How important is the MVP to launch my idea?
As an entrepreneur, you can learn about the market, your customers, and how you can satisfy them through the metrics resulting from the firs
An MVP (minimum viable product) is a prototype that gathers minimum essential functions to solve a market problem, subjecting it to tests with initial customers to receive feedback and know if they would buy the product or service to develop better in the next versions.
As an entrepreneur, you can learn about the market, your customers, and how you can satisfy them through the metrics resulting from the first version, which lets you determine whether or not it's reasonable to move forward with the project and build the final product.
Many companies do it the wrong way: either developing a complicated product or taking away too many vital functions to test their hypothesis; you must be very careful with this. Remember that the MVP must be basic without losing its essence. We recommend building 30% of the product's function that will be used 70% of the time.
The main characteristics of the MVP:
- It has enough value to be used by people immediately.
- It manages to attract users, even being in the first version.
- You can validate the product through feedback from real users to improve the final product.
How to develop an MVP?
Create the hypothesis that you are interested in testing and define the metrics that will let you obtain the necessary information. In this way, the MVP is built, which must be minimal and viable at the same time. It must have the minimum functionalities to be launched and have the necessary characteristics to solve a problem from a specific group of people, with low initial investment and in the shortest possible development time.
At this stage, tests are carried out to know if your product's development is having valid results and real progress. It's necessary to establish value, accurate, and focused metrics on the information you need to know. Make measurements based on the real actions of your customers and then analyze these indicators. This is essential to check if your proposal meets the needs or solves your potential customers' problems and if those customers are willing to pay for your product. That's if your MVP works.
At this stage, you will focus on analyzing the data collected to make adjustments to the market requirements. According to the results, you can decide the next step to follow. If the test were satisfactory, you would continue to advance the project with greater impulse and modify what isn't working. In the worst case, if the result is entirely negative, you have the possibility of rejecting the project before its launch.
If you are interested in creating a software product, you must learn more about Clubman to customize your product or service and start your first version!
We are passionate about creating great projects with our clients and making them viable and successful. Contact us to learn more! firstname.lastname@example.org