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So you have a brilliant idea for a software product that you think could be a viral market leader. You've recognized what you see as a hole in the market and you're brimming with excitement to capitalize before someone else moves in on this territory. Building software is costly and time consuming though, right? How are you supposed to compete with large mega-corporations that have seemingly endless resources?
First off, think of that supposed weakness as a strength. While you may be a small organization, or even a solopreneur, you are also significantly more nimble than the larger shops. You can try things, pivot and innovate quickly. You don’t need to go through budget meetings or file TPS reports to get things done. With that in mind, where do you begin your journey towards launching your dream product and dominating your market?
Enter the Minimum Viable Product (MVP)
Your MVP is your lean, mean, market-validating machine. It's the barebones version of your vision, stripped down to its core functionality. It's not about bells and whistles. it's about validating and invalidating your assumptions and learning what your target users actually need and value. It's about getting a solid foundation built for years of growth and prosperity.
Why should I build an MVP?
You have to walk before you can run. If you built a new airplane, you'd probably take it on a local test flight before approaching a transcontinental journey.
An MVP allows you to:
- Gather feedback from real users as they interact with your product. This allows you to focus on what does resonate and shy away from what does not.
- Save time and resources by focusing on what is working. Without actual market exposure, it's easy to assume what users will want, but doing so can lead to a bloated product with dead-end features.
- Reduce downside risk by validating your idea before investing too heavily in product development and other costs.
- Build momentum in your market by engaging in the community. Generating early adopters and buzz can lead to a vibrant community that not only leads to sales but also leads to motivation and general good-feelings.
How should I approach my MVP?
Ok, now you're sold on building your MVP. Let's keep the ball rolling and get into the nuts and bolts. How do we get to market ASAP so we can reap the benefits listed above?
- Define: Get your ducks in a row. Who are your target customers? What is the core problem you are solving? What is your total addressable market (TAM)? Who are the competitors in the space? What are their strengths and weaknesses? You must first answer all of these questions before you can build your MVP.
- Design: Build a set of design documents planning out how the solution will benefit the users. To avoid having to double back, you should plan thoroughly using wireframing tools, design documents and a product roadmap solution. You will run into unexpected left-turns in the building phase, but you want to minimize those occurrences as much as possible.
- Build: If you're technical, great! If not, you'll need to enlist some help in this area. There are some great no-code prototyping tools that may work for simple products, but for more complex products you will need to start from the ground up. This means choosing a modern but familiar tech stack, documenting the backlog of work in your agile project management solution and putting your nose to the grindstone to execute on your designs.
- Launch: This is the exciting part! Your dream product is finally ready for user adoption. Evangelize on social media, launch on platforms like Product Hunt, take advantage of product review sites, market with search ads, etc. Do whatever it takes to find the best channels for your market. Post-launch, the most important thing is to be responsive to feedback and to iterate quickly.
How should I measure my MVP's results?
Post-launch, you should focus on having Key Performance Indicators (KPIs) at every phase of your funnel.
- How many website visits are you getting?
- How do these visits break down by channel?
- Of the visits, how many are signing up for free?
- How many free users are converting to paid?
- How many users are abandoning the product?
Engage with members of your community to find what they do and do not like about your offering. These conversations can be difficult, it's your baby after-all, but it's important to hear the critical feedback.
With that, you're off on your journey, MVP in hand!
Remember: an MVP is not a throwaway prototype, it's the foundation for your vision of the future. Build it with quality and care. Track user engagement, measure KPIs, and use data to inform your decisions. Lean into what's working and out of what isn't.
Building and launching an MVP, from idea to traction, is a journey not a destination.
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