Where Entrepreneurs go Wrong with MVP?
MVP (Minimum viable product) has been part of the software industry since long but most of the business individuals approaching the IT companies to get the same do not understand its significance and the core idea that works behind it.
MVP can also be termed as the most genuine approach to develop a product in highly resourceful aspects. As per the MVP strategy – you go on to develop a product as per the needs, requirements and interest of the market. Right from the first installment, you happen to receive the inputs from the target audience in direct or indirect ways which further help you to build/amend the product in more appropriate conduct.
What is MVP
For those who don’t know about MVP – It is a strategy to develop the software product with minimum features – good enough to deal with the end customers without any technical hack. IN other words, it can also be termed as the first look of the idea you have developed to test its feasibility or in some cases adaptability in the market.
Why Businesses want MVP?
There can be different reason for distinct class of clients seeking for MVP. For an example – a startup ask for MVP because they do not have budget to develop a full-fledge product and they also eye the investors with the product to get them required fund. Likewise – for other organizations aim may be variable to get the Minimum Viable Product. But somewhere in the core, all these people look for the response of the audience to check the practical approach of their idea.
The another reason behind getting an MVP developed is to see whether your idea involve the audience or not. It is more about experimenting – what suits the target audience the most or in other way, it also helps in altering your mind with respect to the mentality and approach of the customers. When you receive the inputs, response and feedback of the audience in myriad forms, you happen to think their way which is considered as the most preferable ideology to run the business.
How Businessmen get Off the Track?
When the clients plan or think to have an app or product, they may have mix approach towards developing the same, like – whether to go for MVP or should get the full-fledged product. In such cases – might get confused and as a result, may happen to land in one of the below mentioned cases, which however, can be re-treated and guided by the self improvisation:
As the people know MVPs are developed at lower cost than a full-fledged product and hence, decide a random budget for the same. However, they should do a thorough research in the market to find out the cost of the features that are looking ahead to pack in the application. They should also have a thought in mind that MVP is not going to be their end or last product instead they are getting it developed to check the feasibility of their business ideas in the market. Hence, should not look out for other additional features as the same may increase the budget for no reason and here, the bucks could be saved for not including ‘not-so-worthy’ things at that point of time. All these together will help them to assign a calculated & accurate budget for MVP.
Next, the clients should be very particular on the key features rather than look and feel of the product. Investing more on the design and architecture of the product won’t be a good idea as the motto of developing the MVP is to check the feasibility and market adaptability of the product. Thus, look & feel is not part of greater concern at this stage. The same can be checked after knowing the view of the end-customers, and they will happen to give the ‘look & feel’ as per the requirements of the valuable audience.
Based on the feedback and response of the target audience on first installment, the next versions of the product should be developed. But, in the same fashion – one step at a time, so the product can gradually become bigger and better with involvement of the audience at every single stage.
How to get actually started with MVP?
The concept of developing an MVP is straight and simple. All a client needs to do is to decide his aim to get the MVP developed, assign a balanced budget, make a list of goals that he wish to hit with the product and eventually, can consult professionals to take the things further. Now, based on the inputs provided, the hired professional will build a product that can interact well with the end-customers with minimum features. They can launch the developed product on the online market and if everything goes smooth, they can re-visit the IT firm for the enhanced version of the product.
The hierarchy of the MVP is not to build the different parts of the product at distinct levels, but it is more like – giving birth to a baby and then growing it up in course of time.