10 min lesen
August 24, 2023
As an entrepreneur, you may reach a stage where you need to establish a company and bring a software product to market. Initially, you only have a concept for the project. So, what comes next? There is a more efficient and effective way to determine whether your idea is needed in the market. This method is called Minimum Viable Product (MVP) development. This popular product development approach for startups allows you to test your business concept while saving time and money. It helps you identify what people genuinely want and develop a product they would be willing to pay for. The following phases will guide you in launching a successful product.
The first step in developing a Minimum Viable Product is identifying whether the solution you propose solves a real problem people may have. At this stage, you should collect initial information from your target audience. Their responses will help you determine how to develop an MVP with a clearly defined product goal.
You have chosen a product concept. Naturally, similar products are already on the market, so you must conduct a competitor and market analysis. Many founders skip this step because they believe their product is unique, but this strategy almost always leads to failure. Ensure you conduct thorough research before starting MVP development.
If you aim to build a Minimum Viable Product with a highly sought-after feature that is undeniably in demand, analysing market gaps can help you turn weaknesses into strengths.
After completing the market research and considering the challenges that users are trying to solve, you can start selecting the Minimum Viable Product software features that will be most useful to customers. First, you need to define the user flow. After creating the user flow, we recommend you list the features your product should have and prioritise them. Create a table with columns labelled ‘Must’, ‘Can’ and ‘Additionally’ to categorise the functions.
After conducting market research and assessing the strengths and weaknesses of potential competitors, it’s essential to validate your concept before moving into full MVP development. Building a prototype first is one of the most cost- and time-efficient methods. It allows you to visualise what your future product will look like.
Once you reach the development stage, we recommend following the Build-Measure-Learn approach. The Build-Measure-Learn feedback loop is a key component of MVP development. Once you create a Minimum Viable Product, optimise its core functionality. This involves continuous measurement, learning, and implementing actionable insights to refine the product.
After completing the BML cycle, always collect and evaluate customer feedback. Only your customers can tell you whether specific features are necessary or not. There are various ways to gather user feedback. Still, one of the most effective methods is surveying early adopters – those consumers who show interest in your product during the concept validation phase and are actively looking for a solution to a problem you aim to solve.
The best channels for collecting feedback include social media (Facebook and LinkedIn groups), Quora discussions, forums and online communities where your target audience is active. Any platform where your potential customers engage can serve as a valuable source of insights.
