Minimum Viable Product

The MVP is a powerful method of testing your ideas and scaling your business based on real, market demand. The MVP is a learning (and risk management tool that enables you to collect instant feedback for your idea, get early adopters on board and use their input to create a product that people actually want and need.

You Have an Idea … Now What?

Rather than developing a product from scratch only to realize that nobody wants it, you can take baby steps into the market and build a light version of your product idea. This approach dramatically reduces time and money spent learning what the market really wants and helps you develop better products for your audience.

The core building blocks of a MVP are:

1) The hypothesis

At first, you have a question:

• Is my idea what people in this niche really need or want?
• Can they afford to pay x$ for my solution?
• Do they really need all the features or just 2-3 core functions of my product?

2) Validate the hypothesis

Next, you put your idea out there so people can find it and give you feedback on it. This is when you create a survey and send it out, either through a paid service like SurveyMonkey (or similar) or through a landing page where you bring in visitors with some ads.

At this stage, listening is crucial. Besides getting people to take your survey, you want to collect their emails and write back, asking for more feedback on your idea. You want to build a relationship with them and learn as much as possible about their biggest pain point and the solutions they’ve tried before (and why it didn’t work out for them). This dialogue will help you find the best Product / Market Fit for your idea and reduce errors along the way.

Let’s say you’re building an accounting app for small businesses who don’t really need an accountant yet, but who do want to estimate their taxes every month. While you might assume these people need X and Y features, a validation process might show you that the majority of users do not care about X feature, but they’d be very eager to pay for Y feature.

3) Scale

Now you take the feedback from your early customers and put it back into your business. You need to set a benchmark so you don’t get lost in testing and never get to the launch phase. It can be “100 survey responses,” “50 signups on my landing page,” or anything that can be easily measured.

If your idea is validated and there is enough demand for your product, expand your MVP into a full-fledged service.

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