An Idea alone is never enough, implementation and execution are other crucial aspects that determine the success of any digital product. Launching a new product is hard and involves a great extent of risk.
Entrepreneurs are coming up with new products every day. While some achieve desired results, others just fail to survive in a highly competitive marketplace.
9 Out of 10 Startups Fail Due to No User Base – Forbes
If we look closely, all failed products tell us a story, a story of poor implementation and lack of adaptability skills. A product takes time, persistence, & proper implementation of ideas to be successful. Before launching a product every entrepreneur needs to find answers to two basic yet crucial questions:
- What are the problems of people?
- How would your product help them?
Ideally, a product must be launched with proper market research and when the product meets market requirements. However, the strategy of building an MVP (Minimum Viable product) can help to validate your idea and record the customers’ response. Strategy for MVP is a continuous process to include only essential features in the product.
Building an MVP would help you to strike two birds with one stone. Firstly, It would allow determining the needs of customers. Secondly, it would help to determine the feasibility of your idea with real users.
Let’s have a look at some other major benefits of MVP :
Focus On Core Functionalities
Building an MVP lets you focus on the core functionality of your product. Entrepreneurs like to add multiple vague functionalities right through the product launch. Perhaps, when you add multiple functions it’s evident to lose focus on the main functionality of the project.
MVP is an approach that lets you test the feasibility of your product with minimum cost and time. Moreover, it becomes easy to determine the response of people towards your product.
Decision of building MVP would speed up the product release, as you need to integrate only essential features. After your first release, you can gather useful insights and feedback from your customers.
To be highly responsive to the market need to make sure to keep your first release minimal. You can separately test all the features you require before including them in the project.
Develop Early Relationship With Customers
Building the MVP of your product will let you engage with new users at the initial stages. Also, having early adopters would provide free marketing to your product. People like to share words about bands they like or that in some way solve their real-life problems.
What could be better than having a loyal customer base with free marketing of your product?
Better Understanding of Customer’s Needs
All research and data collected in the initial stages can be extremely helpful. Feedback from real customers is much more effective than assumptions of any business analytics expert.
Let your early customers decide on features to be included or excluded in the next product launch. So the sooner you testify your product concept with real users the better product development you will get.
Flexibility And Constant Updates
Another major advantage is that it buys you the luxury to be highly responsive to the market needs. MVP makes it easy to add new features or remove existing ones based on the customer’s preference.
Moreover, your product will get access to newer technologies as they become available over time. Enabling you to keep the product relevant according to the market.
Development With Minimal Risks
It’s extremely important to understand that a top-notch high scale product requires time, money, and persistent efforts. All well-known products like Facebook, Instagram, Dropbox, Spotify, Airbnb, Snapchat, and various others all started with an MVP.
They all started small and adopted other extensive features over time. Starting small reduces the risk of losing huge capital and saves time.
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