MVP stands for Minimum Viable Product. It is a product development strategy in which a basic, stripped-down version of a product is developed and released to market with only its core features, just enough to satisfy early adopters and gather feedback to prepare a future policy.
The goal of an MVP https://ralabs.org/prioritizing-features-for-mvp/ is to test a product idea using the minimum amount of effort and resources while authenticating its potential for success in the market. An MVP is mainly used by startups and entrepreneurs to quickly experiment with their ideas and get user responses before investing significant time and resources in a fully-featured product.
Importance of MVP:
Building an MVP is essential; first, it gives liberty to startups to test their product and determine whether there is a market for it instantly and cost-effectively.
By releasing an MVP with only the primary features, businesses can gauge customer interest and have public feedback that can be used for further developmental improvements. Nowadays, each startup utilizes this technique to save huge money by figuring out its flaws and reducing the risk of building a product that doesn’t solve customers’ problems.
Second, an MVP helps businesses get to market faster. Developing a fully-featured product can be time-consuming and expensive, and it’s predicting how long it will take to build and launch is often tricky. By focusing on the product’s core features, an MVP can be developed and launched in a shorter amount of time.
Finally, an MVP https://ralabs.org/prioritizing-features-for-mvp/ provides businesses with a complete test report to iterate and improve their product over time. Based on the feedback, startups can identify improvement areas and make product changes based on customer needs and preferences.
Steps to prioritize features of MVP effectively.
- Brainstorm a list of all potential features for the product.
- Categorize the features into groups based on their importance, such as “must-have,” “nice-to-have,” and “low priority.”
- Assign a numerical score to each feature based on its importance, with higher scores indicating more significant matter. You can use a scale of 1-10 or 1-5.
- Consider the impact of each feature on the user experience, such as whether it solves a critical pain point or makes the product more enjoyable to use.
- Analyze each feature’s feasibility, considering factors such as development time, technical complexity, and resource requirements.
- Prioritize the features based on their scores, impact on user experience, and feasibility.
- Look for user feedback and preferences when finalizing the prioritization of the features.
- Create a roadmap for developing and releasing the features based on their priority, considering timelines and resource allocation.
- Monitor user engagement and feedback after releasing the product to determine if the prioritization of the features was effective and make adjustments as necessary.
How many features should MVP have?
The number of features an MVP must depend on the specific product, target market, and the problem it aims to solve.
However, as a general guideline, an MVP should have only the essential features necessary to demonstrate the product’s core value proposition and solve the primary pain points of the target users. It means that an MVP should have no more than 5-7 core features that are critical to the product’s functionality.
MVP features list.
These are some examples of MVP features for different types of products:
Mobile app MVP:
- Login and authentication
- Basic user profile creation
- Key features that demonstrate the app’s core value proposition
- Basic navigation and user interface
- Minimal design and branding elements
- Catalog of products
- Search and filtering capabilities
- Shopping cart and checkout process
- Payment gateway integration
- Basic user account management
Social networking MVP:
- User registration and authentication
- User profile creation and editing
- Basic social networking features, such as posting updates, following other users, and comments
- Notification system
- Messaging system
- User registration and authentication
- Key features that demonstrate the software’s core value proposition
- Primary navigation and user interface
- Core reporting and analytics capabilities
- Main customer support features
Again, startups should be more focused on noting that the features of an MVP should be limited to the essential components. Don’t overdo it. It might surpass your budget and may face negative results.
What are the common mistakes to avoid when building an MVP?
These are the common mistakes that you must prevent while creating an MVP structure.
Including too many features: The whole point of an MVP is to create a product with minimal features that solve a specific problem. Including too many features can make the product too complex, increase development time, and distract from the core value.
Not understanding the target market: It’s crucial to understand its pain points, preferences, and behaviors to develop an MVP that provides value and resonates with the target audience.
Overestimating user feedback: Even though user feedback is essential, remember that the early adopters do not represent the broader market. Relying solely on early user feedback can lead to incorrect assumptions about the product’s potential success. This is why you be proactive and keep an eye on each aspect.
Ignoring the importance of design: Most organizations don’t pay heed to the design and keep working on other aspects. Whereas design plays a significant role in user experience and perception of the product. Ignoring design contributes to a poorly designed MVP that fails to attract and retain users.
Failing to have a clear vision and roadmap: A clear vision and roadmap are essential for an MVP’s success. Without a clear development plan, it becomes challenging to prioritize features, allocate resources, and measure progress.
How to price your MVP?
Pricing an MVP might be difficult since the product is still in its early stages and may lack some features and polish of a full-fledged product.
However, you can get an idea from the following points to manage your pricing.
- Consider the value of your product.
- Provide it to the target market.
- Set a price that reflects that value.
Cost-plus pricing: Calculate the costs of developing the MVP and add a markup to set the price. This type of pricing is helpful when the development costs are high, and you want to ensure profitability.
Competitive pricing: To outrank others. Research competitors’ prices and fix your price accordingly. As a new product owner, you can grab people’s attention by turning them into prospects to ultimately your customers. The more the price is competitive, the higher the chances of success.