What is a minimum viable product (MVP)? In a layman explanation, a minimum viable product is a product with just enough features to enable it to be used by first batch of customers.
Are you an entrepreneur or innovator looking forward to launching a product? Perhaps you are struggling on how effectively you can launch your product to the first batch of customers. The challenge to you might also be when do I launch the product – effectively when and how do I know my product is ready for launching as a minimum viable product. This article is for you.
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Or you might be planning to launch a start up? This article will be a pot of gold to you as we will explore incredibly clear steps on how you can successfully launch a minimum viable product. So read through.
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One way or the other you will start new projects or new things in life. Therefore the steps below can help you successfully navigate your way forward in such circumstances. Therefore, read through the steps.
How to Launch an MVP – Steps Anyone Can Follow
Follow below steps to successfully launch your MVP.
1. Identify an unattended market or unsolved problem
The best way to find a niche in business is to identify an unattended market and work to serve that market. The fact that no one is playing in that domain gives you an advantage to solve those unsolved problems and make money along the way.
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2. Research about the problem you have identified
Proper research is vital for minimum viable product launching. Do both market research and customer research.
Understand the market itself, that is challenges in that market, low hanging fruits and how others are doing business in that market. Then research about your potential customers.
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Talk to your audience, hear their concerns and convert this into an irresistible product. This is the stage where you would want to gather customer pain points and later convert them into a solution.
Go out and talk to people using channels which the target market mostly use. Engage in conversations about the problem & identify where existing solutions fall short.
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Don’t forget to check common product review sites to hear what people are saying as this can give you ideas on existing gaps. Some examples of review sites include Google Reviews and ProductHunt. This can be helpful for your minimum viable product.
Research might also mean to identify if indeed the problem you identified is really there. This will avoid the situation where you will come up with a solution looking for a problem to solve.
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3. Prioritize the most important features
The truth is you do not have plenty of time at this stage and you would want to use your available time and resources wisely.
Come up with a list of features that solve the gaps you have discovered in your research. Prioritize these features based on resources and time available.
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4. Create an MVP roadmap
Come up with an MVP road map to help you in planning and time management. From this roadmap you will know what needs to be done by when.
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5. Build a prototype
Build a prototype for your minimum viable product. This is usually a simple wireframe in order to get an idea of how the product will look like and function after launch.
It is important for you to understand that the V in MVP implies that the product should be viable – hence the prototype stage is crucial as it will help you to build a viable MVP. This stage will also help you to come up with something that has a high-quality user experience.
6. Win beta users
A small group of people known as beta users evaluate your product before you formally launch it. The team behind your development may fix faults, add new features, and develop the product’s shortcomings through beta testing.
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Your beta can also be some of the people you had conversations with when you started. Therefore at this stage there will be need to go back to them, tell them again their problem, share the prototype, and get them to use your product at a low cost in exchange for early feedback.
7. Roll out the testing phase
The idea of a testing phase in launching a minimum viable product is to to gather feedback and make any necessary adjustments. Basically testing involves taking your prototype to your target audience.
Testing is important as it enables you to know if the product is reliable, safe for general use and identifies ways of improving the product performance.
It is important to keep an eye on features such as ease of use and what customers are appreciating most on your product. This will bring more customers in future therefore focusing on these features is of primordial importance.
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8. Use lean approach
Use a lean approach to build your minimum viable product. Use the resources and tools you already have and know how to use. Perhaps this goes hand in hand with just prioritizing important features and functionality.
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9. Launch your MVP in style
After doing exactly the above it is now time to take your minimum viable product to the market. While launching also gather data and feedback from early users. Use the feedback to quickly correct while on the go. Check if beta testing prove to be true with the feedback from a wider audience.
10. Monitor and Improve your MVP
Iterate and improve until a finer product is there. Ad new necessary features to improve product performance.
Focus on your path and plan – don’t let one customer pull you in their specific direction, no matter how big they are.
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11. Time to Expand
Continue to improve and enhance the product as the MVP gathers traction and demonstrates its worth in order to satisfy consumers’ changing demands. Look for opportunities to boost stickiness, decrease churn, boost word-of-mouth, and address any new issues you hear from consumers about.
Et Voilà !
That’s it. That is how you can successfully build your product to your target market.
Hope you enjoyed this article on HOW TO LAUNCH A MINIMUM VIABLE PRODUCT (MVP) – 10 explicit steps anyone can follow.
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