By : Akhil R P
Minimum viable product – How to build one that works
The minimum viable product as they say is that edition of the initial new product which allows the company/individual to gather considerable amount of validation from customers with minimal effort. Try building a minimum viable product rather than full fledged products with higher technology sophistication. Because it gives you ample confidence on the way ahead as you don’t waste your time and money building something that no one will want to use or pay for.
When you start to build a product, whether mobile or web app, doing a minimum viable product is the best way to do it because its lean and agile. This would give you the urge to move faster. Also it often create the product with the best market fit down the lane.
Get your minimum viable product right
Key thing to crack is the product validation. Product founders always miss this concept. Founders come up with product ideas mostly in cases where; they find a problem they experience in their life and want to make a solution, or a gap they found in a product which they have used and want to make it better or with considerable experience in a particular domain and to make a product in that niche.
Getting a niche product idea and working on it will be more engaging and later profitable. By doing so you get more effective networking, more effective marketing and room for expansion. As someone once said, if you want to make it big, start small. A minimum viable product is any day a piecemeal approach to what you look to build in the future.
List of some of the big companies’ MVP cost and time :
Use your resources
Initially you may start off with nothing for the initial cost of your business but what you have in your piggy bank. A product is always a hard game, but applying a systematic approach may well be handy. Outsourcing your technology to someone who you trust and the one who understands the lean model would be one less thing to worry about. You have to interview them, share them your vision, understand the synergy that you both people can create. Also the greatest advantage in getting a team who aligns with your vision is that you don’t have to be a tech person. If both of you have awareness about each’s strong suit then what really matters is the pace of execution which lies completely on the business & marketing side of the product.
Focus on core functionalities
Perhaps the biggest mistake founders make at its initial phase is to add way too many features onto it. Value proposition is what you want to show and implement. An unstable product which is trying to do too much and poor user experiences due to an overwhelming set of functionalities is always not recommended. It always makes sense to start simple.
Keep the steam – Always!
This is the crucial part. Always keep the steam alive, whether it’s in your mind, or the product enthusiast’s mind or in the prospects. The top of mind awareness is to be ingrained in your customer’s mind. So that whenever they think about a product from your niche, it should be your’s. With that being said its very important to get the minimum viable product out into the market in quick time. The worst case being you can rake in a fair share of negative feedback or in the other sense you can ‘fail fast’.
Why waiting hurts
- Some one else can get to your market quick.
- Throwing away all your money and savings and not getting your product ready. ie You never quite launched
How clients approach us
Our Product Engineering team has successfully engineered more than 10 minimum viable product for clients in India and abroad. We have teamed up with people having good business skills and great ideas. We also helped them with our product engineering expertise and build from scratch to finish. Most of the clients approach us with a great business idea, but a vague technology road map.