Unleash Your Startup’s Potential: How to Build An MVP That Stands Out

Starting a new business can be both exciting and overwhelming for most startup founders. Even with a great concept, a solid business plan, and a skilled team, how can you build a product that stands out in the global market? To answer this question, you need to know how to build an MVP.

An MVP is your best option if you are stuck in a similar situation. The minimum viable product, or MVP, is a concise summary of your product that contains only those components that are enough for testing your target audience.

You can save considerable resources, time, and money by commencing the product development process with an MVP. But for that, you will have to know how to build an MVP.

According to a study, 20% of startups fail to keep up with the competition and quickly dissolve. To avoid these circumstances what should you do?

This blog post will guide you on how to build an MVP, along with some examples of real-world success. It will help you in understanding how building an MVP can be crucial for your product enhancement and future success.

What is an MVP? 

Before deep diving into the nitty gritty of how to build an MVP, it is necessary to know what exactly is an MVP. An MVP, or a minimum viable product, is a genesis point or the test version of your product.  The phrase “minimum viable product” was first coined in 2001.

Frank Robinson, CEO of SyncDev, along with entrepreneurs Steve Blank and Eric Ries,  came up with this term while they were working on customer development and validation.

The MVP model is the ideal way to test how the market responds to the proposed product. Eric Ries defined MVP as a new product that allows a team to test the customers with the least effort.

MVP model lowers the price and time associated with product launches while allowing for product learning and optimization while the product is in the development stage. You can utilize this process to create a balance between your target audience’s demands and your final product. 

Creating value for your clients and solving problems are the two pillars of entrepreneurship. Starting with a Minimal Viable Product  (MVP) is essential to building a successful startup. Learning about the core workings of how to build an MVP can help you build a standout product.

Benefits of MVP for Startups

The MVP approach is widely popular and has proven its effectiveness over the years. Before diving into the details of how to build an MVP, take a look at the biggest advantages of MVP for startups:

• Validate a Fresh Idea
  

  To validate a new idea, it’s difficult to accurately predict market response despite investing in extensive research. However, creating a Minimum Viable Product (MVP) can provide practical insight and quality feedback on the product idea‘s efficiency and relevance in the real world. 

• Low-Risk Investment
  

  Starting with an MVP involves minimal investment in terms of time and money, and the core functional features can be used to create a mock-up that can be quickly tested. If your product fails at the MVP stage, the remaining funds can be used to modify the MVP for better chances of success.

• Save Costs
  

  The development cost of an MVP is less compared to building a big product, as fewer features are required. An MVP’s quick and insightful development allows for faster changes and fewer costs than with a big product.
  

  Note: It costs anywhere between $20,000 to $50,000 to build an MVP.

• Build Credibility With Investors
  

  Having an MVP is tangible and promising, making it easier to convince the investors of your idea’s potential. The more successful the MVP, the better the chances of gaining investor attention.

  You’ve come to the right place if you’re an entrepreneur or startup owner looking to break into this brutally competitive industry. To produce a product that organically appeals to your target users, we’ll help you through each step of developing an MVP. Let’s move forward!

How to Build an MVP?

What is the best way to create a Minimal Viable Product? Don’t hire the MVP software development team right away.

There are many factors to consider before proceeding. In the following part, we will give a thorough description of how to build a minimum viable product effectively.

• Step 1. Identify Your Target Audience
  

  You must first identify your target market before you can begin to create an MVP. Who are your future potential customers? What are their needs and troubles? Conduct market research to comprehend the tastes, habits, and challenges of your target audience.

  If you have a more thorough understanding of who your target clients are and what problems you want to solve, then you can build a product that addresses the issues of your target market effectively. Once you have a good grasp of your target demographics, you can develop a consumer persona, which is a fictional depiction of your ideal customer. The customer persona should contain details about their interests, behaviors, and demographics that are relevant to your product.

• Step 2. Identify the Core Features 
  

  What product features are necessary to draw in your target audience now that you are aware of your target audience? Keep in mind that an MVP should only contain the vital aspects that serve the demands of your intended audience. Developing, testing, and implementing these functionalities is quite straightforward.

  Make a list of all the potential features your product might have before deciding on the core features. After that, order the features according to how important they are to your target market. To assist you with this process, you can use dynamic tools like a product roadmap or a feature prioritization matrix.

• Step 3. Develop a Prototype 

  
  It’s time to create a prototype now that you have all the necessary data. Since the prototype is a reflection of the finished product you want to create, it should be engaging and user-friendly and should not fall short of quality standards under any circumstances. Concentrate on the key elements that will satisfy your users’ needs as soon as possible.

  The complexity of your product determines the best technique to build a prototype. For instance, you can design a simple user interface using wireframing software like Balsamiq or Sketch if you’re developing a software product. Alternatively, you can create a functional prototype without writing any code by using a no-code platform like Bubble or Webflow.

• Step 4. Test Your MVP with Early Adopters 
  

  It’s time to test your MVP with early adopters after developing the prototype. Customers who are willing to test new items and provide feedback are known as early adopters.

  You may reach out to your connections, use social media, or go to industry events to find early adopters. Provide your MVP to these potential early adopters once you’ve identified them and gotten their feedback. With the aid of this feedback, you can improve your final product and identify other areas for improvement.

• Step 5. Iterate and Improve 
  

  It’s time to modify and improve your MVP based on the early adopters’ feedback. Use the feedback to improve your product, whether it is by adding new features, removing outdated ones, improving the user experience, or removing bugs.

  Since iterating is a constant process, you should keep testing and refining your MVP until you have a solution that fits the demands of your target market.

• Step 6. Launch Your MVP 
  

  It’s time to launch your MVP after you’re certain that it’s ready. Your MVP can be launched in various ways, based on your product and target market.

  For instance, you can introduce your MVP on a portal for crowdfunding like Kickstarter or Indiegogo, which can assist you in raising money and creating buzz about your product. As an alternative, you can release your MVP on a marketplace like Amazon or Etsy to reach a larger audience.

• Step 7. Measure and Analyze Your MVP’s Performance
  

  The knowledge of how to build an MVP can only take you this far. To actually succeed in your startup venture, it’s crucial to gauge and evaluate the performance of your MVP after its launch. Use analytics tools such as Google Analytics or Mixpanel to monitor user activity and learn how frequently customers are using your product, which features they are utilizing most frequently, and where they are losing interest.

  This way you can find areas for improvement by using the data you gather from your customers. Use this information to make informed decisions as you continue to refine and improve your product.

MVP Real-life Success Examples 

An MVP is a foundation for some of the most prosperous businesses in history. Here are a few examples of these success cases:

• Dropbox
  

  It began as a basic file-sharing service for users to exchange files with others. Although its MVP had limited features, it served its purpose in testing the market and confirming the viability of the business concept by using just a landing page.
  

  According to CNBC, Dropbox is dominating the cloud storage market, boasting more than 700 million registered users.

• Uber
  

  Uber’s MVP consisted of a simple app that facilitated the connection between drivers and riders. Despite its limited capabilities, the app-enabled market testing and the collection of feedback from early adopters.

  Uber is valued at $65.78 Billion and is currently one of the world’s largest ride-sharing companies.

• Airbnb
  

  Airbnb’s MVP was a straightforward website that allowed individuals to lease their spare rooms to travelers. The site’s limited features were sufficient for market testing and validating the business idea.

  Today, Airbnb has become one of the most prominent players in the hospitality industry, with over 7 million listings worldwide.

Conclusion

Building an MVP requires continuous testing, improvement, and refining. By taking this significant decision, you can validate your idea, obtain customer feedback, and evolve until you have a solution that meets the needs of your target customers.

You can build a successful startup and add value for your customers by taking this extra but crucial step. But how to choose your MVP development process?

At Technocrats Horizons, we have extensive experience in developing MVPs for budding entrepreneurs and startups looking for a kickstart. Our skilled managers and developers have years of specialized experience in developing MVPs, and know exactly how to build an MVP that is destined for success. 

Turn your ideas into a scalable reality! We are eager to talk about your ideas and build something incredible out of them. Reach out to us for expert consultation.