Having a novel idea isn’t enough to get your business off the ground and headed toward success. You need to show the world (and potential investors) that you have created a viable solution to a common problem and that you can sustain the production and delivery of the product to consumers who desperately want it. In order to prove viability, you need to create a minimum viable product or MVP. Before you get ready to launch your business idea, here’s what you should know about developing an MVP.
Start With Research
If you already have your idea down and you are ready to take the first step, your next move should be thorough research. You need to gather plenty of information and answer two key questions:
· Is my product something my target market needs?
· Is my product something my target market will be willing to pay for?
There is no sense going any further with MVP development if you aren’t sure that your market (intended consumers) will actually want or even purchase what you will be selling. Your research should take you deep into the thoughts and perceptions of your audience. Use feedback to determine what problems they have that can be solved by your product, what the average budget for a product like yours would be and if there are any competitors already meeting this need. Don’t invest in a product that your market isn’t willing and able to accept.
Determine the Value
Research shows you what the consumer needs and wants, but it is up to you to deliver a product that will have enough value to engage consumers for the long-haul. A product that is too basic has zero staying power, but conversely, a product that is too complex or that has too many features can completely rush past the needs of your intended consumers.
The MVP should be created with enough minimum features to make a solid start in the market, but it should also provide a complete customer experience that induces brand loyalty. Your product should be of the highest quality, even if it is basic, as you can renovate over time.