Do you have a thoughtful idea for an innovative digital product you passionately desire to launch? Will your project revolutionize the IT market? Implementing such an idea without prior verification among potential customers is fraught with a considerable risk of failure. To prevent the loss of employees’ money, time, and energy, which certainly no serious entrepreneur can afford, it is worth starting by creating a Minimum Viable Product (MVP). The MVP stage is a quick and cheap way of validating the idea, allowing us to present the project to a wider audience and, thus, assess the profitability of the initiative itself. How is MVP created, and why do you need professional IT consulting for this? Check how this solution can support the development of your business.
Product MVP version – the most important information
The term MVP refers to the basic, launchable version of a product at an early stage of its development. It should therefore support minimal but necessary functions that are most important from the perspective of potential users. Creating an MVP version aims to collect the maximum amount of confirmed product information from the assumed target group with limited financial outlays and developer effort. This solution also allows us to verify the visible market trends in reality and, more precisely, estimate the project’s potential.
However, it should be remembered that the product MVP should be similar to the final goal – to meet the interest of potential users. It still has to offer real benefits and solve their problems. The high quality of the designed solutions is an issue that the guys at SECl approach with special care. They know that providing users with the basic version of the product, focusing on up to several key functionalities, and subjecting it to further iterations turns out to be a much more cost-effective solution than its continuous improvement only on the basis of unverified business assumptions.
IT consulting – strategic project planning
Creating a new digital product or updating its current version is a complex and time-consuming process. It often requires consultation with an experienced project manager who will select the methodology for creating a project and a team of programmers to choose the right technologies. This also applies to the MVP version – what is worth considering in the process of its creation?
Thorough market research is the first step in creating an MVP version of the product. Product market fit, i.e., matching the offered solution to the market’s needs, is one of the most important factors determining the success or failure of the whole project. Market research avoids a situation where it turns out that it is already saturated with similar products, which may be even better than your offer in some respects. For this reason, at the beginning of the work, it is worth taking a close look at the competition: analyze the strategy, check user opinions, and draw conclusions for your business based on them. At this point, several issues need to be considered, including:
- What added value does your product offer compared to the competition?
- What can you stand out from it?
- What unique benefits do you offer to potential users?
- What problem is solved with the help of a product?
Effective work on designing a ready-made, fully functional product should integrate the opinions and suggestions of early users. We also recommend taking a look at products that started as MVPs: for example, some of these Node.js example sites were MVPs at the very beginning of their careers.
Prioritization of MVP functions
Good organization of the project is the basis for effective work, so at the initial stage of the project, the priorities of its phases should be determined. It is worth focusing on the needs and requirements of the target group to accurately determine the importance of functions and choose those that are crucial.
At SECL, guys offer professional IT consulting. They will define your product’s functionalities and basic features, without which the entire project loses its uniqueness. Next, they will consider the remaining functions that do not require immediate implementation but that you would like to add to the product during subsequent iterations. Setting priorities and organizing functionality in the product backlog will ensure good organization of further activities.
Launch of an MVP
One of the advantages of an MVP is the ability to enter the market early and thus achieve a competitive advantage. However, after making the basic version of the product available to early users, it should be meticulously tested, monitoring the reactions of potential buyers. This is a great opportunity to collect valuable feedback that will allow it to be further improved and develop the optimal version of the product.
BML principle: build, measure, learn
Please note that the MVP is never the final version of the product (even if it meets with the approval of early buyers). User experiences and their opinions are valuable knowledge that is worth investing in the further stage of project development:
- A series of iterations over a set of functions.
- Implementation of necessary changes.
- Evolution of some ideas.
Thanks to this, you can create a product that will fully meet the needs and expectations of customers.
It is worth paying attention to the fact that the product MVP often serves as a proof of concept, allowing for effective getting the necessary financing. A well-designed basic version of the product allows investors to be acquired early. As SECL, professionals will help you create an effective MVP version of your product that will prove that your idea is not only a vaguely defined vision but has a real chance of success and generating significant financial profits.