Designing a great product is a marathon. Starting from the very idea, Minimum Viable Product, setting up the measurement KPIs to testing and the final product. The success of your idea depends on your decision to strip it to the bone, in order to gather valuable feedback. And, if you want your idea to grow, you must learn, adapt and improve based on the KPIs set in your MVP.
Let’s start at the very beginning of the product development process. Each new product starts with the idea. But, as seen with many digital products such as Snapchat, once a great idea reaches the market, it doesn’t promise the feasibility and functionality of the product.
Companies, along with their products, at this phase frequently get in the loop of attempts to fix their products according to the feedback from their end users. The loop keeps spinning with patches, fixes, and upgrades to product functionality, losing precious time and resources just because the MVP phase wasn’t done correctly or wasn’t done at all.
What is the MVP?
MVP or a minimum viable product is the skeleton of the final product. MVP means that you will build the basis of your product which will contain all the necessary functions to meet the basic needs of the end users. Such a product helps you to find out whether you are really on the right track to meet your customer's needs before taking the time to develop all the additional benefits and functionalities of the product.
At the MVP phase of the product development, companies should focus on identifying the utterly necessary functionalities of the product which will enable the product market testing. This kind of approach will prevent the MVP from being almost the same as the final product.
MVP is the key to a successful product
If you want your product to grow and if you want it to become successful, you must strip your product requirements to the bone. Your MVP will enable you to start to GATHER valuable FEEDBACK from your users, LEARN from it, ADOPT the change and IMPROVE.
Let's summarize the advantages of the MVP:
1. Saves time and money by reducing the need for changes
2. Provides assurance to invest in the right product
3. Can be used to attract investors and new users
4. Draws attention to the main purpose of the product
KPI
Set at least one KPI you want to measure from day one. If you have nothing specific that you want to measure and that can cross your mind, you cannot miss with time to market.
Make sure your MVP goes out as soon as possible. Because the feedback of end users is not only the best KPI for your product performance but also the best valuation of KPIs you have in place.
Why is important to align your KPIs as well as your goals? Just because you measure something it doesn’t mean you are getting all the info. Practice makes perfect
Build, test, review… do it again.
