Building a MVP is not easy. You need to create a top selling product, with minimal spending. We have created the ultimate guide to create one.
MVP stands for Minimum Viable Product. You may ask though, what does that mean? An MVP is a version of product that a business can create with minimal effort. Before you put a huge investment into an idea, you need to be sure that your idea is going to sell. A great way to do this is putting a minimum investment into a product, and examine the response from the public. From this, you will gather some very important data. You will learn if this product will succeed, or if it needs more work. Doing this could save you a lot of money in the long run, but how do you even create a product like this?
Building a MVP for a startup should not be overlooked, but you also need to recognize the work that goes into it. You need to create a top selling product, with minimal spending. This is a hard task, but let’s go into the steps to building a MVP.
BTW, taking a look at the definition of MVP in Wikipedia is a great idea.
Before beginning, take a look at the following picture to understand better how MVPs work:
And this one:
This is a very cheap way of doing things. You are releasing a form or survey to the public, which will tell the public a little bit about your product and give them a chance to sign up to the idea. This will give you a very clear idea about how many people are going to like this idea, and more importantly, spend money on your product. From this method, you will gain some invaluable information. You will give 1 of 3 results. Your product will receive a lot of positive feedback, and many claimed they would buy the product. You may find that the decision was split, and some would buy the product, but there also many who wouldn’t. The worst case scenario is a high number of people left negative feedback, and claimed that this is not a product that they would buy. In that case, you have a lot of work to do. You will have saved a lot of money, because imagine investing all of that money into the product for nobody to buy it?
Another very cheap option. There are many businesses that are doing this for the simple fact that risk is minimal, and the benefits of this are high. Facebook is a major platform, but I don’t need to tell you that. Facebook brings forth a lot of traffic, so ads can be seen by a lot of people. This makes it a great place to test out your product. You can use the ad platform to create an eye catching ad, and invest what you can into reaching as much people as possible. The more you spend, the more people you will reach. However, you need to remember that this is about spending the minimum, so you need to find a balance there. For every $65 you invest into ads, you will receive 100 clicks, so you can see how prices can rack up quickly.
Another great option. A blog is personal and it can give potential customers a real insight into what you do. When customers see a product, that is usually all they see. If the potential customer gets to see some of what happens behind the scenes, and gets to know the some of the people working on the product, this could change everything. You will gain a loyal following who are genuinely interested in what you do. It could take a while to gain a loyal following, but if your product is good enough, it will happen. The best thing about this is your following will be so loyal, that there will be customers who will buy anything that you put out. Why so? Because they feel connected with your company on a personal level. If you open up yourself to your customers, they will never let you down.
Furthermore, a blog will help you to grow your startup in a future.
Focusing on building a MVP for your startup will be a great choice and probably a necessity, as one of the main reasons for business failure is the lack of validation. If you have tried building a MVP before, you will recognize that creating a minimum viable product is far from an easy task. That hardest part is getting results that you don’t want to hear. However, negative feedback will only help you grow as a person and as a company, so do not be afraid to hear feedback that isn’t so positive. The greatest feeling will be getting great feedback, and knowing that you’re guaranteed a profit once you invest your money into the product. Also, in some cases, MVP helps startup owners to find cofounders who are interested in their company.
One last thing. You should definitely build a MVP if you have any of the following purposes on your business development process:
So you now know... The best thing you can do is step out of your comfort zone, and take the plunge. There is nothing to lose! Either you have a bit more work to do or you’re good to go, it’s your call!
We’re always digging for more failure stories. Sign up for our newsletter to keep updated on the latest additions. You can unsubscribe whenever you want!