It’s no secret that a successful startup requires a great product. But what is less well known is that the key to creating a great product is starting with a minimum viable product (MVP). An MVP is the simplest form of your product that still delivers the desired results. By definition, it is the first step in bringing your product to market.
In order to create an MVP, you’ll need to do some market research, develop a strategy and then execute it. This article will provide you with a step-by-step guide on how to plan and execute your MVP.
1. Do your market research
Before you can even begin to think about creating an MVP, you need to understand your target market. Who are you creating this product for? What needs does your target market have that your product can address? What are your target market’s buying habits?
Answering these questions will give you a better understanding of what your MVP should be. To do this research, you can start by talking to people in your target market. You can also look at secondary research, such as industry reports, demographic data, and customer surveys.
2. Develop a strategy
Once you’ve done your market research, it’s time to develop a strategy for your MVP. This is where you’ll decide what features your MVP will have and how it will be delivered to your target market.
There are a few different ways to go about this. One approach is to create a “lean canvas,” which is basically a one-page business plan that outlines your product’s value proposition, key metrics, target market, etc.
Another approach is to use the “build-measure-learn” feedback loop popularized by Steve Blank and Eric Ries. This approach involves building your MVP, measuring how users react to it, and then learning from that feedback to make changes to your product.
3. Execute your MVP
Once you have a strategy in place, it’s time to execute your MVP. This involves creating the actual product and getting it into the hands of your target market.
There are a few different ways to go about this, depending on the type of product you’re creating. If you’re creating a physical product, you might need to find a manufacturing partner. If you’re creating a software product, you’ll need to build the product and then find a way to get it in front of your target market.
4. Get feedback and iterate
The final step is to get feedback from your target market and iterate on your product based on that feedback. This feedback will help you understand what’s working and what’s not, so you can make the necessary changes to improve your product.
To get this feedback, you can talk to your users, look at customer usage data or run surveys. Once you have this feedback, it’s time to make changes to your product and then tests those changes to see how they impact your users.
Creating an MVP is a key component of any successful startup. By doing your market research, developing a strategy, and then executing your MVP, you’ll be well on your way to bringing your product to market. And don’t forget – getting feedback and iterating on your product is essential for success. So, make sure you continue to gather feedback from your target market and use that feedback to improve your product.