How to Build Minimum Viable Product (MVP)

Gloify > Blog > How to Build Minimum Viable Product (MVP)
MVP Development

What is an MVP?

Building a startup can be hard, you need to come up with an innovative product idea to make the product, and invest in marketing to deliver the product to the market. It can be a little time taking to know the user’s response and market value of your product. A minimum viable product (MVP) is a development with a basic version that usually covers the fundamental components. Thus it includes features that target the main needs of the users. It enables you to get the essential adaptation of your product to advertise right on time to test your business idea. By offering the core set of features rather than a feature-heavy product, you can test key hypotheses, gather user information and intelligence, get your product to market quickly, and minimize expenses.


Why do we need to build MVP?

There are various reasons why startups fail from disharmony in the development team to a lack of product-market fit. MVP is a great way to test the potential of your idea. One of the main reasons why we need to build an MVP is feedback, it’s critically important to clearly know users’ opinion about your product. 

 

Minimum Development Cost

Every penny is important when you are beginning your startup, coming up short on money is one of the top reasons why many startups fail. So you would prefer not to spend a ton of cash on your product development before knowing its fairly estimated value. MVP is a great way to get a prototype of your idea with minimum development cost. 

 

Save Your Time

Building a product and marketing it to a wide scope of crowds to see the extent of your business can be time taking, which one cannot afford at the beginning of a startup. On the other hand, building an MVP of your product and marketing it to only define users will save your time, money and help you to anticipate the success of your product.

 

Minimum Resources needed

Developing a real product requires a team of developers, designers, testers and a product manager, which can be critical at the beginning, but building MVP isn’t required many resources, either you can set up a small internal team or you can outsource your MVP development.  

 

Steps to Building a Successful Mvp?

The whole concept of MVP is testing your idea and determining what would work, therefore, you have to research your target audience, determine its needs and make sure that MVP meets these needs. We are describing it with a case study of Dalstan– An innovative tool for work management and collaboration to give you a better idea, how an MVP product gets mature into a full pledge software product.

  1. Focus on the problem you are solving
  2. Market research
  3. Only to defined user segment
  4. Designing the Prototyping
  5. Provide the Core Features
  6. Build, Test, Learn
  7. Measuring the success of your MVP

 

 

Focus on the problem you are solving

You focus your time on the user’s need, what you’re trying to solve and why you need to solve it. Once you’ve done the research and defined its users, described and prioritized the problems, you need a team to collaboratively design the solution to and get the job done.  In the end, it matters that we provide solutions as the problems of our community do not seem to be an ever ending one.

Managing a team and working collaboratively was never seems to be an easy job. With innovative technology and communication medium have changed the workplace culture and many companies offering their employees to work remotely. Dalstan accepted this open door to grasp remote working and diminish the correspondence hole among the team by building an innovative communication tool. That can help almost everyone to keep their work on track and keeping the transparency among the team. 

Dalstan

 

Market research

Market research should never be overlooked by any business or startup. When you are beginning a startup, one of the most important things you can do to start off on the right foot is to conduct thorough and effective market research. Market research helps you to understand the marketplace and study your competitors. Which can enable you to comprehend what your rivals are offering and what should be improved in your product?

There is already a large pool of tools available in the market, which empowers companies and businesses to manage the projects and internal communication & collaboration. Dalstan exclusively centered around building a product that simplifies the daily work report and monitoring the work.  Dalstan allows a team to share the daily work report, planning for the following day and any blockage of any of the colleagues is confronting. Regardless of whether they all are working from a similar spot or any side of the world, Dalstan helps them work collaboratively.

 

Only to defined user segment

The goal of any product or service is to fulfill the needs of its users. You also want to enable critical user insights and feedback. This feedback can improve the next iteration in your product development plan. When you are planning to build an MVP of your idea, you need a defined user or audiences who will be using your product so you can provide them alpha or beta version of your product to get the genuine input for development. 

A team is a bunch of people working towards the same goal. Whether it’s a startup, large corporations or institutions,  every one of the spots have various groups dealing with various tasks. New businesses and corporations are the early adopters of Dalstan.

Designing the Prototyping

The initial step of the development process is to understand what you’re building. And build a product for success by challenging assumptions, revealing user needs, and defining an explicit direction for product growth. Prototyping validates an early concept and provides opportunities for the exploration of new ideas early on in the development process. During the prototyping phase of the design thinking process, user testing can help identify possible improvements to make before the product is complete. 

 

Provide the Core Features

Core features of any product should be the solution to the problem that you are trying to solve. That you are going to add in MVP development. All the revolutionary companies such as Twitter, Facebook, and Airbnb began only with their core features and the rest is history. Instead of putting a lot of useful features put only those core features that define the idea and innovation of your product.

Dalstan started its journey by providing a basic dashboard, where you can create your workspace and invite the team members to join your workspace to update daily work reports to share with other team members. After many positive responses and feedback Dalstan now adding many new features to its platforms like an advanced dashboard, unlimited storage, and assurance to keep your data safe.

Dalstan

Build, Test, Learn

Figure out what’s the most important thing that your target customers need, and that should be the core of what you build for your MVP. Once you are done with your design and user flow, you can begin the development of your product and adding all those core features to your product. Your MVP products need to tested by the quality assurance team to find out the issues and improvement that required before releasing the product to the end-user

 

Measuring the success of your MVP

In order to find out how successful your MVP of your product is, you need to pay attention to different factors. User engagement shows how relevant your product is and helps to evaluate its potential. If you earn on your product, find out how many users are willing to pay for your services or buy paid features, their preferences, how much time they are spending on the website and so on.

Dalstan

Whether you are a serial entrepreneur, first-time founders, product owners or visionaries. If you have an innovative idea we can help you, our development specialists will take your ideas and create a minimum viable product following the leanest path. With our proven processes trusted and experienced developers, and outcome-focused consulting will help you to build the right thing that solves the primary problem and identify product-market fit.

 

Send your query or contact us at contact@gloify.com

Related Posts

Leave a Reply