As a startup, it is always a hit-or-miss preposition. A vast majority of startups fail for a simple reason – their flagship product or service idea fails to hit the bulls eye.
The product that they have based their future on, fails to fit herself in the problem-solutions fit.
Product-solution is the only fit that market rewards. And, here comes the benefits of the Lean Startup Methodology.
The Lean Startup methodology helps the startups in eliminating the waste and directs the energy in the direction which matters the most.
Minimum Viable Product – or MVP as it is called in short – is a key concept in the Lean Startup Method. Here’s its definition: “The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
The definition’s use of the words maximum and minimum means it is decidedly not formulaic and here many entrepreneurs struggle to get it right because it is based on expert judgement and other intangible factors such as demographics, psychographics and competitive landscape.
So to get the BEST out of MVP Model, it is important to get its foundation right
To get the foundation right, let us look at the three building blocks of an MVP.
#1 Validate the Problem
Before you jump on “building” the product, it is important to validate whether the problem you’re trying to solve really exists or not. So the problem has to exist and real users should confirm that it does. Customer Interviews and Smoke Tests are often used tools to validate the problem.
#2 Validate Your Solution
To validate the solution, MVP comes in picture. We have already validated the problem and we have a group of people that confirms that the problem exists. Now, we want to test our solution hypothesis and see if there’s a problem-solution market fit. We need to learn as much possible as we can about our customers and their pain points.
#3 Build -> Measure -> Learn
At this point, you have identified the problem, you have identified a solution to that problem and you have a hypothesis about problem-solution market fit. This is the time to create a real product that your target group would love to use. To achieve that, you’ll need an iterative cycle of adding new parts to the product being built, asking customers their feedback and learning from the feedback.
When you understand the foundation – and the building blocks – of MVP as a concept, you get best out of it.
Go get the best out of it. If you want more insights like this, feel free to talk to us. Send an email to us.