How To Build MVP: Step-By-Step Guide
Coined by Frank Robinson in 2001 and popularized by Steve Blank and Eric Ries, MVP has become a go-to strategy for worldwide entrepreneurs and startups to build software products that customers truly want and get funded.
According to CB Insights, 42% of startups fail due to “no market need” for their product and the high competition, which are among the top reasons.
Launching an MVP instead of building a full-fledged product makes sense as it enables you to bring your idea to the market faster than competitors, see the potential of your idea and get user feedback.
From Google to Apple, the world’s leading tech giants started with an MVP and transformed into a million-dollar company disrupting the industry.
So, what does MVP really mean? What are the steps to build an MVP for your product? Continue reading to find out!
Table of Contents
- What is MVP?
- Top 3 Business Benefits of Building an MVP for Your Product
- A Step-by-Step Guide on How to Build an MVP?
- How InfoStride Can Help You Build an MVP?
What is MVP?
An MVP or a Minimum Viable Product is the first version of your product with a basic set of features that defines its value proposition.
The core idea behind launching an MVP is to validate product assumptions and attract early adopters who can provide feedback for future product enhancement. That way, it facilitates you to understand what target users really want and build future iterations of your product with features that better serve them.
So, in a nutshell, the MVP approach helps you:
- Faster time to market to strike a competitive advantage.
- Enable early testing of your product idea with real users to see whether the product is really solving a problem.
- Work cost-effectively towards developing a full-fledged product using user feedback.
Also Read: Successful Tech Startups in Singapore
Top 3 Business Benefits of Building an MVP for Your Product
Have a look below at the reasons why you should go with the MVP product development approach instead of a big-bang launch:
1. Validate Your Product Idea Fast & Cheap
As MVP development means building a product with minimum features to validate your product idea, the minimum time and resources required to build it. This makes it the most affordable strategy to see how the market will respond to your product.
2. Helps You Build a User-Centric Product
An MVP helps you collect user feedback and understand their needs. This meaningful insight can help you scale your product with features that the target audience wants.
3. Attract Investors Toward Your Product
Once validating your product idea, you need funds to scale your product and which means you need potential investors. MVP empowers you to present a viable product to the investors. This significantly increases your odds of getting the funds from investors.
Also Read: MVP Development Companies for Startups
How to Build an MVP?
If you’ve realized the importance of an MVP and are now looking forward to building one for implementing your product vision, below are the steps you need to follow.
1. Conduct Market Research
As mentioned before also, 42% of startups fail because their product has no market need. Thus, it’s imperative for you to conduct thorough market research to understand your target audience better before investing resources and time in building an MVP.
“Whoever understands the customer best, wins.” – Mike Gospe
You can accomplish this by conducting surveys or carefully going through research studies forums and videos/blogs. The more information you have at hand, the better you have odds of succeeding.
In addition, market research will help identify your competitors. Keep an eye on what they are offering and how you can make your product better to outperform.
3. Brainstorm on Adding Value
To stand out with your product, it’s important to get answers to questions: what value does your product bring to users? Why should they buy your product over competitors?
This will help you define the value proposition of your product.
“Do Your Homework: Even if your product solves a real problem, it doesn’t mean much if somebody else already solved it. Do some research. If your market is already monopolized by a few leaders or full of bunches of similar solutions, your chances of success are slim. It doesn’t matter how strongly you believe in the greatness of your product if your target audience is happy with what they already have. Unless you can convince potential customers that your MVP offers something unique and valuable, it’ll just be a version of what they already have and don’t want to replace. “
4. Create the Design and User Flow
Design the product with keeping the user convenience in the spotlight.
“First impressions are everything,” says Jeff Torczon
Studies highlighted that first impression are 94% design-related. Thus, it’s crucial to design the product from the user’s outlook, beginning from opening the app to the final stage, such as placing an order.
In addition, don’t forget about the user flow as it makes sure that you do not miss anything while keeping the full-fledged product vision in mind.
5. Define & Prioritize MVP Features
You can start by creating a list of all the features you want to include in your product.
Before getting into the MVP development stage, go through the list again and categorize all the features on the basis of priority: high, medium and low. This will help you begin with features that are the most crucial and define the value proposition of your product.
6. Build Your MVP
That’s the stage where the development process begins. There are many ways you can build the first version of your software product.
If you don’t have an in-house development team, then you can either hire remote developers/teams or outsource MVP development to a leading software development company.
7. Follow: Measure, Learn & Implement
After launching your product, the next step is to analyze everything. See how users respond to your product and collect feedback. On that basis, decide which aspects of the product you should remove and which to enhance.
Don’t forget that; when it comes to MVP development, measuring, iterating and upgrading is an ongoing process.
Also Read: How Much Does Mobile App Development Cost?
How InfoStride Can Help You Build an MVP?
At InfoStride, we can help you hire dedicated remote developers or assemble a remote development team of pre-vetted developers who can help turn your product vision into an MVP for a faster time to market.
- Flexible engagement models; hire developers on an hourly, monthly or project basis.
- Get developers who will work in your time zone.
- We manage the administrative part such as payroll and compliance to let you fully focus on building a product with hired resources.
Interested? Contact us to hire developers now for MVP development of your product.
With this, you know now what MVP is all about and the key steps to build it.
Remember; the core principle behind the MVP development is testing the viability of the product idea you want to bring to life and scaling the product as per the target user’s desires. Choosing the right MVP development partner is the first step to having the right start for your product.