“I invented nothing new. I simply assembled the discoveries of other men behind whom were centuries of work. Had I worked 50 or 10 or even five years before, I would have failed. So it is with every new thing. Progress happens when all the factors that make for it are ready, and then it is inevitable. To teach that a comparatively few men are responsible for the greatest forward steps of humankind is the worst sort of nonsense.”
These lines by Henry Ford explain the concept of minimum viable product MVP pretty well. For a better understanding of ‘How to build an MVP’ let’s consider the example of Facebook.
Facebook was started in 2004 with the name “thefacebook” the major concept behind the idea was to show pictures of the student side-by-side and the users were asked to choose the hot one. Initially, it was only for Harvard students but with the increasing popularity of the platform, Zuckerberg extended it to other colleges and soon to the world.
“Know what your customers want most and what your company does best. Focus on where those two meet” these clear lines by Kevin Stritz properly explain the meaning of analyzing need. Analyzing needs comes hand in hand with analyzing competitor strategy and how your product can be different from the one they are developing. Before jumping to bandwagon it is important to understand the existence of your idea.
Before expressing an idea, there are certain sets of questions which one should consider so as getting a clear insight into the product idea.
What value does your product offer to its users? How can it benefit them? Why would they buy your product? Why are we doing this project? Check the criteria that will make your product-market fit.
For better understanding suppose you are running a flower shop so you must determine what is the core aim of your shop, what all facilities it can provide, who are your target audience and what is your USP(unique selling point).
Suppose you are on an app and you cannot understand what they are offering or how to navigate through the landing pages. You are probably never going to visit that website again. This is because of the poor user flow and user experience of the mobile app.
Start by writing down all the necessary features which define your application and are important for a lean startup. The core functionality may be simple but should be impactful enough to attract early adopters. To determine important features you can ask yourself questions such as – What do my users want? Am I offering them something beneficial? etc.
Now as you are done with the major features of your application and have learned about market validation and product development, it’s time for MVP development. Keep in mind that your prototype should not be of lower quality than your final product and should fulfill the needs of the customers.
Review everything thoroughly after launching the MVP, i.e. collect your client’s reviews to the release. As their feedback can help you determine if the product is acceptable in the market and if is it competing with the other products in the market and so on.
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