Steps to Build a Successful MVP-
Pitfalls to Avoid & Steps to Build
Imagine waking up with a brilliant idea that solves a specific problem in the market. The idea is so fine that you cannot wait to share it with the world in the form of a product or service. However, representing the accurate idea and giving the idea a life can be a difficult task as many resources and lots of money go into the process. And that is where the MVP comes into the scene.
Before unfurling the concept of MVP, it is important to understand the context behind using MVP.
What is an MVP (Minimum Viable Product)?
An MVP is a development technique in which a website or a new product is built with essential features to satisfy early adopters. The final product is only developed after reviewing the product’s initial consumers.
Purpose of an MVP
- It helps articulate your data. An idea remains an idea until it’s brought to life in form of a product and MVP just does that.
- Showcases usability. Without MVP there’s no way of knowing if a product is useful or not.
- Attracts investors.
- MVP is most well-versed among startups and new entries into the market and it is a familiar concept to launch a new product that allows having a nominal budget.
- Finding the right audience is the primary goal of MVP. One can create an ideal audience by drawing suggestions from data-driven insights.
- To build a gap between the company offerings and the consumer’s needs.
- Helps to minimize the errors during the testing of product theory which removes the errors in an early stage.
- Helps to collect maximum feedback.
Misunderstandings Around MVP- What an MVP isn't.
An MVP is a development technique in which a website or a new product is built with essential features to satisfy early adopters. The final product is only developed after reviewing the product’s initial consumers.
- No use cases and features are available in MVP.
- MVP is the final and ultimate product. Wrong Again! As mentioned before, MVP is a true product at the very first stage and changes stage after stage once you start getting feedback from users and make upgrade it automatically.
- An MVP is a prototype and not shippable.
- MVP is most well-versed among startups and new entries into the market and it is a familiar concept to launch a new product that allows having a nominal budget.
- Finding the right audience is the primary goal of MVP. One can create an ideal audience by drawing suggestions from data-driven insights.
- To build a gap between the company offerings and the consumer’s needs.
- Helps to minimize the errors during the testing of product theory which removes the errors in an early stage.
- Helps to collect maximum feedback.
The GrowExx MVP Building Process
Pick GrowExx as your MVP Development Partner.
At this stage, you must understand that you need a partner, not a development company. This is because the product development process can be prolonged and a development partner offers intellectual support. When choosing a development partner, it pays to choose a person with an impressive record concerning product development.
GrowExx is an MVP development partner who sees MVP as a crucial service offering and MVP as a crucial service offering and therefore is ready to devote needed energy and resources to the quality MVP. GrowExx helps their partner by taking their ideas and working on them with optimism. GrowExx is a company that covers you if and when you need to take a breather from the product development process. We not only will help you save some time, and provides real business insights, skilled expertise, and resources.
The Discovery Phase
The next stage in the process of developing the product is the discovery phase. This stage this where you start testing and validating main assumptions. In this stage, you learn that is all that you need to learn about the audience, the product idea, and its intended functionalities.
User Oriented
The products should always be user-centric and their design should reflect it. This makes the product highly beneficial and increases the usability score. To ensure that the product reflects the user’s need, GrowExx defines the user flow of the product along the path.
Minimum Feature for Hypothesis
Begin with identifying and listing the features that are essential for taking consumers to their primary goal with the product. Then from the list of features, rearrange them in order of their importance. This explains that the most viable feature for the attainment of the product’s primary goal goes then the next most important and the next to the least important. Now, the most essential features are the ones that you need to include in the MVP as they are important to the validation of the product.
Cost of Building MVPs
The Scope and Scale Define the Products
There are total two factors of the cost of MVP that matters the most:
Development phase:
The development phase includes product discovery, UX/UI design, development, maintenance, support, and scaling (by request).
Time/Hours:
This factor includes the number of hours invested in each stage of the development process.
The cost and the timeline of the project also depend on the scope of the project. The deciding factor behind this approach is shown by considering the fractional cost of a feature set.
Remember that the MVP product is not a final product so, through iteration and corrections, the product cost will change time after time. In short, the charges of the product development process are based on the scale and scope of the product.
