Why do you need an MVP?
Technology is changing the way we view and interact with the world around us every day. Startups are disrupting every industry imaginable, with smart entrepreneurs constantly coming up with new ideas to make the world a better place.
Nevertheless, the primary challenge for many startup founders is fund-raising. Venture and angel capital companies are the usual go-to source for funding. However, these venture companies are very selective of the companies they work with, and the reality is that only companies and ideas with traction are getting funded.
So, how do you gain traction for your startup idea without spending thousands of dollars and several months locked away in your garage building out your product? The answer is an MVP.
SO, WHAT EXACTLY IS MVP?
Minimum Viable Product is a version of a new product that gathers the maximum amount of information about customers with the least amount of effort. In a nutshell, building an MVP means creating the most basic version of your startup idea as quickly as possible. This way, you can test your assumptions and optimize your idea for the product/market fit based on feedback from your early adopters.
A good MVP solves a particular problem using the most basic functionalities. It targets a specific audience by addressing a single pain point. It can be built and launched swiftly with a user experience that is functional and intuitive.
HOW TO BUILD AN MVP EFFECTIVELY
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Define your WHY
The core reason why your start-up exists is to resolve an issue and adapt to the needs of the users. Write that down and build your MVP around it. Answer these questions:
- What problem does it solve?
- Who is the target?
- Why should they care?
- What makes my solution the most suitable to solve this problem?
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Build your user story
Don’t forget the core user of your solution – the early adopters who will be your first customers. Write out your user journey, down to the details of what they will complete with your service.
Divide all of these features into 3 categories: ‘must-have,’ ‘should have’ and ‘nice to have.’ Then, from that, you can decide the urgency of the features you want in your MVP. Remember to keep your list — it will serve as a backlog of features you may add as you develop your product.
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The ultimate feature
So you’re still deciding on which features you should prioritize, even after you completed your list. Then ask yourself this question:
“Will your product still be able to solve the user’s core problem without this feature?”
If your answer is yes, then move it to the later update. If not, then rearrange your resources and priorities.
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Don’t forget your first users
The MVP will only be truly valuable to you if you gather the group of early adopters and ask them for feedback. There are many great ways to build your community without spending lots of money on promotion, beginning with:
- Create a landing page: a brief summary of what your product does, and a powerful call-to-action that can give your audience a good idea of why they need to try it. Don’t forget to track and re-target your audience on social media to elicit more responses.
- Make a video: video is one of the most effective ways to connect with people. Showing your audience what your product can do within the first 10 seconds is crucial to catching their attention.
After gathering a group of first users, regularly touch base with them to gather their experiences, feedback, and suggestions, which can help you improve your product tremendously.
As you can see, an MVP is a perfect way to test the market and see how your business will perform. However, it will only be effective and profitable when it is done right.
To be assisted by the best, contact JobHopin now at hello@jobhopin.com.
JobHopin Team