A blog about the benefits of building a MVP

The Value of Building an MVP

When creating a new product, it is sometimes difficult to know where exactly it will fit in the marketplace. There are also plenty of other elements to consider on the journey from concept to market such as cost, design and time frame. If you are a small startup, the likelihood is you do not have the funding to match a long and thorough design and development process. The solution, however, is simple; build a Minimal Viable Product (MVP).Here we share our experience and the Value of building an MVP.

The Value of Testing

One of the main reasons for creating an MVP is the chance to test your product. Building one allows you to provide core functionality quickly to see if your product will fit into a market and if so, where. If it’s well-received then you know you are going in the right direction so keep doing more of the same. If not, and there aren’t big changes required, there is still time to pivot and iterate on your current designs. If it happens to be a more significant issue, then at least you can identify the problems, and it will give you a better understanding of how to proceed. Your first design will almost always require several, possibly significant, tweaks to meet what the customer truly needs and to solve the problem you are trying to solve. Going the MVP route will allow you to do this and it has to start with testing.

Keep it Simple

An MVP is meant to be your proof of concept, not your grand masterpiece. That’s why over complicating things now could be the death of your product before it comes to fruition. You don’t need to use the cool hip new tech when the old methods still work fine. Stick to what you and your team know well, provided it has the means to get the job done. There is no ‘right’ way to build a product, and if you and your team are working with the familiar tech, you will work much faster and encounter less unexpected issues. Keeping it simple and shipping early really showcases the value of building an MVP.

The Importance of Customer Validation

Feedback from customers is a must when it comes to helping you develop a quality product. The sooner you get feedback on a feature, the sooner you can iterate and improve. Keep features basic during the MVP stage, and you can build them out later when you have customer validation on them, allowing for development time to be spent on what’s important.the Value of building an MVP here is it forces you to talk to many customers, listen and learn early on.

One of the main reasons why it’s worth creating an MVP is that it means a faster route to market. The process is not without its challenges, however, but when you look at all the things you achieve quicker having created an MVP, it’s hard to deny the benefits. It gives you invaluable feedback from customers. It means you can proceed with changes in a clearer direction. Most importantly, instead of trying to suss your place in the market, before any actual testing, it’s a no brainer that this is the way forward and the best option for many.

As we establish a new way of working, we’re here to help you and your people make the transition. Get in touch with Ronan from team Frankli today to see how.

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