MVP, or Minimum Viable Product, is a product development technique that is part of the agile / lean development best practices and being used by many companies to validate their business ideas and gather feedback from early adopters but also to deliver value as fast as possible before enriching the solution with the full functionality.
The right steps to define and develop a new product MVP:
- Define your target audience: Before you start developing your MVP, it is crucial to identify your target audience. Knowing your audience will help you understand their needs, pain points, and what they expect from your product (You can gather this information by conducting surveys, interviews, and focus groups)
- Identify the core features: Once you have identified your target audience, the next step is to determine the essential features that your MVP must have. The goal is to create a product that solves a problem or meets a need in the simplest way possible. Start with the minimum set of features that will deliver value to your users.
- Develop a prototype: A prototype is a working model of your product that allows you to test your hypothesis and gather feedback from early adopters. The easiest way to achieve it is using a visual representation of your product.
- Test your MVP: Testing your MVP is the most crucial step in the MVP development process. You need to validate your hypothesis by testing your product with early adopters. This will help you identify any flaws or issues with your product and make necessary changes.
- Iterate and improve: Based on the feedback from early adopters, you need to iterate and improve your product. The goal is to create a product that solves the problem in the simplest way possible. Keep in mind that your MVP is not your final product, but a starting point. You need to continuously improve and refine your product based on feedback from users.
- Scale your product: Once you have a validated MVP, you can start scaling your product. The goal is to reach a broader audience and build a sustainable business model. You can use the data and feedback from your MVP to create a roadmap for your product development.
When you already have a product and your current goal is to build new capabilities on top of existing functionality, breaking down the project into an MVP can also be a challenging task. Following some best practices can make the process easier and more efficient:
Identify the key problem you are solving
Before breaking down a big project into an MVP, it is essential to identify the key problem you are solving. This problem should be significant enough that people are willing to pay for the new functionality. Once you have identified the problem, you can start breaking down the project into smaller components that address the problem.
Prioritize features
After identifying the problem, you need to prioritize the features that will be included in your MVP. Prioritizing features can help you focus on the most critical features that will provide value to your users. You can use techniques like the MoSCoW method (Must-have, Should-have, Could-have, and Won’t-have) to prioritize features.
Focus on the core features
When developing an MVP, it’s crucial to focus on the core features that provide value to your users. This means that you should not add features that are not essential to solving the problem. Keep your MVP as simple as possible to reduce the development time and cost.
Develop a minimum viable design
Focus on creating a design that is functional and meets the needs of your users, but does not have all the bells and whistles. A minimum viable design allows you to test the functionality of your product without investing too much time and resources in development.
Test your MVP with early adopters
Early adopters are people who are willing to use a new product or technology. Testing your MVP with early adopters allows you to gather feedback and make necessary changes before launching your product.
Iterate and improve
Like with a new product, MVP is not your final product, but a starting point. You need to continuously improve and refine your product based on feedback from users.
Last but not least, Set realistic expectations. When breaking down a big project into an MVP, it’s essential to set realistic expectations both internally and with your customers. Everyone should understand that it’s just the starting point. It is a way to test your hypothesis and gather feedback from early adopters. You should not expect your MVP to have all the features of a final product on day one.
As always, if more info or help are needed feel free to reach out at info@ngoconsulting.co
