In the previous article, we talked about the problem of finding minimum viable product (MVP) developers. Now it’s time to say a few words about the MVP development process itself— specifically, the part of the process that concerns customers. Yarandin, Inc. specializes in MVP development, assuming responsibility for the technical part of MVPs. However, the creation of a successful MVP is always the result of the work of both the customer and the developers. Therefore, this article deals with what our potential customers should focus on in the process of their MVP development.
To begin with, recall that the MVP is a product for testing a hypothesis. That’s why MVP is more a process than a product and more a concept than a business. It is important to keep this in mind because the idea of both the process and the concept is decisive in the MVP development process.
In a previous article, we mentioned that the first principle of the lean approach is the design of the business model. In short, the principle holds that instead of spending time creating a business plan, entrepreneurs must summarize their hypotheses in the form of the so-called business model canvas—essentially, a diagram that allows them to focus on operational as well as strategic management and marketing plans.
Below are several key points to keep in mind when doing MVP business modeling.
First, do not concentrate on the quest for users. This may seem counterintuitive—after all, it is users who bring profit—but it’s not. The idea of a lean startup is to focus rather than diffuse one’s efforts. At the initial stage, therefore, the task is to test the concept on a limited number of customers. In the future, the task will be to improve the product in accordance with the customers’ needs. Of course, the growth of the client base accompanies successful business, but the entrepreneur’s goal should be to create a product that best meets the needs of the target audience—not its growth. It should be understood that having a large number of customers in itself does not mean anything if you are not able to meet those customers’ needs. You can easily recall businesses that had millions of users (e.g., MySpace and Napster) yet went out of business simply because they failed to evolve with their users’ needs and changing demands.
Second, choose a niche. Many entrepreneurs think that by focusing on a broader market, they increase their chances for success. In practice, exactly the opposite is true: by scattering their efforts, they never create a product that completely satisfies at least one category of customers. Therefore, when doing marketing, remember that working in a niche allows you to 1) improve relationships with customers, 2) reduce competition, 3) increase the visibility of the brand, 4) become a professional, and 5) expend less on resources. Considering the number of risks that a startup faces, and the need to reduce those risks, choosing a niche is critically important for the success of a project.
Finally, be ready to advertise immediately. Yarandin, Inc. can create your MVP in one week, so why wait six months to start marketing it? Do not wait: increase customer awareness from day one. Do not try to make your product perfect. Do not worry about defects. There will be errors, but you will be able to correct them in the future. The only thing that cannot be fixed is if someone else gets into your niche first. This will mean failure.
MVP development is a joint activity that involves us, the developers, and you, the business owner. Developing a successful MVP is impossible without each of us having a clear understanding of the challenges we are facing. We hope this article has contributed to clarifying this process. Do not hesitate to contact Yarandin, Inc. for more information. We are here to help.
