When you decide to launch your line of products; you should work rigorously on MVP. Often, they do not realize that some of their efforts may go in vain or the process incorporated can be wrong. So, this blog is an amalgamation of every mistake made by an entrepreneur while working on an MVP and why they should avoid it.
We will first know what exactly is MVP?
MVP is a popular abbreviation for the term, Minimum Viable Product. It is known to be a concept from the Lean Startup which further emphasizes on the impact of the learning in the development of a new product. Moreover, Eric Reis, defined MVP as the version of the new product that allows the marketing team to fetch and collect important information about the customers with a minimum amount of effort.
Why MVP is important?
The sole concept of MVP lies on the fact that it is all about testing, knowing what will bring value and what will not. In simpler terms, we can say that MVP is all the process known to understand the market demand. And, it is least about selling the products to the end customers. Often a startup owner may take this step for granted. They think that their product already has what is desired by the customers. But, it is known afterwards that such a product exists already in that category. It is why it is asked to invest in MVP. MVP allows the companies in question to test the waters know the actual demand and predict if the value offered by them is required or will be something of use to the customers. Once you the answer to the above questions you can create a successful app.
On a concluding note, an MVP can allow the company to test their business concepts. When a product is launched, the company can know what the target audience is and hence can alter its functionalities according to that particular audience in mind. If you are start-up this step is even more crucial for you. You can’t just rely on just your instincts or guts. You have to test the concept with the MVP and tailor the results and requirements accordingly. Only then you can be assured that the product you invested in has the power to offer you profits. Coming back to the topic, the mistakes an entrepreneur makes while creating an MVP–
Minimum Viable Product
Note: The above picture are the examples of a- MVP and b- product.
It is the sight of everyday occurrence that the start-ups try to bring their innovative or the great marketing impact idea into life. And, this is done by the means of a website or developing a mobile-based application. But, according to recent research and findings, only 10% of them succeed. Do you want to why? The same question popped in our head with the same intensity. The answer is pretty simple; most of the businesses don’t even know what they are offering, and how different it is from the competitors.
And, half of them don’t have any clue about the need of the customers in that area. We mean, ask yourself if a general audience requires pyjamas for the work from home, will you offer them with ready to wear at workplace denim. Who wears denim in our homes? We don’t. And, the example provides us with the pretty evident idea that knowing what your target customers require is IMPORTANT!
1. Not putting duly emphasis on Market research- As discussed in the case above, market research is one of the vital elements in the overall idea generation & product development process. When your offering is proportional to the needs & requirements of the target market, you may have an advantage.
Source- CB insights
Moreover, if the statistics are to be believed then there are 50% of businesses who are at risk of failing because the business can’t provide something of value, or new to their customers. The product offering already exists. And it is why market research is one of the crucial things today. If you ignore this one, you may put not just your business but also your bank balance at a lot of risks.
2. Unprofessional Development Team-
It has been noticed that finding a good MVP is not the only hard challenge a business has to face. Rather it is also finding the right and experienced team. And, when working with the unprofessional team you will face the following problems-
– Lack of cooperation- At times, you will need their suggestions and advice too. But, when they fail to compile by your policies and stand correct on the parameters what happens? Your MVP team should be such that it adds value to your ideas. They should stand true on your values, your protocols and even policies. And, they should help or assist you when required or needed.
– Missed Deadlines- often it is seen that when an unprofessional MVP team is hired, they fail to deliver when asked to. It is because they spend a lot of time thinking about how to rather than when to. They will not know the correct procedure and how to implement the same to get the desired results. And, thus, it leads to the missing of the deadlines.
– Feedback Interpretation issues- Once the MVP has done and is out to the target market, you will get certain feedback. The next stage demands you to tailor your product feature set accordingly to the feedback. But, an unprofessional team fails to cater to your needs and requirements and thus, puts your entire plan on hold.
– Lack of experience- There will be challenges which will be known to be out of the context. And, when this happens you will need the support of your MVP team. And this is only possible if they have experience. If they do have, they will map and monitor out the problems beforehand.
3. Not Prototyping- It is yet another step that requires our immediate attention. Often a start-up skips this stage and moves further to the development phase. Why they do this? It is done by them to avoid the time taken in the prototype phase. But this is where they go wrong.
A prototype phase prepares the one in a way that they encounter no challenges ahead. Moreover, if you are building an app this can be helpful because it helps them to make the overall app development process smooth and easy. You should further start with the interference architecture. Once the above-mentioned is done you can build a general structure of the product. Now put all the information related to it. Then comes the step to get it formalized and this can be done by the means of supporting documentation.
– Build your rough wireframe with the help of the previously designed product architecture & the main elements. Moreover, you can also draw such wireframes by your hand on a paper.
– And, if you wish to then you support it with the high-fidelity prototype. It will help to present your product through a means of the graphic image.
– A prototype so presented graphically will help give a clear picture to the investors. And, also forms a strong and valid foundation for the next phase i.e. the development phase. Prototyping is known as the art of analyzing and even spotting your faulty points.
4 Considering the M to be Maximum Have you ever seen a product that offers too many features? Not us. Do you want to know why? The more features incorporated in a product can make the overall product to be less usable. And according to CB insights, this is the number 6th reason as to why a start-up fails. Once the business fails, well its product disappears in one thin line.Without focusing on too many, focus on just one main feature and a basic feature. And, determine the way to highlight both in the best possible ways.
5. Wrong Approach for building an MVP- Have you ever wondered why your start-up solutions fail despite working rigorously on your MVP? It is because the approach to create a minimum viable product for your business is wrong. As discussed above, a product should have a feature that satiates the needs of a target market. For example, let’s imagine a cup of cake. A raw cupcake without any sort of icing should be offered to a customer. If he’s hungry, he will eat and tell you the feedback. For suppose, he tells that its too fluffy in the center but hard on the linings.
Take this feedback and along with the frostings make it a better version. And, that’s what an MVP stands for. Do not complicate it or rush into it. Give this process its time, and once the feedback are gained, ask the development team to incorporate it with the other set of functionalities.
On a parting note, Your product idea can be unique, and we are looking at something that can provide us with a technical revolution. But, before that happens, invest in MVP. Ask yourself a few questions- -What is your product about?-What are the values you wish to add into it? – Who will be the target market for the same? And once these questions are answered, assign a software development team to initiate the next process. When you are a start-up you have an advantage. And, it is you can direct your limited resources to the feedback interpretation stage. So, don’t miss out on the MVP and keep the mistakes in check.