If you manage a project, lead a team, or operate a business, you have undoubtedly heard the term “minimum viable product” a lot. But do you know what it means in the context of the software development industry?
In this blog post, we will tell you more about the philosophy behind the concept and its significance in custom software development. Keep reading if you want to learn more and understand how the minimum viable product can help you save time and resources. Even if you do not provide custom software development services, this knowledge can still be valuable!
What is the Minimum Viable Product?
In general, a Minimum Viable Product (MVP) is a version of a product with only the essential features required to make it usable. The term was created by Frank Robinson in the early 2000s and popularised by Eric Ries, the entrepreneur behind The Lean Startup book.
In terms of software development, your MVP is a version of your software product with the fewest features that can be released to early adopters to gather feedback and validate your assumptions about how well the product will be received in the market. The goal of an MVP is to test the viability of a product idea, so it will provide you the necessary insight into whether your app is worth investing further resources into or what you should work on next to make it better.
Importance of MVP in Software Product Development
MVP is crucial in product development as it helps identify flaws and errors early on, reducing the risk of failure and financial loss. By releasing the minimal version of the product, you give yourself an opportunity to get valuable feedback from early users and make the necessary improvements before investing more time and resources into developing additional features.
The primary goal of an MVP in software development is to reduce the time and effort spent on developing an app that may not meet the needs or expectations of users. By focusing on the core functionalities only, you ensure that the early adopters get the overall idea of what your app will do and how it will work, but without the final complexity or flourishes.
How to Build a Minimum Viable Product?
When you understand what the minimum viable product is and what its purpose is, you can build your own, following a few key steps. We will provide information on the most important phases of MVP development to make it easier for you.
- Find the purpose of your MVP: Determine what information you want to get from the first users of your app. What hypotheses do you want to test? Define your main goal, and identify the specific features or functionalities that should be included in your app to reach it.
- Research the market need: Never launch a product without knowing what is the demand for it. The same goes for the MVP. Assess the competitors and identify any gaps in the market that your MVP can fill. This will help you determine if there is a need for the final app and if it will be successful. Learn as much about your target user as possible. Lack of the market need for the final product is the cause of failure for 35% of startups!
- Validate the Value: The value proposition of a new product should be defined by its benefits, pain points, and reasons for purchase. Understanding the requirements and demands of end users is crucial to estimating the product’s potential value. Remember, the MVP is your product in its bare, basic state, but it should still offer the user some benefits that will encourage them to seek out the full version.
- Build the early-stage version: Do not spend too much time on building the MVP. The goal is to create a functional and minimal product version that can be tested and validated by first users, not to make the app perfect and appealing to everyone. Provide the essentials and focus on solving the core pain points of your intended audience.
- Map Out the User Flow: Even though it is just the MVP, aim for a seamless and intuitive user experience. Identify the key actions and steps users will take in the app to check for potential roadblocks. How will the user reach their desired outcome? Will they not get confused in the process? Make sure the MVP works as intended; otherwise, users may lose interest and abandon the app before you even release the final version.
- Launch Your MVP: After you’ve completed the previous steps, it’s time for the MVP app to be released. Now, you get to share your product with a limited audience and will be ready to get feedback. Listen to insight and suggestions from your users and always keep track of any bugs or issues that arise. This will be crucial in refining and improving your final software product before its release.
Of course, your journey does not end here. Once you have gathered feedback and made the necessary improvements, it’s important to continue improving and adding new features based on user demands. Sometimes, the reviews from the early adopters can be a wake-up call, highlighting areas you might have overlooked or underestimated. It’s important to stay open-minded and accept constructive criticism from your users. This can prove influential in shaping the future direction of your software development process.
Never Stop Learning
Whether you provide custom enterprise software development services or want to create an app for a small, niche market, constantly learning and adapting is crucial. MVP is a great way to start, but it’s just the beginning. As you gather more and more feedback and user data, you can build increasingly better versions of your product and finally deliver a solution that really meets the needs and expectations of end users.
Make sure you listen to what people have to say about your minimum viable product if you want to improve. Never stop growing and get better and better at what you do.
