Don’t waste time perfecting your ideas and learning so much- Just go out there and start applying!
We talked about what a Minimum Viable Product [MVP] means and why is it crucial for startups to understand the dynamics that involve these. However, the biggest issue is not understanding what MVPs are but How to build one.
Recognizing the essential components that shape the products viability and gives it a more robust and solid conceptual structure is what lies at the core of any MVPs concept. We have broken down the process into easy steps to explain how you can build a minimum viable product in 2021.
a) Determine the long-term goal of the product and write it down.
Having a clear goal will help you chalk out a good plan for your idea. Strategy is the roadmap to any idea or concept that is in your head. To explain it better, strategies help materialize your planning in to deliverable goals.
b) Answer the question “Why are we doing this project?”
Understanding the why is very important. Answer this question from the customer’s perspective by writing down what is the value that you are providing to your customer.
You want to answer a simple question: Why are we doing this project? A coffee shop chain, for example, may have the long-term goal of reducing time-to-checkout by 30%.
c) Identify criteria for success:
This criteria will help you determine whether or not your product will be successful or not in the future. We recommend using more than one metrics for determining this i.e. number of users, revenue etc.
2. Define the main process in the product:
This step includes identifying users, mapping out the user experience and finding out pains and gains at each step of the user journey. This will help you in building a list of features for your product at each step in your product.
3. Decide What Features To Build
After identification of features, it is time to prioritize and decide what features to include in your MVP.
This is possible by asking you the following questions:
- Question 1: How important is this feature for finishing the process?
- Question 2: How often will the feature are used?
- Question 3: How many users will use this feature?
- Question 4: How much value will the feature bring to the customer?
- Question 5: How risky is this feature?
After answering these questions, you must categorize the features in three categories:
1) Ne Features
2) Nice To Have Features
3) Won’t have features.
The diagram below will help you decide features for your MVP with an example.
4. Define Your MVP:
Now after selection of features you must be able to define your MVP which is a skeleton of your working product with minimum features.
5. Build, Measure, Learn:
After defining MVP you must start building your product and then start improving it based on the market validation.
Building an MVP will help you test your idea in the market without wasting your valuable time & resources. We hope that this guide increased your understanding about MVP, its benefits and the process of building it. For any start-up the process of learning and embracing new technology is very important for sustaining in the industry.