You’ve got a great concept for a new digital product unlike anything seen before. This could be groundbreaking! Marketing plans are being drawn up, pitch decks are being made, and meetings are being set.
But will it work?
Whether you’re a startup gearing for launch or an SME or large Enterprise creating a new product, you’re going to need a Minimum Viable Product (MVP). If you’re not sure what that is, it’s transforming your concept into a product in its most basic form with the objective of validating your idea and understanding if it meets the Product-Market fit.
Bells and whistles can be added later, you just need to make sure the idea works.
Why do we need an MVP?
There are many reasons for an MVP depending on the status of the team (or individual) behind it. A few of these are outlined below:
1. Generate Real User Feedback
Your market research and focus groups came back completely positive. Before allocating a huge budget or approaching investors you decide to create an MVP and distribute it amongst beta-testers in your target market. It was a total flop, utilisation rates dropped within days.
Back to the drawing board.. A few tweaks are made to your plan and MVP and voila, users are happy, they’re using your product, and you’re confident quitting your job and going all-in was a good idea after all!
2. Entice Investors Or Get Your Board’s Green Light
A working product shows a lot more intent than ideas of a few Google Slides. Being able to touch and feel something and review feedback from real people with a go-to-market plan attached could be an immense boost to the confidence of those who will be funding your project.
Only 10% of startups last more than 2 to 5 years. Starting with a Minimal Viable Product could save you from becoming a statistic!
3. Save Time and Money
A feature might seem amazing on paper yet fail to resonate with paying customers. In fact, the number one reason why startups fail is due to misreading market demand! An MVP can help in ensuring you’re on the right path or heading astray before you lose your own — or worse — other people’s money.
I’m Sold. How Do I Make My MVP?
We’re glad you asked. Our team of MVPs have built plenty of Minimum Viable Products for clients just like you. There are a few considerations before we get started:
1. You’ve identified your product and its objective(s)
You know what you want to achieve and are able to articulate or demonstrate what the end product is, and what you want it to achieve. We can help you develop coherence and are fluent in layman’s terms.
2. You know what features should be included
Focus on the core components that will solve the problem your users currently face and the solution your product will bring to them. Rest assured features can be added, removed and refined in future iterations based on market feedback.
3. You have an understanding of the costs involved
The more complex your project is, the more time and money it will take to produce. You may have absolute faith that your product will work and you’re 100% committed to its success, but developers can’t survive on your hopes and dreams.
4. KISS (Keep It Simple & Straightforward)
I’m pretty sure that’s what this acronym stands for… Simplicity can be the key to success when it comes to MVPs. The clue is in the name (twice), minimum viable product. You’re proving your concept and testing reactions from users, investors, executives etc. Extra features can always be added.
Let’s Build Your Minimum Viable Product!
A Minimum Viable Product is the first giant leap into making your vision a reality. The team at Treinpont International has more than 10 years experience designing and building MVPs for individuals, startups, agencies and enterprises. We’d love to work together to craft your problem-solving product and start getting real feedback and traction for your project.