a road map of the product
2. Find a technology vendor who has the experience, positive customer feedback, and who will give preference to your interests over their own.
3. Involvement throughout the product development process, interaction with the team, process adjustment
4. Analysis and adjustment of mistakes at the testing stage, taking into account user feedback
If you need expert advice or a dedicated development team, become a partner of Sytonix. Our experts will be happy to help you achieve your goals.