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After coming up with your startup idea and beginning to implement it, the next step is to assess whether or not your product is actually viable. This process is quite involved and requires several stages. First, you draft a rough version of the product. Next, you create a prototype using the draft as a guide to show potential investors. After getting feedback, you start developing your minimum viable product (MVP). While you may not be too familiar with the "Minimum Viable Product" stage of your business, it’s important to know and take into account a few key aspects.
What is a Minimum Viable Product (MVP)? A minimum viable product is the first basic version of your product. it enables the early users to validate its usability and functions while retaining an affordable cost. In order to tweak a product, many versions of it will have to be developed which will give a way for the final product to have the features that you want. The main difference between a minimum viable product and a prototype is that the minimum viable product is the first working version of your actual product with limited features whereas the prototype is just a draft of your product that gets discarded after testing. Why do startups need to build an MVP? Every company begins by delivering a basic product model with limited features to figure out how users react to it. This will help them understand which direction to go by addressing any problems or limitations and then come up with efficient and effective solutions.
Questions to ask yourself while building an MVP Here is a checklist of the essential questions you should ask yourself before you build an MVP:
Factors to keep in mind when building an MVP There are a few factors you need to pay attention to in order to successfully build an MVP:
1. Identify your criteria for success This might look obvious, but nevertheless, you need to define the success factors of the minimum viable product in a measurable way. Set short term goals for the minimum viable product as well as long term ones for the final product when it comes to the numbers and satisfaction of consumers, users, or visitors. 2. Determine the end goal of the product When launching a minimum viable product in your startup, you need to map the user journey from A to Z to understand how they interact with the product. This method helps you to figure out how many steps the user takes and how to work on minimizing them. This will result in aiding you to prioritize tasks and add more value to the product down the line. 3. Answer all pain points Launching a new product takes a lot of time, effort, and money, so you probably want to make sure that the product solves a problem that consumers face. In order to do that, you must clearly document and explain each phase you went through and the problems encountered while designing to eventually build a valuable MVP that offers a solution to users. 4. Focus on the main features of your MVP The MVP is not the final product that you will launch in the market, so don’t focus on adding every little thing to it. Remind yourself to only begin with the essential features that will allow the product to work. If your startup is a tech-focused startup operating in Saudi Arabia or is looking to expand into the Saudi market, it will be a good idea to participate in the Misk Accelerator program that targets seed-stage startups. The program helps accelerate the growth of companies through an intensive 12-week training program that includes several training modules including product development, talent development, business strategy, business development, financing, marketing, and more. During the course you'll also learn about the MVP process which is an integral part of product launches. Your goal is to get to an end version of a working product that fits market needs. You have to ensure that you're gathering as many comments and insights as possible throughout the development process. Once you've done that, you’ll be ready to launch your MVP to the world. |
