Let’s begin with a simple life example here.
When you were in school and were learning a new chapter in Mathematics class, did you proceed step by step or was it a one-shot answer from the very beginning?
I am guessing step-by-step, right?
So it’s the same with a new idea for a startup venture. The step-by-step roadmap to starting a business right from ideation to the final release is what MVP or the minimum viable product is all about.
Sounds good, right?
This must make you question what MVP is. Allow us to help you out with that.
Here we go!
What is MVP or a Minimum Viable Product?
Let’s take a peek into 2011 here, when the American entrepreneur and author, Eric Ries, wrote “The Lean Startup”. He popularized the concept of MVP and lean approach via this book and the startup community was smart enough to start following the approach.
What is MVP for startups and businesses?
To give you a brief on MVP, It's the process in which, you basically zoom in on the core features of your product and build a product around it. You launch it in the market and test the idea with early adopters.
With the feedback, you keep adding to the product (iteration). In this way, you navigate towards your product-market-fit, when it is already making profits for you. The idea behind this is to reduce the wastage of limited resources like time and money which is crucial for any early-stage startup.
The best part of the MVP approach is that you can explore and experiment with your idea, without draining all your resources.
Hopefully, you have gotten the basic idea of MVP for business. Now let’s zero in on the core examples of MVP and the brands that set examples of it, shall we?
Top examples of MVP in business
Check out some of the most popular examples of MVP in business:
Amazing, right? Now we will move on to the next broad query that you must be having in mind.
What is the need to build an MVP?
The sole objective to build an MVP is to validate a startup idea directly with early adopters. All this without draining time or money.
That is all.
An MVP is the best approach to make ideas happen on a shoestring budget. I mean why take risks if you don’t even know what the market wants? The user feedback that you receive is useful to iterate the product or even pivot to a better alternative if things come to that.
At least you know your target audience now! Are you getting the point?
To strike the perfect balance between user demands and what your product can offer, build an MVP. Simple!
How to Build an MVP in 2022 – in 5 simple steps
As Eric Ries says,
“As you consider building your own minimum viable product, let this simple rule suffice: remove any feature, process, or effort that does not contribute directly to the learning you seek.”
Let’s see how we can follow and incorporate this in our process to build an MVP in 2022! Check this out:
- Proper Market Research
Getting into anything new requires some background research, right? So to release your product in a market, market research is a crucial part. Here is a list of elements that are a part of effective market research and analysis. Like,
Study the problem: you obviously need to identify the problem that you are trying or planning to solve. If there is no problem, what solution are you even trying to sell?
Analyze the User persona: You need to understand the people and their demands before you build a product for them. Don’t you think?
- Providing the solution: Even if you identify the problem, conduct a survey to see if your product is the solution that the market needs.
Keep a check on your competition: Always keep a tab on your competition. Study their loopholes and use them in your product as a brownie point.
- Identify the core features: This is actually the main part of developing an MVP. MVP is about building the product with the core features to validate an idea. So yes, this is the most crucial part.
- Define the user flow
Once you define the user flow, you will be able to comprehend how your product will be perceived by the early adopters. You must be thinking about why this is important!
Well, a definite user flow will give you an insight into the iterations that you can make in your product.
- Identifying core features
Prioritizing and listing the core features pf your product is the most important aspect of building an MVP. The MVP is built around these features to validate the core idea. So do take time when curating the core features.
It’s all about a list of “necessities” and “luxuries”. For MVP, we will choose the list of necessities and install the luxuries in the final release.
- Building the MVP
Hey, are you done with the previous pointers? Great! Then all you need to do now, is get in touch with MVP development agencies like TheCodeWork
and get it done using the help of experts and without draining resources. Sounds good I suppose?
- Get the User Feedback
Now, this is what we have been working on MVP for! Yes. It’s all for getting user feedback so that we can iterate and release the best version of the product in the market. Clever, right?
User feedback also helps the client to assure the quality of your product and well they are receib=ving it. This is exactly the “learn” part of the build-measure-learn cycle that we all have been coming across all these years while talking of MVP.
Now that we are done with the core part of this article, let’s talk about who is going to build the MVP for you. Hop on to the next segment, please!
Who can build an MVP for you?
See there are several ways to do this.
- You can opt to build your MVP in-house
- Or maybe get in touch with freelancers
- And last but not the least, you can reach out to significant software development agencies who have experience in building MVP (just like us at TheCodeWork).
Now let me tell you the practicalities with these pointers.
For, In-house MVP development, the process may suffer due to a lack of experience and insights. You obviously do need supervision while building an MVP because it’s not just about building a product. You need to understand the market and set the core features accordingly, or else it will be a flop. You are getting my point, right?
The same is the case with a freelancer. Lack of experience is a big obstacle and the charges may not be viable with the quality of work put in. don’t you think?
This is exactly where we (https://thecodework.com/) come in.
with years of experience in building MVP for globally distributed clients, we know the market and also the dependencies on geographical boundaries. helping people build MVP solutions and then nurturing them to success.
Wrapping it up, starting a business with just a scratch of an idea is the boldest move in this competitive market. But, with an MVPthe process is somehow more viable and a little bit under your control.
Final products are not always perfect. This is exactly why you need to follow the smart approach and save your time and money for the better half of the product development.
All you have to do is learn, understand and iterate to develop an exceptional product around your brilliant business ideas. At TheCodeWork, we are a team of startup enthusiasts who work with early and growth-stage startups to make their ideas happen.
So get going and book your free consultation call today! We are here for you.
Till then, happy brainstorming!
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