Every year, we see different startups emerging but how many stay in the labor market in the long run? Lack of proper research and unidentifiable target audience contribute to the failure of some startups.
What do you do when you have an idea but you have no means of implementing it or have the money to conduct an extensive market research?
There are several ways to reduce the risk of introducing a new product into the market and one of those ways is the MVP.
Known as Minimum Viable Product, the MVP is an early version of a product to be released with usable features which customers can use and provide feedback. It enables idea testing before the product is finally released into the market.
In order to build a Minimum Viable Product, some steps needs to be taken and they include;
● Evaluating your idea: It is pertinent to recognize the importance of your product, that is, the problem it is solving and your target audience.
● Market Research: Conduct research to ensure that the product is useful for your
target audience. You can do this by conducting a survey. Make sure to distinguish your product from your competitor’s product.
● Prioritizing main features: After conducting market research, implement the features your audience appreciates more and map out the user flow for your product. A user flow is a path a user would take when using the platform for a product. The aim of mapping out your user flow is to ensure that customers find it is easy to use the platform.
● Build, test and analyze result: This step involves product development. After building the MVP, you can now put it out for testing to collect feedback from your customers.
MVPs can also be used to collect investors during testing. It is an affordable way of testing ideas and startups are encouraged to use it.