In the last weeks, we’ve explained the main objectives and types of Minimum Viable Product. Now the time has come for you to develop your first MVP. But be careful – simple mistakes can reduce your learning outcomes and put your product development on the wrong track. Follow our 5 pieces of advice to get the most out of your Minimum Viable Product!
Set up one clear goal
Remember that the main objective of a Minimum Viable Product is learning. That’s why the first step towards building a successful MVP is defining what exactly do you want to learn from it. What question does your MVP need to answer? Is it whether your customers are interested in your idea at all? Or rather which of the features are crucial for the use of your product?
The question you choose is the foundation of your goal. Make it clear and easily understandable. Otherwise, you won’t be able to measure the results and close the build-measure-learn loop.
MVP helps you test and improve your business idea before you make any big investment in it. That’s why you need to put aside the perfect vision of the final product and focus on the easiest way to answer your questions. Reduce your MVP to the core feature that distinguishes it from the competitors. Choose a quick and cheap solution that will give you feedback from the customers. Take a look at the list of main types of MVP and choose the one that suits your idea best.
Ask the right people
The more innovative your idea, the harder it may be for you to find your first customers. However, keep in mind that your MVP doesn’t necessarily need to be addressed to the masses. Focus on the feedback from people who have some experience in your field and are open to novelties. They will easily understand your concept and give you clear advice on how to improve. These early adopters are your first target group and a stepping-stone towards reaching the rest of the market.
Test everything you can
The biggest mistake in building a Minimum Viable Product is wrong assumptions. Be aware that your perspective may differ significantly from the actual needs of your customers. It’s always better to find an answer than to try to guess it. When developing your MVP, test every hypothesis, however true it may seem. The more you test, the more knowledge about your customers you gather. And this information is priceless when trying to satisfy your clients.
Don’t postpone changes
Many entrepreneurs consider their idea to be so flawless that they stick to it even when the test results clearly suggest that it should be changed. As a result, they end up with a product that is used by no-one, besides themselves. It’s never easy to give up on your vision. But in order to be profitable, your product needs to please the customers as well.
Be objective and rational when analyzing the gathered feedback and make sure that all the learning that comes from your MVP is used to improve the idea immediately. Only this way you’ll be able to develop a product that people will love… and pay for.
We’ve explained to you what exactly is the Minimum Viable Product, what are the most popular types of it and which mistakes to avoid during its development. Now you are ready to get down to building your first MVP. But if you still have some doubts or need an expert advice, don’t hesitate to send us a message. Together we will convert your idea into a profitable business in no time.