3 effective tips to achieve the ideal MVP

How to conceive an accurate MVP?

It’s recommendable to validate that product idea with a mapping of stakeholders and a Product Discovery process that helps get a more structured idea of what the product is, defining the MVP accurately, avoiding future failures and, over a long period of time, improving the project with a high level of innovation.

A common mistake when it comes to building an MVP is centering only on functionalities I want it to have while forgetting other elements that must be considered such as reliability, usability and design that attract or thrill future clients.

The sooner you know if your product is interesting to your objective public, the less effort and money you will invest. The MVP is a useful parameter to:

- Make adjustments

- Postpone the product the launch date 

- Suspend promotion until it aligns with market needs

The MVP is useful for driving a work team to invest the minimum effort in exchange for productive feedback. Steve Jobs would say: «Deciding what not to do is as important as deciding what to do». This applies to clients and market segmentation. For this reason it’s important to build a Minimum Viable Product to satisfy a specific need and solve pain points.

What do you need to do to achieve an MVP that exceeds expectations?

It all boils down to four words: Build, measure, learn and accelerate. How to apply them? We’ll teach you!

1. Build your ideas

First, create a hypothesis you want to verify and define your metrics for procuring the information that will help you achieve that. With this, you will get the Minimum Viable Product you need to measure, learn about your hypothesis and repeat the process.

Determine if the product you are going to launch is both minimum and viable. Ensure that the version of your product has the necessary characteristics or solving the problem affecting the market.

For your product or service to be viable, it needs a real interaction with the market.  For example, if you sell cars, simply launching a new tire won’t solve any needs, nor does it carry the minimum characteristics needed to validate it.

During this stage, continually produce small batches. Your hypotheses should be varied, start by responding to the question of whether there is a group of users with the problem your product seeks to solve.

If the answer is negative, your startup has a problem. Therefore, you need to rethink everything. If the answer is affirmative, you have completed the next step towards success.

2. Measure performance

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During this stage, you need to execute small tests of the product to verify your hypotheses. Establish value metrics that allow you to assess the results of your tests. Measuring and analyzing these key indicators is one of the main factors on which the success of your MVP and your business will depend.

Obtaining value metrics lets you learn from your actions. Choose actionable metrics, meaning metrics that clearly demonstrate the direct causal relationship and which are adequate for your kind of project.

3. Learn from the gathered data and accelerate 

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The results stemming from measurement allow you to integrally construct your Minimum Viable Product. By relying on the analysis of the new information, you create a new iteration that will lead you to the set goal.

This stage of analysis is when you make the adjustments necessary for aligning with the market needs. Based on the results, if your hypotheses were confirmed, accelerate, which means if you did the right thing, keep doing it with a stronger impulse and scale up. If not, modify what is not working, set new hypotheses and go out to verify them with a new MVP.