9 out of 10 startups fail because they create a product that the market doesn’t need. Therefore, it is essential to evaluate your business idea thoroughly. Creating an MVP might help in that. How to build an MVP? Read our article and find out.

How to build an MVP? – table of contents:

  1. What is an MVP?
  2. Benefits of creating an MVP
  3. Things to remembe
  4. How to build an MVP?
  5. Types of MVPs
  6. How to validate your business idea using an MVP?
  7. Summary

What is an MVP?

What is an MVP? It stands for Minimum Viable Product and means the first working version of a product that has enough features (they define its value proposition) to satisfy the needs of potential customers. An MVP allows you to gather and analyze feedback on the product with minimal resources and costs. This lets you validate your business idea effectively and check whether there is a market for it. This approach is referred to as MVP Development.

Benefits of creating an MVP

What are the greatest benefits of building an MVP? One of them is being able to test an idea and a product hypothesis with a minimum budget. A huge advantage is that your team can gain invaluable experience creating it. Building an MVP, you don’t have to allocate as much time as if you were making a final product, which, after all, may not be necessary.

The most important thing, however, is that you can test consumer trends in the real market. With an MVP, you can get in touch with potential customers and co-create the final product with them. What is more, at this early stage, you can build a base of potential users and attract your first investors.

how to build an mvp

Things to remember

Before developing an MVP and launching it to test a business idea, it is important to pay attention to several important issues. First of all, it’s not worth spending a lot of money or a huge amount of work on an MVP immediately. It is, after all, only needed to test your business concept quickly.

Secondly, it’s a good idea to inform potential customers about the product already at the stage of creating an MVP. Also, think about organizing a pre-sale. This will show you whether people are ready to pay for your product. Remember to advertise an MVP on social media and create a website for it.

How to build an MVP?

To build an MVP, you need to take several steps. Think about why you’re developing a product and what problem it is supposed to solve. Then, you need to focus on various possibilities for product development. A good solution is to prepare the so-called customer journey map, where you need to identify potential customers and determine the actions that the user will perform to achieve the goal.

Many experts also advise preparing a pain-gain map. What is it all about? You need to identify the actions that will be performed when using the product and identify the pain points and benefits for each of them. The next step is to determine what functionalities need to be implemented in the MVP and prioritize them. It is also worth preparing a product roadmap. All these steps will allow you to start preparing your MVP.

Types of MVPs

In fact, you can prepare various types of MVPs. It all depends on how accurately your idea is to be mapped in your MVP. The differences can be in visual design, features, and interactivity. The fastest and easiest solution is a low-fidelity MVP.

When creating a low-fidelity MVP, you should mainly concentrate on testing its functionality. Since it is only a backbone of your final product, it is good for verifying whether a problem is worth solving and what features would be best for your customers.

A high-fidelity MVP, in turn, is very similar to the final product. It is realistic, detailed, and highly interactive. Such an MVP lets you check how much customers will be able to pay for the product makes it easier to prepare a development strategy and helps you find your first users.

how to build an mvp

How to validate your business idea using an MVP?

When it comes to low-fidelity MVPs, it’s worth conducting surveys and interviews with customers. You can present the idea on social media and blogs, as well as create a dedicated landing page. You may also conduct the so-called fake door test to measure how many customers are trying to access the product. A/B testing is also a good solution.

In the case of high-fidelity MVPs, you can use crowdfunding to help you raise money for the project. Other options include providing a product that looks automated from the outside, but processes are done manually. You can also launch one functionality at a time.

How to build an MVP – summary

Once your MVP is released, it is necessary to get feedback from the potential customer about the product and measure user engagement. Then, all this information requires a thorough analysis to help you assess whether the business idea has any market potential. 

 

You’ve just learned how to build an MVP. Other resources: Differences between high fidelity and low fidelity prototyping.

If you like our content, join our busy bees community on Facebook, Twitter, LinkedIn, Instagram, YouTube, Pinterest.

How to build an MVP? Essential information andy nichols avatar 1background

Author: Andy Nichols

A problem solver with 5 different degrees and endless reserves of motivation. This makes him a perfect Business Owner & Manager. When searching for employees and partners, openness and curiosity of the world are qualities he values the most.

Launch your startup:

  1. What is a startup?
  2. Pros and cons of creating a startup
  3. 8 best industries for startups
  4. Top 5 skills every highly successful startup founder needs
  5. How to create a startup? 7 simple and easy steps
  6. 6 essential startup development stages
  7. How to create a startup growth strategy?
  8. General startup statistics you need to know
  9. Startup vs. corporate job. Which is right for you?
  10. 5 incredible companies that started in a garage
  11. How to find a business idea?
  12. How to check if your startup idea already exists?
  13. How to name a startup? Useful tips and strategies
  14. How to gain business knowledge quickly? 5 best practices
  15. Why do startups fail? 6 startup ideas you should avoid
  16. 5 absurd startup ideas that made money
  17. Top 6 most profitable small businesses
  18. 7 questions to determine if your business idea is worth pursuing
  19. What is a buyer persona? 5 benefits of creating a buyer persona
  20. How to validate your business idea? 3 easy steps
  21. Should you follow your passion? The importance of passion in business
  22. What is market reseach and why is it important?
  23. Using social media in business
  24. What to do when you have too many business ideas?
  25. How to write a good problem statement for your startup?
  26. How to test your business idea for real?
  27. How to create a prototype for a product?
  28. How to build an MVP?
  29. How to use surveys for testing your business idea?
  30. 10 useful tools to validate your business idea
  31. What is a business plan? 4 types of business plans
  32. What should be included in a business plan?
  33. What should a product description include?
  34. Competitor analysis
  35. Marketing strategy
  36. Traditional business plan vs. lean startup plan
  37. Implementation plan. What is it and how to create it?
  38. Everything you need to know about patents
  39. Financial management for startups
  40. What permits and licenses does my startup need?
  41. What is the average startup founder salary?
  42. 4 startup taxes you need to pay
  43. Which legal structure is best for your business?
  44. Startup costs. How much money will you need?