If you are a startup founder, you might have heard of the term MVP, which stands for Minimum Viable Product. An MVP is a version of your product that has the minimum features needed to solve a problem for your target customers. It is not a polished or complete product, but rather a prototype that you can test and validate with real users.
Why should you build an MVP first before developing your full product? Here are five reasons why:
1. Save time and money
Building a full product can take a lot of time and money, especially if you have a complex or innovative idea. You might spend months or even years developing features that you think your customers want, only to find out that they don’t actually need them or like them.
By building an MVP first, you can avoid wasting resources on unnecessary or unwanted features. You can focus on the core value proposition of your product and deliver it to your customers as soon as possible. You can also get feedback from your customers early on and iterate based on their needs and preferences.
2. Validate your assumptions
Every product idea is based on some assumptions about the market, the customers, the problem, and the solution. However, these assumptions are not always true or accurate. You might think that your product solves a real problem for a large market, but in reality, it might not.
By building an MVP first, you can test your assumptions and see if they hold up in the real world. You can measure how your customers react to your product, how they use it, what they like and dislike about it, and what value they get from it. You can also learn about their pain points, needs, and expectations.
3. Build a loyal customer base
Building an MVP first can help you attract and retain loyal customers who are interested in your product and willing to give you feedback. These early adopters are usually more forgiving of the flaws and limitations of your MVP, as long as they see the potential and value of your product.
By involving your customers in the development process, you can build trust and rapport with them. You can also create a sense of ownership and co-creation among them. They will feel more invested in your product and more likely to spread the word about it.
4. Gain a competitive edge
Building an MVP first can give you a competitive edge over other startups or established players in your industry. By launching your product faster than others, you can gain a first-mover advantage and capture a larger market share.
You can also use your MVP as a proof of concept to attract investors, partners, media attention, and other stakeholders. You can show them that you have a viable solution for a real problem and that you have validated it with real customers.
5. Learn and improve
Building an MVP first is not the end goal, but rather the starting point of your product journey. It is a way to learn and improve your product based on customer feedback and data.
By building an MVP first, you can adopt a lean and agile approach to product development. You can experiment with different features, designs, pricing models, marketing strategies, and so on. You can also pivot or change direction if you find out that your initial idea is not working or that there is a better opportunity.
Conclusion
Building an MVP first is one of the best practices for startups who want to create successful products. It can help you save time and money, validate your assumptions, build a loyal customer base, gain a competitive edge, and learn and improve.
However, building an MVP first is not easy or simple. It requires a lot of research, planning, testing, analysis, and iteration. It also requires a clear vision, a strong team, and a customer-centric mindset.
