The concept of developing a Minimum Viable Product (MVP) is well-documented in numerous reputable sources. However, this approach is not static; it continually evolves with the emergence of technological innovations that can not only expedite the verification and launching of ideas but also become standout features in their own right. For instance, generative AI can assist in validating ideas of an MVP, while concurrently being incorporated as a key component of the service. Let’s explore how creating the process of MVP development can be significantly enhanced these days.

Step 1. Define the problem

Before understanding how to build an MVP itself, it is crucially important to first define the specific problem the product aims to solve and identify the target audience for whom it is intended. This initial step is essential to avoid the fate of numerous failed startups that did not sufficiently address the needs of their audience and were disconnected from reality.

To define the problem, start by asking yourself the following questions to fill in the template:

For instance, consider the example of the McDonald brothers who recognized the issue drivers faced in finding affordable, simple, and quickly accessible snacks while on the go. In response, they developed a revolutionary fast food system that emulated a factory model, where each worker had a specific task, resulting in an expedited process. However, they didn’t kick off successfully right from the start; it took them a while to formulate their Speedee Service System which started a whole new trend in the restaurant industry.

Discussing applications, a good example is Spotify, which sprinted to prominence during the digital piracy crisis within the music industry. Its innovators identified the issues of illicit music downloads and consequently birthed a legal streaming platform. This service provided an avenue for affordable and expedient access to an extensive music library. To listeners, it addressed the problem of acquiring costly albums or wrestling to locate trustworthy free downloads. On the side of artists and record labels, it unveiled a fresh source of income and a method to counteract piracy.

By adhering to the step of defining the problem, you can gain a deeper understanding of your target audience’s needs, enabling you to customize your product to address these needs effectively. You can employ generative AI dialogue as a tool to validate or slightly modify your product idea. However, ensure that you have provided accurate premises to the AI for the best outcomes.

Step 2. Outline the target audience portrait

While we previously discussed the specific group of people we were targeting, creating a more comprehensive and detailed study of the target audience is vital for effectively building your MVP. This in-depth analysis is important for answering the question of how to build your MVP correctly.

A target audience description focuses on characteristics, although it is not as comprehensive as a target market, which includes not only the main group of customers but also their surroundings. For instance, significant others may potentially purchase a subscription to your app as a gift for their loved ones. On the other hand, a buyer persona is an imaginative representation of your ideal customer, encompassing detailed attributes, behaviors, and motivations. It helps to humanize your target audience and gain a deeper understanding of their needs and preferences.

In terms of defining your target audience, you likely have an idea of the prospective group interested in your offerings, since every product idea is born from the need to solve a specific problem. However, instead of having an app to track traffic and adapt to its users, it can be immensely beneficial to initially study your competitors’ data. This can be easily achieved with marketing tools that are easily accessible.

Once you’ve understood the demographic characteristics of your target audience, such as their age, gender, and profession, it’s time to engage in direct conversations. This approach is known as customer development interviews, or in-depth interviews, and is designed to identify the pain points of your audience. At this juncture, a generative AI can prove to be a powerful tool, especially if you’re uncertain about the questions to pose.

Step 3. Hold a SWOT analysis

Performing a SWOT analysis is a crucial step in the development of an MVP as it allows you to thoroughly evaluate the strengths, weaknesses, opportunities, and threats of your product idea. This analysis provides valuable insights that can guide your decision-making process and help you refine your MVP to better address the needs of your target audience.

To conduct a SWOT analysis, follow these steps:

Identify strengths. Determine the unique features, capabilities, or advantages of your MVP. These could include technological innovations, expertise in the industry, strong relationships with suppliers or partners, or a unique value proposition.

Assess weaknesses. Analyze the potential limitations or drawbacks of your MVP. This could include gaps in resources or skills, technical challenges, lack of market knowledge, or potential vulnerabilities that may hinder your success.

Identify opportunities. Identify external factors or trends that present opportunities for your MVP. This could include emerging technologies, changes in consumer behavior, market gaps or untapped niches, or potential partnerships or collaborations.

Evaluate threats. Identify potential obstacles or challenges that can pose threats to your MVP. This could include competition from existing or emerging players, changing market dynamics, regulatory or legal challenges, or shifts in customer preferences.

By conducting a SWOT analysis, you can gain a clear understanding of the current landscape and make informed decisions about how to build your MVP. This analysis can help you capitalize on your strengths, address your weaknesses, leverage opportunities, and mitigate threats. It is essential to regularly revisit and update your SWOT analysis as the market and your product evolve.

Example of a SWOT analysis for the mobile app ideas mentioned earlier:

• Utilizes generative AI to provide personalized recommendations
• Offers budget-friendly solutions for specific room or corner designs
• Provides user-friendly interfaces and step-by-step guides
• Targets a niche audience interested in specific area improvements

• Limited resources for marketing and scaling
• Lack of brand recognition or customer base
• Potential technical challenges in implementing generative AI

• Growing interest in DIY home improvement and decor
• Increasing adoption of mobile apps for home design and decoration
• Collaborations with interior design professionals for added expertise

• Competition from existing home design apps and services
• Changing consumer preferences and trends in home decor
• Regulatory or legal challenges related to privacy or data protection

By carefully analyzing and considering these factors, you can make informed decisions about the design, features, and positioning of your MVP. The SWOT analysis will serve as a valuable roadmap for further development and refinement of your product idea. This step can be effectively supported by leveraging the power of AI, although it’s important to note that AI may not always possess the most up-to-date market information. In such cases, incorporating the assistance of analytics can be beneficial. By combining AI capabilities with in-depth market analytics, you can ensure a comprehensive understanding of the market landscape and make informed decisions for your MVP.

Step 4. Select the essential features

To ensure that your MVP effectively meets the needs of your target audience, it is crucial to carefully select the key features for the initial release. These features should directly address the core problem or need that your product aims to solve. For an app dedicated to room designing, the following features can be considered essential:

Room layout design tool. Provide users with the ability to easily create and customize room layouts according to their preferences and needs.

Furniture and decor selection. Offer a wide range of furniture and decor options for users to choose from, allowing them to visualize different styles and arrangements within their rooms.

3D visualizations. Enable users to view their room designs in realistic 3D renderings, providing a better sense of how the final result will look. Augmented reality is definitely a trend.

Save and share designs. Allow users to save their designs for future reference and share them with others for feedback or inspiration.

Customization options. Provide users with the ability to customize additional elements such as wall colors, flooring, and lighting to create a truly personalized room design. Elevate the experience for nostalgic millennials, bringing the iconic essence of the Sims game into their real-life environments.

These features represent the minimum viable product, and additional features can be added in future releases based on user feedback and market demand. While features like in-app purchasing, social media integration, and advanced design tools may be considered for future development, they may not be necessary for the initial release. It is crucial to prioritize the key features based on their importance and relevance to the core problem your product seeks to solve. By focusing on these essential features, you learn how to build an MVP that effectively addresses the needs of your target audience while keeping the development process efficient and focused.

Step 5. Find a reliable development partner

Creating an MVP often necessitates a diverse team of designers, developers, UX/UI experts, and project managers. It’s crucial to select a reliable supplier unless you have the necessary expertise and resources in-house to bring your MVP to fruition.

While selecting a supplier, seek a team with prior experience in MVP development and a track record of successfully completed projects. They should also comprehend your target market and the industry you plan to enter. To gain insight into their ability and work ethic, be sure to examine their portfolio and ask for client reviews. Among sources that have robust verification processes to ensure the authenticity of reviews are:

• Google reviews
• Clutch
• Glassdoor
• GoodFirms
• Yelp
• Better business bureau
• Trustpilot

Also, consider the supplier’s communication and project management tactics. Regular and clear communication is crucial for keeping the project on schedule and meeting deadlines. A supplier that employs agile methodologies can provide a tremendous benefit, allowing for versatility and continuous advancements throughout the development process.

Finally, ensure you have a clear understanding of expectations, deadlines, and budget before entering into a contract. A dependable supplier will work closely with you to comprehend your vision and offer affordable recommendations for MVP development.

Consider asking the following questions to your potential development partner:

1. What experience do you have with MVP development? Can you share examples of MVPs you’ve created in the past?
2. How well do you understand my industry and target market?
3. Could you provide references from previous clients for whom you’ve developed an MVP?
4. Can you walk me through your development process, from the conceptualization stage to final product delivery?
5. How do you handle project management? Do you follow agile methodologies?
6. How often will we communicate and what form will this communication take?
7. How would you go about understanding and implementing my vision for the MVP?
8. What are your cost structures and payment terms?
9. How flexible are you with changes or pivots during the development process?
10. Will you provide post-launch support and iterations based on user feedback?

Anyway, the goal is to find a partner who knows not only how to build your MVP but also understands your vision, providing critical input throughout the process.

Nevertheless, if you’re planning to build everything on your own, there is another trend that’s been here for some time which is low-code and no-code tools. The following are the noteworthy ones:

However, outsourced suppliers often provide customized prepackaged solutions that can be both cost-effective and quick to launch. For instance, at Ronas IT, we’ve developed an e-commerce rapid builder. This tool provides all the essential functions for launching an e-commerce application, while still allowing for the creation of a unique design.

Step 6. Launch and develop further

Once your MVP is developed, it’s essential to plan for and execute a successful launch. This involves creating a marketing strategy to reach your target audience, generating buzz and excitement for your product, and effectively communicating the value proposition and features of your MVP.

Utilize the power of social media to connect with your target audience, engage with potential users, and promote your MVP. You may also want to consider partnering with relevant publications, influencers, or YouTubers in your niche to reach a broader audience.

It’s vital to track and analyze user feedback and analytics after launch to identify areas for improvement and iterate on your MVP accordingly. This continuous cycle of launching, collecting feedback, and making improvements will help your MVP evolve and grow into a successful product.

Additionally, it’s important to have a further roadmap in place to anticipate and manage future costs and resources needed for further development and scaling. This includes forecasting user growth, potential revenue streams, and budget allocation for marketing and updates.

Wrapping up

Developing an MVP requires thoughtful planning and meticulous execution. Understanding the target audience’s needs, outlining the problem that your product aims to solve, choosing the essential features, conducting a SWOT analysis, and partnering with a reliable development team are all essential steps in the MVP development process. Implementing technological advancements can further enhance your product, so looking at what everyone is talking about is essential. Once the MVP is launched, user feedback and market analytics are vital to refine the product and ensure its continued relevance and success.

If you are unsure about how to build an MVP, we can help guide you through the process at Ronas IT. We specialize in guiding clients through this intricate process, backing every step of the way from the initial conceptualization to successful product launch. Click the "Get in Touch" button below and start your journey towards realizing your product vision with our team.