What Things to Consider When Building an MVP
Ambitious projects are born from small beginnings. If you can’t get over an idea, there is no need to pour money into a risky project — verify it with the help of an MVP.
What is an MVP?
When you want to validate your business idea and potential customers, you don’t have to build a full-fledged product at once. You can create its basic version with a limited number of most important options — a Minimum Viable Product or MVP. This approach allows you to carry out the testing and avoid significant budget losses.
Navigating Through MVP Types
There are different MVP classifications, depending on the purposes and formats to be used.
Concierge MVP implies that an entrepreneur does the job manually and provides direct services to customers with no real software development. The idea is to validate customers’ needs and provide some sort of consulting in return. For example, a personal stylist can make up seasonal shopping lists for the clients based on their preferences and requests.
Wizard of Oz/Flinstone MVP means that you create a facade of your solution but do the inner work manually. You may post the photos of bags on a platform and when someone makes an order, buy the bags in a store and ship them to your customer. The main purpose here is to verify a product concept.
Landing Page MVP helps to describe your product, illustrate its advantages, and collect feedback from customers with the help of a button — all placed on a single page. It’s an opportunity to explain your concept, get signups, and talk to the leads afterward. Email MVP and Video MVP are other alternatives of this kind that are based on the same principle of explanation.
Single-Feature MVP is an actual software product that contains the minimum features needed for its verification. It must be functional for users and scalable for business. With its help, you will explore a target audience, do testing, and analyze users’ feedback for further product improvements.
You may use the type you see fit. In any case, there are several steps you can not ignore. We would like to describe them though focusing on a scenario when you are not planning to stop on an explanation and manual work but to get a software product made.
How to Build an MVP: Practical Steps
1. Analyze the Market
You may feel that your idea will revolutionize a market. However, it may be a misconception if you don’t support it with evidence. Before launching anything, find potential customers for it, analyze their expectations and pains. Research your competitors to notice their shortcomings. Use open data sources and published research papers to reinforce your concepts.
2. Draw up a Product Value
As entrepreneurs confess, this part can be the most challenging one. Your task is to formulate a unique selling proposition in a few sentences to deliver value and benefits to the customers. This step will help you to define the minimal number of features to include in your MVP so that it saves its functionality.
3. Describe the Users’ Behavior
Before thinking about the features, put yourself in your customers’ shoes. Think about possible scenarios of interacting with your product and write down all the steps. You will get a clear customer journey this way and will be able to create a customer-centric product that will get users’ approval.
4. List the Features
When you have a clear idea of a future product, note down all the features to be included and rank them by order of importance. You can set high, medium, and low priorities. High-priority features are the indispensable ones for the future product, so you will include them in your MVP.
5. Find a Contractor
You will probably research job boards and ask your colleagues for recommendations. We recommend you to choose MVP developers with relevant experience. If you want to know more about the selection process, check our articles ‘Good Developer. How to Find and Identify’ and ‘How to Find the Right Freelancer on UpWork’.
6. Make a Prototype
A prototype is an MVP for your MVP. Do not skip this step because a prototype will help you to validate the UX/UI before rushing into coding. Besides, it’s a good tool for attracting investors and raising funds.
7. Build, Test, Learn, Repeat
Now you are ready to create an MVP. Attract QA engineers to analyze the first version, then show it to a close circle of your team, and pass to beta testing with the early adopters. Collect the feedback and consider possible improvements. Introduce them and repeat this cycle until you achieve a high standard and customers’ satisfaction.
How Much Does it Cost to Build an MVP
Costs are always the tricky part of any development project. In fact, they depend on the specifics of your project and the specialists you will work with. You have plenty of options — to find a freelancer, hire in-house specialists, start working with a local team, or try outsourcing. Entrepreneurs usually choose between freelancers and outsourcing agencies as these options are the most cost-effective ones. In general, a freelancer would cost you around $2,000 to $10,000, while agencies ask between $15,000 to $30,000. The scope and quality of work will be different, of course.
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