In the fast-paced world of product development, getting your product to market faster is essential to business success. However, creating a fully-featured product from scratch can be time-consuming and costly, leading many startups to fail.
In fact, 35% of startups fail due to no market need, 15% due to price/cost issues, and 8% due to poor products. What this means is startups need to be careful before building a product full-fledged.
This is where MVP comes in.
MVP is a development technique that focuses on creating a basic version of a software product with just critical features to satisfy early adopters and gather feedback for further development. This method allows product owners to test the waters, validate their assumptions, and iterate on their products quickly.
The MVP approach has been proven successful by many startups, such as Dropbox, Uber, and Airbnb, starting with a minimum viable product that was refined over time based on user feedback. By starting small and testing the market, they were able to save time and money while creating a better product that met their users’ needs.
MVP and Agile methodology go hand in hand, with MVP being a key component of the Agile approach to software development.
Agile methodology is a process that emphasizes flexibility and collaboration between development teams and stakeholders. It involves breaking a project into small, manageable chunks called sprints, completed within a set timeframe.
MVP fits into Agile methodology by providing a framework for developing and testing products in small increments. By creating a minimum viable product, product owners can quickly get feedback from users and stakeholders and make adjustments as needed. This approach allows for continuous iteration and improvement, a core tenet of Agile methodology.
Moreover, the MVP approach aligns well with Agile’s emphasis on collaboration, which requires frequent communication between developers, stakeholders, and users. It also fits well with Agile’s focus on flexibility, allowing teams to pivot quickly if they discover their product isn’t meeting users’ needs.
Lastly, in an Agile environment, MVPs can be developed and tested within a sprint, with new features and functionality added in subsequent sprints based on user feedback. This approach ensures that the product constantly evolves to meet user needs and that development efforts focus on features that provide the most value.
We at Innovify have been building software products for over a decade. We’re the early Agile adopters and have built hundreds of MVPs for software projects. Here is our approach to MVP:
Before developing an MVP, you need to define how it should look and its components.
Defining your MVP involves identifying your product’s core features, understanding your target audience and their needs, and setting goals and priorities.
By defining your MVP, you create a clear roadmap for development and ensure that your MVP meets your business goals while delivering value to your users.
Once you have defined your MVP, it’s time to develop it. Here are our recommendations:
By focusing on these key areas of development, you can create an MVP that delivers value to your users while laying the foundation for future development. It’s important to strike a balance between speed and quality and to avoid getting bogged down in unnecessary features or functionality.
User feedback is the core purpose of most MVP projects, which means you should gather it as early and as often as possible to ensure that your product meets the needs of your target audience. You can use various methods, such as app analytics, surveys, focus groups, interviews, and user testing for this.
Based on your feedback and data analysis, you should identify areas of your MVP that need improvement.
You can use the following techniques to test your MVP:
When selecting a testing technique for your MVP, there are several aspects to keep in mind, such as the type of MVP, the stage of development, your goals and priorities, and your resources and budget.
For example, if your MVP is a mobile app, you may want to consider usability testing on actual devices. If your resources are limited, you may want to consider less expensive techniques, such as prototype testing.
By considering these aspects, you can select the right testing technique for your MVP and ensure that you are gathering the data and feedback you need to make informed decisions about the future development of your product.
Once you have developed and tested your MVP, the next step is to launch it to your target audience. This can be an exciting and nerve-wracking time, as you will finally be putting your product into the world. Here are some tips to help you launch your MVP successfully:
Remember that an MVP is the first step in a long product development journey and that continuous iteration and improvement are key to long-term success.
MVP is a powerful tool for testing and validating new product ideas in a lean and agile way. By focusing on the core value proposition and building only the essential features, you can minimize development time and cost while maximizing the chances of success.
However, an MVP is just the initial version of a product, and it will likely undergo significant changes and improvements based on user feedback and market trends. Therefore, you’d require continual IT support to ensure your MVP remains functional and effective throughout the scale-up process.
By having a dedicated IT support team like Innovify in place, you can increase the chances of success for your MVP and build a product that delivers value to your users and your business.
Client Services Director