The explosion of technology has brought a change in our shopping style. Window shopping sitting on the couch is the weekend plan we all look for, nowadays.!
In the race of launching products, online small businesses or start-ups fall back. They fail at building the right product for consumers. The products we use today all start from a point that is developing a viable product for users.
To create a mature product to launch on the website requires hard work for years by your best team. The product gets polished over the years according to the feedback of users. However, every small company starts by creating a Minimum Viable Product(MVP). There are many companies available in the market where you hire a team of mvp developers as per your requirements.
Explaining the meaning of MVP
Developing a successful product and releasing it to the customer for use is riddled with high risks. You can procrastinate or waste time on fixing any bug in your product without feedback from the users.
This creates a probability of 50-50 that the product you release will have a positive impact on the market. To make the product better for the competitive market you can check its MVP.
The MVP product offers tests on the productive process, the capability to optimize, and if any bug comes then provide a solution over time. To build MVP you should have a checklist. Here are the points that you should have on the checklist for making MVP.
Test your product
Start simple with the product by publishing a page that has your product details. You can take feedback from the users. Add features on the page for different calls to action. For instance, include the options:
- Notify me( If you are releasing the product soon)
- Join by mail
- Get recent updates
Besides creating a responsive page you should check the market trend of the product. One of the steps the entrepreneurs skip is market research. If you pass the market research then you won’t have an idea of the competition and the landscape of alternative products.
Before developing the MVP test the idea with the market. Your product will require an investment of resources when you have an idea about the trends of the market then your resource can be used in the right direction.
If you are looking for ways to validate the idea then here are a few recommended suggestions:
Take feedback from others
Your product should have the potential to lead in the market. When you share the idea outside your team you will gain a third-person perspective.
Collecting critical feedback will have a positive impact on the product. It is easy to collect feedback for B2C products. For instance, you can ask about the product in a random coffee shop while chatting with strangers.
Research of alternative products and market size
It is one step ahead of reaching and understanding the requirements of potential users. To make a mark with your product in a competitive market you should conduct intensive research to understand the weakness and strengths of the market.
Collect information on market size, potential buyers, alternate products, and technological advances.
The financial value of the product
Every product has a price that the consumer has to pay. You can use the reach of your page and invite users for feedback on the product. It will give you an abstract idea of the price that users are willing to pay.
Build a product that is customer friendly
To get feedback on MVP you should provide a complete product to your consumer. Releasing an untested incomplete product to consumers can bring negative feedback.
If you follow Henrik Kniberg’s steps then you should keep in mind that if you are planning to give a car as a final product then you can’t give a tire and ask for feedback. To get the right response from users you should at least deliver a skateboard.
To market your MVP you need to upgrade the quality of the product. You can’t make a large number of the same products without knowing the opinion of the masses.
To connect with users you can create a simple yet complete product. The first batch of the product should focus on the core requirements of the product. The future products should follow the roadmap of the earliest batch.
To build the connection between consumers and the product you should know the demand of the users. Create a feedback call to action option on your page so that the customer can give an honest opinion.
Build a product based on the persona of the consumers so people from every corner can connect with the product. The product should not be highly ambitious with a big budget. Create a product with a low budget and focus on developing a product that has value to users.
Launch Video of the product
The best way to connect with users and give a kickstart to your business is by launching a video of the product on your page.
It will provide a clear idea of the final product that users will receive. When at an early stage you will launch a video of the product you will have control over the market before launching the final product.
The users’ feedback can be used on the product which is still in the process of making. It will provide insights into the project and build a strong connection with your devoted users.
A lot of companies are following the footsteps of launching the MVP video before the completion of the project.
Test the pricing before release
If your product has found potential buyers to pay for the MVP product then it signifies the product has market need.
This strategy fails if your competitors offer an alternative product at free of cost. The buyers can find your product overpriced and you might lose visibility in the market.
To mitigate this risk you can check the market price with experimental models. You can also prepare alternative products to experiment with pricing strategies of the market.
To get direct feedback from the MVP you can do surveys targeting the potential users. You can ask consumers to rate the product based on price and quality. You can find the MVP model to launch in the market for testing purposes.
Take response from users
The main target of a product that hits the market is to become popular among users. A lot of business owners skip the step of interacting with the audience before releasing the product. It is better to limit the MVP version for market release as it will save time and money.
When you will launch a limited amount of MVP you can read the response of the audience. The primary response from the audience can be taken forward in the procedure of making the complete version of the product.
Social media is the easiest way to connect with the audience and take ideas for future progress. A limited amount of tweets about the product can give your product easy access to the audience’s choice. It will pave the way to invest the money in the right direction.
Stick to the core functionality
Before you deliver your product to the consumer, think of the product you want to deliver. It should have a basic feature that comes under essential features.
Later on, you are able to make it more creative, iterate, and add new features. Your MVP should show the use of the product and other features along with it.
For instance, think of a food delivery app where the main feature is that you can order food from the restaurant and deliver it on the footstep.
The added up features are the selection of favorite restaurants on the basis of rating, offers, coupons, invoices, and track maps.
When you launch MVP you may have the urge of providing additional functionality to your product but don’t do it. It will become highly expensive before release and understanding the target audiences’ viewpoint.
MVP is not a product it’s a process
Constructing MVP is not a single day task. As great philosophers have said ‘ Rome was not built in a day’. Creating MVP is an iterative process.
It improves with time by testing the data, analyzing feedback, making adjustments, and then building a new MVP. The procedure takes a lot of time and the process can go on and on.
The start-up developers want quick results so they focus on identifying the key assumptions to build MVP. The process goes in a cycle. It starts with the idea and develops into a model.
The launched model takes up data from the market and analyzes the product for solutions. It helps to improvise the product and build a better product for the market.
MVP is the first version of your product which is checked with the market and audience to make it a viable product. The product goes through the process of checklists to ensure it is default-free when launched in the market.
Harikrishna Kundariya, a marketer, developer, IoT, ChatBot & Blockchain savvy, designer, co-founder, Director of eSparkBiz Technologies. His 8+ experience enables him to provide digital solutions to new start-ups based on IoT and ChatBot.