A bit of disappointing statistics — 90% of startups fail during the first year on the market due to a lack of product-market fit, ineffective marketing and sales campaigns, and unpredicted budget overrun. All the factors that MVP development can prevent startups from.
A Minimum Viable Product is the most basic version of your product that still addresses the core problem or need of your target market. It is designed to test your product hypothesis, gather feedback from early adopters, and validate your business idea.
In this guide, we will provide you with a comprehensive roadmap to successfully develop an MVP for your startup. From defining your product’s core features to selecting the right technology stack, we will cover all the essential aspects of developing MVP for startups https://www.voypost.com/mvp-development-service.
Building MVP for Startups Step-by-Step
Developing MVP for startups doesn’t significantly differ from software development in general. However, the purpose, resources, and speed vary. Here are the 6 essential steps that will lead your startup to a perfect MVP.
Define Product Value
Product value measures its ability to meet and address customers’ needs. Defining the value of your product involves identifying and understanding the core value proposition of your product. Once the product value is defined, you should be able to confidently answer questions like:
- What problem does your product solve?
- What unique benefits does it offer?
- What pain points does it address?
- What makes your product stand out from competitors?
In essence, defining product value is not about clarifying the fundamental purpose and value of MVP for startups. This is also about how to price the product correctly and whether any effort is needed to refine it.
Conduct Market Reseach
Market research or business analysis follows to ensure whether the idea is viable, if there’s a sufficient demand for the product or service, and whether founders have enough resource to launch MVP within a reasonable time. The market research stage involves asking the following questions:
- Who are your target customers?
- What are their demographics, preferences, and behaviors?
- What are the current market trends and dynamics?
- Who are your competitors, and what are their strengths and weaknesses?
User Journey Design
User journey is the set of actions customers make to accomplish their main goal using your product. Thus, it has to be logical and intuitive. Identify the different touchpoints and interactions users will have with your product. The key purpose of mapping out user journey is to determine appearance of a project, its functional elements, and their relation and finally decide on tech stack to build MVP for startups.
Feature Selection
In the feature selection phase, identify the core features that align with your product’s value proposition and user journey. Prioritize functionalities that are crucial for your MVP’s success and avoid getting caught up in adding unnecessary bells and whistles. Remember, the goal of MVP for startups is to test the waters, deliver the core value and gather feedback, not to create a fully-featured product at this stage.
MVP Development and Launch
With the features identified, it’s time to develop your MVP. Follow agile development principles to build and iterate on your product quickly. Break down the development process into smaller sprints, focusing on delivering the most critical features first. Test your MVP rigorously to ensure it meets the desired standards before launching it to your target audience.
Collect Feedback and Improve
After the launch, collect feedback from early adopters and iterate on your MVP based on their input. Use feedback gathered to decide what functionalities you need to add or replace to help the product meet the needs and expectations of your target market.
To sum up, building MVP for startups is a complex yet vital stage in delivering a cutting edge product. When it comes to building MVP, a competent development team is of paramount importance. Hiring them has never been easier with Voypost Talent Pool. This is a platform created to address the demand of startups to hire skilled developers quickly, effectively and at an affordable rate. With Voypost, it only takes 3 days in general until you’re matched with the tech talent you need.
