Step By Step Guide on How to Build a Minimum Viable Product (MVP)

Every successful business starts with an idea. But an idea is nothing if the execution is done wrongly.

An MVP provides you with that first step towards putting your company on the journey of the business world.

But What is an MVP?

MVP is an acronym for Minimum Viable Product and it is a version of your product that has all the basic yet core features that your idea represents.

For Example: The MVP of Zomato contained only information about the restaurants and their menu items.

In this article, you will know about how to build an MVP and the benefits it provides.

Before going deep into the steps on how to build an MVP, let me tell you the benefits you will get from your MVP.

Benefits Of MVP

  • An MVP helps in verifying the market demand for your idea/product.
  • An MVP helps in getting the interest of the Investors.
  • It will help you to develop your revenue model.

In short, an MVP is built to test the feasibility of your idea in the real world.

Benefits of Minimum Viable Product
Minimum Viable Product

How to build an MVP?

If you are planning to build an MVP, consider these steps.

1. Start with research

2. Combine your idea with research

3. Put emphasis on MVP design and User flow

4. Add basic yet core features

5. Start getting clients

1. Start with research

Not every idea is a revolutionary idea. To check the feasibility of your idea, you must start with research.

In a survey performed by CB insights, it is found that 42% of startups fail due to lack of market need. You can prevent this from happening to you by doing proper research.

Check whether your idea provides a solution to a major problem, collect data regarding consumer behaviour, how much money is required to make the product, etc.

Starting only after getting the answers to all these questions.

To know more, read: How to do market research for startups

2. Combine your idea with research

Once you have your researched data in place, combine it with your idea.

Implement the data obtained from the research and present your idea again. This will somehow give you the improved version of the idea, with the real-world insights.

3. Put emphasis on MVP design and User flow

A well-designed MVP increases your chances of being loved by the consumer.

According to recent statistics, a well-designed user interface can raise your website’s conversion rate by up to 200%.

So, create the design and user flow keeping the customer in mind.

4. Add basic yet core features

Once the designing stage is completed, it’s time to add some features in the MVP. As it’s an MVP, add fundamental yet core features.

The whole point is to give consumers the idea of your product.

Keep the MVP intuitive and easy to use.

5. Start getting clients

When the MVP is ready, start approaching clients. Present your MVP to your target consumers and get their responses.

By getting actual clients, you can identify the changes you need to make. This will provide you customer’s insights and will enable you to understand the market well.

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