Business Insight

A Simple Guide to Building, Launching, and Learning From your Minimum Viable Product

Time and money are the two barriers keeping you from testing your fantastic business idea. This is a wrong notion. 

In the startup space, entrepreneurs and business leaders alike can develop a Minimum Viable Product (MVP) to test the worth of their offerings without hemorrhaging either time or money.

What Is An MVP?

An MVP is a minimal form of your product that is tested on the market. This development strategy allows your team to validate (or invalidate) product assumptions and learn how your target users react and experience your product’s core functionality.  

Below we outline the steps involved in creating an MVP.

Developing an MVP is an agile development framework, that involves a step by step process to help you identify and prioritize features, and help you confidently outline what you need to get your MVP to market.  

Step 1: Identify and Understand Your Business and Market Needs

This can be an organizational need or a customer need that addresses a current gap. It is also essential to analyze what your competitors are doing and establish how you can make your product stand out. 

Step 2: Map Out User Journey

This will allow you to look at your product from the user’s perspective, providing an insight into how you can design an MVP that is convenient for users.

Step 3: Create A Pain and Gain Map

Once you’ve worked out the user flow, you will want to create a pain and gain map for each action. The pain and gain map allows you to identify all user pain points and the user’s gains when each is addressed. This tactic lets you determine the value added by your MVP. 

Step 4: Decide What Features to Build

Keep in mind that implementing too many user-requested features too soon can harm the user experience and take away from the product’s overall purpose. The features updated should be connected to your product’s overall goal.

 

After Your MVP

After Launching your MVP, you must collect feedback from your users. Users are best suited to tell us where the product is lacking and ensure market validation.

It is important to continue testing, learning, measuring, and then testing until the product is finalized.

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