Today we see many new software products coming out to the market daily. Many budding entrepreneurs, individuals and organizations keep on releasing many innovative ideas that solve a lot of problems. Most of these tech products are a challenging process when it comes to developing them.
When developing these products, there are a lot of factors that need to be taken into consideration, product idea, target audience, their needs, users’ feedback, business needs coverage, and, of course, ROI. These factors are inevitable and also important for the success of any product.
Moreover, recent statistics by Go-Globe lists that ,
- 74% of high growth internet startups do not succeed because of premature scaling;
- At the same time startups that scale properly grow about 20 times faster;
- 29% of startups run out of money before they are fully established.
Avoiding these issues is vital so that any startup can scale up easily and achieve the targeted results. One of the main ways to do it is by shortening product development cycles and developing products according to the needs of early-stage customers. This whole process could be achieved by developing an MVP that is a minimum viable product.
The main purpose of an MVP
The sole purpose of developing an MVP is so that a product can be launched soon with an affordable budget. By using this MVP one could get real customer feedback, which can help in scaling and adding new features to the product. This plays a huge role in the success of the whole idea.
The process of developing an MVP
Developing an MVP is all about making sure that your idea can satisfy what the end user wants. If that sole purpose is met you have achieved some sort of success. Following are some key factors to follow in the process of developing an MVP,
- In-depth market research.
- Make the product idea clear to the end users.
- Good user interface and better user experience.
- Make sure the features of the product is clear.
Determining the success of the MVP
Analyzing the success of the MVP is a critical task. There are many ways to analyze the success of the MVP, following are some few points to consider,
- Word of mouth– Interact with potential users of your product and analyse the issues they face regards to the problem your product will be catering.
- Engagement– Analyze how far the users engage with your product. Do they keep coming back to it again and again.
- Client acquisition cost- Monitoring how it cost to get a paying customer is important to determine if the marketing effort is effective.
- Churn-keep a track of the users that uninstall or stop using your product. Find ways to analyze the reasons they have to stop using your product.
An MVP helps entrepreneurs launch a product by focusing on the pain points and then focusing on offering viable solutions. Using a manual approach is always better when developing an MVP, it helps to avoid a lot of ambiguity and complexities. Make sure you, brainstorm well, plan, design, develop, test and launch and market your product in the course of developing your MVP.
We at Telexar have helped startups develop their MVP’s and also been throughout the journey of their product as they start to scale. You can always reach us on email@example.com for a free consultation regarding developing your MVP.