After having read what this MVP is about, now you are surely wondering how you can carry it out and, above all, how to do it effectively.
Although there is no standard or default method for this, there are basic steps you must follow for the MVP to be successful. Go for it:
There are thousands of business model schemes or “canvases” that you can use to map the relevant factors to develop your MVP. Among them are the characteristics of customers, unmet needs, your value proposition, metrics, etc . This does not mean spending too much time preparing a market study, because you will surely end up modifying the content of the scheme once you have contact with customers. In addition, it is about learning about the product as quickly as possible.
We recommend that you watch the following video from Google Developers where you can see one of the schemes adopted by many entrepreneurs called ” MVP Design Canvas ” to develop their Minimum Viable Product or the following about another of the most popular models called ” Lean Canvas “.
- IMPORTANT : It is relevant to emphasize that a Business Model is not the same as a Lean Canvas . Let’s say that a Lean Canvas is the previous step to the Business Model, since in the latter it is assumed that the solution to the market problem has already been validated, unlike the Lean Canvas where it is unknown if our hypothesis is effective or not.
Go to the street to check your canvas and evaluate the competition
Once you have your ideas defined on the canvas, it is important that you check with your target audience or potential clients if the problem you are posing and the solutions for it are really what they need . In this step you will realize that perhaps the perception you had of the market was not correct and may even lead you to obtain more ideas to pivot the business you had in mind.
In addition to chatting with future customers, consider finding out a little more about your competition now that you have a better idea of the market need. Test their products, investigate what they are doing, their prices, their value proposition, so that you can differentiate yourself from them and improve your strategy.
Restructure the canvas and build your MVP
Now with all the ideas clear, you have to return to the canvas and replace what was originally written with what you have collected in your research. Take into account all the factors and identify very well what the essential function of the product / service is to make it your MVP and receive customer feedback .
Receive feedback, measure results and decide
When you launch your MVP you must be aware of the behavior of your target audience . They like me? How did they behave with the product? Are you willing to pay for it? Do you have any suggestions? What do you think can be improved about the customer experience? Measure everything you can, more with actions than opinions, and determine if you can finally continue developing the product / service or if you should stop and pivot.