Course: What is an MVP and why it important? 

How does an MVP benefit your business?

Firstly, it helps them avoid wasting time working on a product efficiently and then realizing… no one really wants the product.  

Other benefits include:

1- Helping you onboard potential investors 

2- Making it easier to test business concepts and models

3- Helping you develop a monetization strategy

4- Improving your business’ cost efficiency.

So, the main goal of an MVP is to collect knowledge and validate assumptions in your business model.

Watch the full video to learn more about MVP and it’s benefits and dive into the full lesson on our Hub to get the whole process propely executed.

What is an MVP and Why is it Important?

The MVP is the process of developing a minimal product with the least amount of effort and time, and with a minimal budget.

 It helps them optimize their time instead of working on a product extendedly only to later see it fail.

What is a Feature Prioritisation in an MVP

An MVP must contain enough features to be able to attract customers and allow you to validate your product idea early on in your product development phase.

These features are to be used by early adopters who can then provide feedback for future product development.

Feature Prioritisation helps in determining first priorities, planning a roadmap, defining boundaries, and differentiating between wants and needs.

Strategies to measure the success of your MVP

1- Your landing page: The kind of data you get out of a landing page can be a gold mine of insights for you. 

2- Customer interviews: When you are interviewing your customers, learn to ask open-ended questions. 

3- Crowdsourcing campaigns: Crowdsourcing campaigns are majorly leveraged to raise funds for bringing a product idea to life. 

4- Ad campaigns: This enables you to position your MVP to the specific sections of the audience that you want to reach out to by targeting specific people in different ways.

5- Wizard of Oz MVP: You are creating the illusion of a fully functional product, but behind the scenes, you are the one servicing your customers manually and measuring its success. 

What’s an important feature throughout this whole process?

Your User. By aligning your product around your user’s problem, you will be able to define and build your MVP more clearly.
 

How should an entrepreneur go about building and using an MVP? 

 3 main elements to focus on: 

1- Know your objective or problem statement 

2-  Your ideation information  

3- Your analysis

What are the 3 main steps in laying out your user journey?

1- Identify the User: This could be one category of customers, but sometimes it can be multiple.

2- Identify the Actions: These are the actions that the user needs to take in order to reach the story ending - the Goal of their journey.

3- Identify the Story Endings: You should always know what that ending should be, and it should be clear and precise so that it’s easier to achieve.

In this video, we will look at examples of what a user journey would look like, and the importance of feature prioritization in your MVP building process.

How to collect feedback from your “early adopters”?

1- Receive the customer’s feedback: Collecting the customer’s views and opinions helps you to improve your product’s usability and user journey. 

2- Understand the customer’s willingness to pay: If you observe that some users are choosing the payment option on your landing page, this means that some people are willing to pay for your product.

3- Test the monetization options: Discover what makes your product sustainable and profitable, as well as how much it would cost to do so. 

What are the different methods used to measure success?

1- Word of Mouth

2- Engagement

3- Sign-up

4- Better Client Appraisals based on feedback

5- Percentage of active users

6- Client Acquisition cost (CAC)

7- Number of paying users

8- Client Lifetime Value (CLV)

9- Churn Rate

Watch the video to look deeper into the different strategies to measure your MVP’s success. 

So, what are the final steps for building a successful MVP?

• Your Product-Market fit, a type of product that is used for customer creation. This is achieved once you have found a repeatable, scalable model that drives demand.

• Growth and scaling. Here you will be fine-tuning the engine of your business by developing, marketing, and selling your product, as well as building your team and operations.

Building an MVP is crucial when building your business and product. It saves you time, effort, and money while giving you the best results for validating your product. 

Watch this video and dive deep into our full course to learn everything you need to know on building a successful MVP. 

You have now learned the definition of a Minimum Viable Product and its significance when starting your business. But are you ready to launch your MVP? 

Find out in this quiz!