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It’s not easy to just start working on the idea that you have. For example, if you have an idea of creating an application, there are multiple risks that come attached to it. Every entrepreneur has a lot of questions regarding the product he/she is going to build. The solution and answers to all these queries lie in taking the risk and building a Minimum Viable Product.
Your idea may sound great and you think it will just break all records and the users will love it. However, you must observe and understand in depth about the startups that are failing and keep that into account as well before you build an MVP. So below, given in-depth analysis will surely help you in getting started to build an MVP for Startup. Let’s dive in:
MVP (Minimum Viable Product): What it is?
In simple terms, it is the most basic version of your idea with core functionalities. It is built to show the idea that you have to the potential customers and to see if they are using it or not. Then, based on the response, you can go ahead with the project and add more functionalities and build a more useful version. You can also limit the number of downloads to a set figure and use the feedback from these users to launch a better version for the public.
MVP is mostly used in the field of app development, where it helps the developer to design it better, get it tested from the users, and then launch a bug-free version. The sole purpose behind the thought to develop a successful Minimum Viable Product is to get a better perspective of your idea and that, too, in a low budget.
Benefits of MVP (Minimum Viable Product)
There are some very crucial factors that are very beneficial for your business when you decide to execute your idea to the real world.
More Focused Approach
This mode of executing the idea provides the developer with a more focused mind to build the core and the very basic app efficiently. There will be a way less stress of it failing as the budget is low and when the MVP (Minimum Viable Product) will be done, the developer will have an actual user base to test and receive feedback.
Takes Less Time
As the primary version will be equipped with just the core functions of your app idea, its development will take less time and you will be able to provide the users the updates with added functionalities, based on their feedback.
Build a Reputation
MVP (Minimum Viable Product) also helps you in making the presence in the market. MVP is needed most when there is a lack of funds to build the final product. The reputation that you build by releasing the MVP will actually help to attract investors. You will have solid data and growth to show the investors that the idea that you have actual potential and you have a team of great developers.
How to Create An MVP (Minimum Viable Product)?
It all sounds good and easy but actually, it is not. There is a lot of thought process that goes behind building a minimum viable product. If the process in creating an MVP (Minimum Viable Product) isn’t followed, it will create problems for you later, especially when you will try to showcase the idea to the investors.
Here is a step-by-step guide that should be followed to build an MVP.
There are many startups that take birth and vanish away before anyone can know. There can be multiple reasons for the failure, but the most common one is the lack of proper research. You have to understand the needs of the users and then provide them with a solution. Conduct multiple surveys and gather as much information as you can.
Also, stay vigilant on the offerings by competitors and so try not to copy the execution. It will help in having a unique final product.
Create a Detailed FAQ
While promoting and advertising your idea, make sure you have all the answers of the Whys? of the customers. The questions like what are the benefits? Why should one buy? What does the MVP (Minimum Viable Product) actually offer? must be answered very clearly.
In short, you must be able to clearly express the idea you have.
If you are actually serious about creating the MVP (Minimum Viable Product), you must hire a professional team of developers. The execution of your idea through creating an MVP will require a skilled professional team that is able to understand the users’ needs that you gathered from the market research. You can go with the professionals who have a particular skill set and this way you can save a lot of money, as well as time.
Designing and Interface
This is very important to know the answer to the question How to build a Minimum Viable Product? You should be able to see the design from the user’s perspective and make it as easy as possible. If you are building a product that will be delivered through the app, it should be made extremely easy, from the product selection to check out and then track the order.
Try to showcase the main function of the app. Once users get the hold of it, tell them about the special features on every step. The main goal of selecting and placing the order must be explained clearly and the UI should be designed by keeping the end-user in mind.
Create the MVP
After proper research and designing, it’s time to create an app. Also, you must not try to just build it like a rough app. Try to provide the best quality possible for a prototype. You must know that users will give positive feedback if they will like the prototype. Mobile app development is not easy to convince criterion in today’s times.
As there are so many apps that are appearing on a daily basis, it’s a must that you have something unique and productive to offer.
Measuring the success of your MVP (Minimum Viable Product)
You have released the app and now confused about how to measure its success. Well, here are some ideas with you can check upon to measure success. These will also help to learn if the app actually proved to be successful:
Talk to customers
Well, it may sound old school in the era when everything is measured by statistics and figures. This mode can be a very helpful tool to know about the complaints of the user. Moreover, it can help to build a better customer relationship for your future endeavors. It will also implant the seed of trust in the user’s mind that will grow over time.
You can also evaluate the success of your MVP (Minimum Viable Product) by the engagement caused by the sign-ups by the users. These sign-ups also have the potential to generate revenue. And you can earn from it later where you can also add the website of your app. Moreover, this could be done using web development tools.
Count the active users
You cannot measure success only by the number of downloads. You must have to calculate both the figures, i.e. downloads, as well as the active users. The success of your MVP (Minimum Viable Product) is actually measured and estimated by the number of daily traffic that the app is getting.
You should also calculate the CAC - Customer Acquisition Cost where you have to divide the number of paying customers from the cost incurred upon you for creating that channel. It will also help you in determining if the efforts that you are making are sufficient or not.
When you are going to build an MVP for startup, it is a must that you focus on creating an app that fulfills the core functionalities of your idea. You will have a lot of brainstorming sessions and sleepless nights before building something from scratch. When you focus on providing a basic app and let the users decide if it’s worth or not. Moreover, you will be able to test and design your app in a low budget.
The factor of cost is a huge one and you can get it done in a much lower budget. When the MVP (Minimum Viable Product) you created is widely accepted and people start loving it. It’s the time when you can showcase it to the investors.
Moreover, you can woo them to invest more in your idea. The idea behind getting started when you lack funds is the factor that needs low cost to build an MVP (Minimum Viable Product). You have to make sure that you are able to commit and give your precious 8-9 months building a successful minimum viable product that will be able to compete with other viable products in the same category.