Whenever the word MVP is used, we normally consider it as a product with minimal features, or better yet an initial version of a product. The procedure of building an MVP begins with an idea that is based on a set of assumptions. This idea then takes the form of a product with the basic features. To validate the assumptions, the product is presented to its end users. The outcome can be a success as well a failure. In case of a favorable outcome, the entrepreneur might be elated and if a negative outcome is encountered, it might be presumed as a setback to the entire process.
MVP- A Process
From the entire procedure explained in the above paragraph, let's pick the part where assumptions lead to building a minimum feature product. Most entrepreneurs can be misled from this very point while dealing with the concept of an MVP. They put a lot of time and energy into building the initial form of product with the wrong set of assumptions and tend to fail in the end.
The right approach is to present the product to the consumers as quickly as possible. The possibilities are that your assumptions might be completely wrong, as the end-users might have a completely different set of expectations from the product. It might require going back to the basic design of the product, not just once but over and over again to match the set of assumptions with the actual expectations of the end-users. This process of iterating while redefining the set of assumptions and validating the product time and again can be described as the MVP process.
Approach to an MVP process
Before we explain the MVP process in detail, let's take a look at two approaches that are widely used by entrepreneurs.
- Invalidated MVP approach
- Validated MVP approach
- Invalidated MVP approach
Let's take a closer look at the MVP iterations to understand this approach. Every time the developing team comes up with an MVP based on the relatively riskiest assumption, it is presented to its real users to validate it.
If the MVP is developed as a result of huge efforts in terms of both time and money to validate the assumptions, that might or might not be consistent with the user expectations, the success rate in such a case is minimal. Such an MVP approach is an Invalidated MVP approach. Now, if the consumers reject the product, it will be a total loss for the company, and on the other hand, if the end-users accept the product, the outcome is inconclusive.
- Validated MVP approach.
In this approach, the MVP software designed in the earlier phase of iteration is a result of minimal efforts on building the product and larger efforts on the survey conducted among the consumers. A Validated MVP doesn't necessarily validate the assumptions. The failure, in this case, is inconclusive as the product is in its initial phase and is built with minimum efforts as far as the time and money of the company are concerned. The success on the other hand validates the idea and can bring brighter prospects to the company.
Process of MVP development
Building an MVP requires a set of planning with a step-by-step approach as explained below.
Step1: Market research
The foremost step while building an MVP is market research. The purpose of this research is to know about the expectations of the consumers from the product. The surveys can include a set of questions that can apprise the business owner of the actual requirement of the customer, and whether the product will adhere to such needs.
Step 2: Get a Clear Idea
The next step after the survey is conducted is to analyze it. This can be achieved by answering a few questions.
● What kind of problems can be solved by the product?
● How useful is the product to the customer?
● Why would customers use the product?
These questions will help you build the product as per the end-users along with defining the product principles and a feature list for your final product.
Step 3: Define the feature list
As per the analysis, the feature list can be extensive. As a business owner, it is very crucial to prioritize the initial features of the product for adding in the MVP. It's advisable to add complicated frameworks and fancy design in the later stages of product development.
Step 4: Build and launch
The next step is to build a product that is both prosperous and attractive for customers and investors. The product should be able to solve the fundamental problems of the end-users, although it must not be loaded with features.
Step 5: Analyze the feedback from Early adopters
This is a very crucial step in the MVP process. The feedback helps in improving the product quality and bringing it closer to the customer's expectations. The early adopters help in enhancing the basic version of the product by bringing creative ideas to your MVP. The cycle of feedback continues refining the set of assumptions and the product built based on the riskiest assumption.
Conclusion
From the above study, we can conclude that an MVP is not a product with the least possible features, rather it's a process to build a product that goes hand in hand with the user's expectations. The features of the final product in MVP software development are a result of surveys and user feedback on the small modules delivered to the customers. In simpler words, it can be said that while developing a product with an MVP approach, hold the customer's feedback tightly and the MVP is developed at each iteration loosely.
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