A Quick 9-Step Guide To Building An MVP Efficiently



When you hear somebody say “minimum viable product”, what comes to your mind? It is something that allows for instant gratification. It’s not just a product that ensures immediate value and quick satisfaction of your customers’ demands.

The primary goal of developing this product is to minimize cost and of course to solve the purpose for which it is being developed. If you start an MVP development process, you will also be able to learn more about your end user. You can understand your market better instead of falling for assumptions and conjectures.

An MVP, also known as a Proof-of-Concept (PoC) Application, lets you start with a prototype in which you can make iterations and changes as you move on further in the process of providing a better or improved product to your consumers. You can continue down your development path and hold on to your existing market share while adding more prospects along the way as you add more features to it.

A minimum viable product also helps you get more investors and strengthens your position in the market. It gives you a strong footing in your industry and reassures your consumers that you are here to stay.

Stages Of MVP Development

Begin With Market Research

Always begin with thorough market research. Your idea might be fantastic but you should be aware of your competitors and the market scenario as well. You can do this research by searching for brands and applications that provide services or features somewhat similar to your idea. Then you should try to understand what your prospects want from your product’s niche features.

Define Your Idea

Let’s say that you have a clear-cut idea about your new application. You need to figure out what problems it can solve. What does your idea aim to offer? What is your product focused on? Your users are going to ask the following questions: 

  • Why should I go for your product? 
  • How can this product help me?
  • Is it going to impact my life for the better?

You should be able to answer all these questions.

Pick The Right MVP Approach

Now, there can be four primary approaches to creating an MVP

No Product: This is a very common approach. You don’t require any technical knowledge to develop this kind of product. Basically, it is still an idea in the visualization stage. This is where you conceptualize an offering and then start selling it first before you even create it.

Product Mockup: As the name suggests, your MVP is a mockup product. This prototype or a mockup can deliver the primary concept or purpose of the eventual product that you are going to build.

Single Feature: This is probably the easiest approach and you can easily build your mockup product or even the final product around it. With the central idea in mind, you can deliver a single feature or service to your prospects.

MLP: The MLP or the minimum loveable product approach is about adding beauty and aesthetics to the product. By improving the user interface or experience, you can make your application more attractive. This is a way to add more value to your already existing product app.

Find Your Target Market / Ideal Users

This is the step where you are going to map out the journey of your user. You will have to think about the best user demographic where you can test your product. You will also have to establish useful touch points where you can get constructive feedback on your application. The final deployment phase is at least four or five stages away. So, it is important to make sure that your product is in demand and that your prospects value it as much as you do. Also, it is essential that your user base can afford to use your product in the future because only then will you be able to start monetizing it.

Define The Pain Points Of Your Users

Can you create an MVP without understanding the pain points of your users? This is the time when you enter into the most critical phase. You must address all the pain points of your users and archive them for future reference. You will have to employ certain mapping tactics that can help you add the highest potential value to the life of your customers through your MVP. Focus on the areas that are the most critical for your prospects. For example, if your users or the current age demographic that you are targeting wants more payment options and a more secure payment gateway, you must identify what those payment options are and how you can incorporate them into your application. 

  • Do they prefer credit cards? 
  • Do they prefer online transfers? 
  • Is it safe to allow them to save their financial credentials on your app? 

These are some of the pain points your prospects might be dealing with.

List Down App Features

You are always going to need a set of features for your minimum viable product. Without these features, it is going to be incomplete. These features are going to validate your business idea and will make your product more usable and relevant for your users. So, it is extremely important to list them down clearly and do away with any redundant features as well.

Develop Your MVP

The step here is very critical. After having defined the scope of your MVP, you must initiate the development process. Any iterations should be made side by side. You can always leave more room for any tweaks at a later stage. Also, you must make sure that your product works flawlessly before you deploy it for mass-scale use.

Test, Repeat, Test, Repeat

You can test your product among your target market or perhaps a section of it. This can help you ascertain the quality of your MVP. Collect important feedback from your users. Make the changes according to their suggestions. Retest your app. Invite criticism again. Add those features and update your MVP again. Repeat this procedure until you are certain that your MVP can hold on its own and that it has come as close as possible to being a full-fledged product.

Measure The Success Of Your MVP

It is time to measure the success of your MVP. One of the most effective ways to find out whether it is successful or not is to gauge the impact of word of mouth. 

  • Evaluate the engagement that your product is able to generate
  • Ask your users to sign up for a paid version
  • Check out the number of downloads that have been made in the past month
  • Produce analytics to understand how many users are actively using your product
  • Analyze your cost of client acquisition
  • Conduct surveys and analyses to understand how many potential customers are interested in your product.

As We Conclude This Blog, Let’s Have A Look At A Few Brands That Were Exemplary MVPs In The Beginning:

Dropbox

Dropbox was only a demo video MVP. But you can see what it has turned into now.

Amazon

Do you know that Jeff Bezos started this company with only books in mind? He started buying books and distributing and shipping them to customers from a small store.

Airbnb

Airbnb was a very interesting startup and it had begun at the apartment of the founder himself. It gave people an option to earn extra income by renting rooms for a short term. But soon travelers became more demanding and accommodations were being let out for longer periods of time. The platform grew tremendously from there.

Facebook

And who can forget Facebook? It was just a simple tool to connect with friends. Then came the profiles and video and photo sharing and whatnot!

Conclusion

Are you thinking about creating your own MVP too? Don’t be hesitant. Don’t overthink. This is the time to innovate and not wait.

Sumeet Soni

(Founder and Chief Executive Officer at Zapbuild)

Are you looking for a technology partner to turn your business idea into a successful solution? Get free consultation from top IT experts – write to us at connect@zapbuild.com or call us at +1 (779) 256-7779 or +91-80471-16600.

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