Keys to build a successful MVP
Startups these days are struggling a lot to create and launch a successful Minimum Viable Product (MVP). When launched, a new product undergoes different phases of screening at different levels of usage. While the subsequent destiny of the product is not really predictable, what definitely is within the control of the developers is building a MVP and delivering to the necessary changes and improvements as per the set norms of product development. There is a significant amount of confusion and lack of clarity on what are the necessary requirements of MVP and if a product qualifies to be called as a MVP. In this post we would like to provide some insights and standard practices which can be adopted to build and deliver a successful MVP in the market by any emerging startup.
- Target audience: Finding the right target audience for which the product is being developed and if they really are interested in any such product or idea is the preliminary and most important step of the process. This requires a lot of data analysis and surveying to understand the needs and challenges pertaining to the problem statement. Identifying the right population segment, demographic and age group of the audience are some defining aspects. Industry experts with relevant experience must be consulted and with the help of their guidance, this process becomes a lot easier. There are many leading consultancies who provide expert assistance in brainstorming, ground work and all the analysis work.
- Budget and audience: Right time to launch an idea into a product is very much important. Considering the level of competition and challenges one has to face in the startup industry, the vulnerability of an idea to get replicated in some other way before your product is launched is always there. Also, the optimal budget to be accounted for in building the MVP is equally critical as it is not just a product but an entire process which demands for a long endurance and test of time. All these estimations of time and budget require real skill and practical experience in the industry which can be easily catered from the right consulting group or team of experts.
- Market trends: Sometimes our idea might seem so optimistic and overrated that we tend to overlook the contemporary market trends and thereby terribly miss the additional boost the product would have gained by following the trends and popularity especially in case of user experience and interface designs. At the same time, keeping the designs simplistic is very important. Essence is to provide the end-user with the easiest approach to understand and use the technology or product in solving their problems.
- User engagement: Post registration by the users, keeping the users engaged and sticking them to the future improvements and roll-outs by the company is not an easy task. A very professional analytics and consultancy team is very helpful in proper execution and engagement.
- Pre-launch and marketing: Regardless of the idea, the level of publicity and reach to the majority of the target audience about the product and its features before its launch makes the chances of acceptance and success higher. Testimonials of trials, referral programs, and social media engagement are some ways a product can gain popularity on its way before launching. Digital and physical engagement and marketing requires a lot of dedication and is not a one man’s task. Having a dedicated team and taking help of experts of marketing in the industry can certainly be helpful.