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How is MVP (Minimum Viable Product) created?
You have a well-thought-out idea for an innovative digital product that you have high hopes for. You believe that your project will revolutionize the IT market. However, implementing such an idea without prior validation among potential customers carries a significant risk of failure. To prevent the loss of money, time, and the energy of employees, which no serious entrepreneur can afford, it is worth starting with the creation of a Minimum Viable Product (MVP). It is a quick and inherently cost-effective way to validate an idea, allowing you to present the project to a wider audience and assess the profitability of the initiative more accurately. How is an MVP created, and why might you need professional IT consulting for this? Find out how this solution can support the development of your business.
MVP Version of a Product - Key Information
The term MVP refers to the basic, functional version of a product in its early stages of development. It should encompass minimal but essential features that are most important from the perspective of potential users. The concept of creating an MVP is to gather the maximum amount of validated information about the product from the target audience while keeping financial expenses and programmers' efforts limited. This approach also allows for the verification of emerging market trends in reality and a more precise assessment of the project's potential.
However, it is important to note that an MVP should not deviate in terms of quality from the final product. To attract potential users, it must still offer real benefits and solve their problems. Delivering high-quality solutions is something we prioritize at iMakeable. We understand that providing users with a basic version of the product, focusing on only a few key functionalities, and subjecting it to further iterations proves to be a much more cost-effective approach than continuously refining it based solely on unverified business assumptions.
IT Consulting - Strategic Project Planning
Creating a new digital product or updating its current version is a complex and time-consuming process that often requires consultation with an experienced project manager. Such a professional can help select the appropriate project development methodology and guide a team of programmers in choosing the right technologies. This applies to the creation of an MVP as well. So, why is it important to consider IT consulting during the MVP creation process?
Thorough market research is the first step in creating an MVP. Product-market fit, which refers to the alignment of the proposed solution with market needs, is one of the most crucial factors determining the success or failure of the entire venture. Market research helps avoid situations where it turns out that the market is already saturated with similar products, which may even be better than your proposition in some aspects. Therefore, it's important to carefully examine the competition, analyze their strategies, check user feedback, and draw conclusions for your own business. This is where several questions need to be considered, such as:
- What added value does your product offer compared to the competition?
- How can you differentiate yourself from them?
- What unique benefits do you offer potential users?
- What problem does your product solve?
Efficient work on designing a fully functional product should integrate the feedback and suggestions of early users.
Prioritizing MVP Features
Good project organization is the foundation of effective work. Therefore, at the initial stage of the project, it is essential to prioritize its different phases. To accurately determine the importance of features and select those that are truly crucial, it's worth focusing on the needs and requirements of the target audience. At iMakeable, we offer professional IT consulting. We can help define the functionalities and core characteristics of your product, without which the entire project loses its uniqueness. Then, we can plan the remaining features that
don't require immediate implementation but are desired additions for future iterations. Establishing priorities and organizing functionalities in the product backlog ensures a well-structured approach to further actions. If you want to learn more about prioritizing MVP features and correctly defining the scope of functionality, read this article.
Launching the MVP
One of the advantages of an MVP is the ability to enter the market early and gain a competitive advantage. However, after releasing the basic version of the product to early users, it is important to thoroughly test it and monitor the reactions of potential customers. This is a great opportunity to gather valuable feedback, which will enable further improvement and the development of an optimal product version.
The Build-Measure-Learn Principle
It's important to remember that an MVP never represents the final version of the product, even if it receives approval from early adopters. User experiences and feedback are valuable knowledge that should be invested in the further stage of project development. This includes iterating on feature sets, implementing necessary changes, or even evolving certain ideas. It is through this process that a product can fully meet the needs and expectations of customers.
It's worth noting that an MVP often serves as a proof of concept, allowing for effective fundraising. A well-designed basic version of the product provides an opportunity to attract early-stage investors. At iMakeable, we can help you create an impressive MVP of your product, demonstrating that your idea is not just a vaguely defined vision but has real potential for success and significant financial returns.