MVP or minimum viable product is not a foreign concept anymore. Startups and entrepreneurs are very much familiar to the concept. However there may be people out there who are sort of left out. So let’s begin with the definition of it.

To begin with, a minimum viable product (MVP) is fed with just the core features that are enough to get real-time feedback from the target audience. Heard of the American entrepreneur, Eric Ries? Well he actually invented the concept of MVP. According to Ries, MVP being the initial stage of a development cycle, helps get customer feedback in the easiest way possible.

Don’t you agree?

With MVP you can easily navigate through your struggling phase of building a startup. If you try and avoid this stage then sadly it may turn out to be a wastage of time, money and resources.

A Minimum Viable Product is the basis of several successful ventures out there. When talking of MVP, users are frequently skeptical about it. They want examples of successful businesses that had started with an MVP approach.

To start with, you can name - Facebook, Twitter, AirBnb, Spotify, DropBox etc.

Moving on, let’s start with the question - How to get an MVP done?

Fundamentals of MVP

So before we start discussing the ways to get an MVP done, let’s discuss a bit about the fundamentals of it, shall we?

The basic elements of an MVP include the following:

1. Functionality: Functionality means capturing all the core elements that are needed to solve the problem concerned. The main aim of your MVP should be to add value to your customers. MVP is the phase where you build the core functionalities of your main product, so be careful about the details. This also helps meet the expectations of the customers and leads to the product becoming a hit in the market.

2. Design: The design of your MVP should reflect quality. Design is the integral part of any product and no one should forget that. Didn’t you see that coming? Design is a necessity and not a luxury anymore. You may be thinking that design is not a crucial part of an MVP. But hey, trust me, it is. Design is a crucial element of every product that exists. Just try to incorporate design with the core functionality and you will have a great product by the end of the day.

3. Consistency: Consistency of your MVP will help you enhance your brand identity. It helps the customers relate to your brand. How great is that? This is how you can move forward and build connections with your customers. Don’t ever play around consistency. It may lead to a miscommunication between your brand and respective customers. You wouldn’t want that right?

4. Usability: The usability of an MVP is about making things easier for the users. You agree with me, don’t you? Your product should enable the customers to perform tasks effortlessly. Are you getting my point? This is exactly why they are here to use your product. So all that you need to deal with is, a smooth, user-friendly service.

How to build an MVP?

Well, building a good MVP is about showcasing the core functionalities that your final product will exhibit. As a result, it requires a lot of brainstorming and validation. So we are to discuss the numerous methods that will help you build an impeccable MVP. Let’s begin, shall we?

Check out these methods that are truly beneficial in building a solid MVP. Go ahead!

● Detecting the problem that needs a solution: How do you detect a problem? You interact, right? So that’s how it flows in the market too! Businesses and startup ventures carry out various market research and come up with the problems that need solutions.

This is the way to it! This enables you to gather information about what an user is stuck with and needs help almost urgently. Once you collect this information, you are good to go with framing the core functionalities of your MVP already. How cool is that?

● Analyse the competitors in the niche market: This one is actually crucial! Tracking the performance of your competitors is the secret of success. There’s competition everywhere, and you need to learn from them as well as grow past them. You agree with me, don’t you?

All you need to do is, gather information about the features that your competitors are thriving upon or are failing to deliver. That’s all. Now you can work on these loopholes and attract their market and audience. Simple! I know.

● Add value to your customer: You must be wondering, value addition? What is it? Well, it’s pretty simple. Ask yourself, why should anyone like your product? Leave alone buying it. Do you have the answer? If yes,that’s great. You are already providing value to your users and potential customers. If not, then you need to add that in your list of MVP features.

● Chalk out user flow: User flow is about keeping in mind the user’s perspective of your product, while building an MVP. it often happens that while incorporating the core features in your MVP, you forget to take the user’s perspective into account. That’s not good, Try and chalk out a user flow before you start building and MVP.

● Prioritize the core features: I know what you are thinking! A minimum viable product (MVP) is about core features then what should i prioritize? Well, you have to. Amid these core features, rate them as hlow, medium and high. This will help you straighten things out amid all the various features. Cool, right?

So what did you learn here? An MVP is actually the first version or the trial version of a new product.why do we want it? Well it helps us gather real-time feedback from all the target customers and probably the potential customers as well!

Once you collect all the necessary information, it will be easier to estimate the changes your product needs in order to satisfy customers and add value to your niche.

Overview

So wrapping it up, I hope the fundamentals to build an MVP is clear by now. MVP is the modern-day anchor for any startup that exists or any startup that is budding. I know you agree with me on this! With MVP you are getting to test your idea in the market before you launch the final product. Tell me, who wouldn’t want that? This is exactly why the MVP model is such a hit in the budding startup ecosystem.

The market is full of entrepreneurs with their ventures and aspiring entrepreneurs with their ideas! To stand up and face this level of competition is never easy. What you need in this situation is a smart strategy to test your ideas, analyse your target audience, tap the niche market. All these, without draining all the available time, resource and effort that you are capable of. And MVp is the way to it!

Grab the MVP model and go ahead with your ideas and plans and turn them into valuable action. The market is waiting for you. Help them find you and your product. Grow together!