The Role of MVP Development: What Is a Minimum Viable Product in Action?

What Is a Minimum Viable Product?

3 Reasons Why Your Startup Should Build an MVP

  1. Speed time to market. The faster your product is launched to users, the quicker you can test your business concepts and avoid adding superfluous features before launch.
  2. Collect users’ feedback and assess product-market fit. The feedback of early adopters can be more valuable than the predictions of experienced consultants or business analysts. The earlier your customer tries your product, the faster you can introduce crucial changes.
  3. Attracts investors. With a tested MVP, you have higher chances to be noticed by investors and angels, because they are not willing to pay for the raw idea, but want to see the product.

7 Common Mistakes to Avoid While Working on Your MVP

1. Striving to be the best

2. Trying to solve the wrong problem

3. Ignoring the prototype stage

4. Skipping feedback

5. Choosing the wrong development method

6. Targeting the wrong persona

7. Confusion between quantitative and qualitative feedback

How to Create a Minimum Viable Product: 5 Consistent Steps

  1. Market research
  2. Measurable objectives development
  3. Deciding on the feature set
  4. MVP development
  5. Receiving feedback and analyzing results

Step 1. Market research

Step 2. Measurable objectives development

Step 3. Deciding on the feature set

Step 4. Developing a minimum viable product

Step 5. Receiving feedback and analyzing results

3 Points to Consider When Framing an MVP for a Startup

1. Creating a list of your success criteria

2. Defining the user’s journey

3. Addressing pain points

How to Measure Success After Implementing an MVP

✅ Engagement

✅ Customer reviews

✅ Active users

✅ Churn

✅ Sign-ups and downloads

✅ Paying users

✅ Customer acquisition cost

Moving From an MVP to a Full-scale Product: How to Make a Smooth Transition

1. Be ready to scale

2. Pick an optimal monetization model

3. Pay enough attention to marketing

Summary

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Itexus is a software development company which specializes in the development of Fintech and Healthcare software solutions.

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Itexus Team

Itexus Team

Itexus is a software development company which specializes in the development of Fintech and Healthcare software solutions.

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