How to turn your idea into an MVP?
Do you have an amazing idea for a product, but you’re uncertain about how the market will react to it? If that’s the case, then the answer to your problem is an MVP! If you want to learn more about how you can turn your creative idea into an MVP then keep reading!
Now, before you learn how to turn your idea into an MVP you must have a clear idea of what an MVP is. MVP stands for Minimum Viable Product and it is a simpler version of your product with the basic features that shows your product’s value. This is created so that you can identify potential customers and their needs’ and receive necessary feedback from them so that you can fix any bugs and add new features that they like. It is your chance to test the market and showcase your product without having to invest thousands of dollars.
The first thing you need to do before releasing your MVP is to do market research. Do you know your target audience? Have you done segmentation? What are your customers’ needs? How will you improve the quality of their life? These are important questions you need to answer before releasing your MVP. Understanding your potential customers and their needs is key to making a successful product so don’t take it lightly!
Why should any customer buy your product? Before releasing your MVP, you also need to identify the value in it by weighing the costs over benefits. What features give you a competitive edge? How will you show your customers that your product is worth the price? All of these questions should be answered so that your MVP convinces people that your product is the new best thing.
Your product probably has unlimited features, but you cannot add all of them in an MVP. You need to make a list of all the features and prioritize the important ones according to the value they offer. At this point, the previous steps will help you understand which features are most important and they’ll help you categorize your features into high priority, medium priority and low priority.
Once you’ve gone over the previous steps it’s time to launch. Some common mistakes that you should avoid are:
- Do not aim for perfectionism. This isn’t your final product, so all it needs is the main features that gives users a basic idea about your product.
- Do not work with an inexperienced, unprofessional development team. Many people have done this and they’ve suffered because the team was unable to meet deadlines, they didn’t understand the idea behind the MVP and so on. Make sure that your development team understands your goals and they’ve worked on something like this before.
- Do not make a complicated MVP. An MVP has to be simple, engaging and easy to use so there is no need to exert money and effort into making a complex design.
Once your MVP Is out there, it’s time to test it. Stay prepared to change a few things in your product according to the feedback. This stage is crucial in helping you eliminate unnecessary features and adding more important ones. It will also help you understand the competitiveness of your product and give you an idea on how it’ll fare in the market. Here is a short VIDEO to summarize an MVP
Hope this helps you in launching a successful MVP for your idea. If you need any help CONTACT US today. Good luck!