The Most Common Mistakes Made While Building Minimum Viable Products and How to Avoid Them
Building a Minimum Viable Product (MVP) is a mandatory step to be made when a company wants to launch its product. An MVP idea is quite simple. You create a product version that includes only those features that are necessary to solve the main problem for users. This step allows organizations to see how their product might look in general. For startups, in particular, this helps analyze potential risks and minimize costs. Yes, the process of building an MVP is challenging but it brings greater value in the long run, if implemented properly.
In the article, we are discussing the most common mistakes encountered while creating an MVP and what can be done to solve them.
1. An MVP with Too Many Features
One of the most common mistakes when building an MVP is adding too many features. This can make the entire process too complicated, and that is something you do not need. It is rather misleading to state that the more features you include into your MVP, the better results you get when presenting that product to potential investors or clients.
Instead, focus on those features that address the key problem your target audience faces. We recommend keeping it simple and creating a product that solves a clear pain point. This way you will not overload your team with developing features that will delay an MVP delivery.
2. Fail to Use Real Users Feedback
Another common mistake is failing to test your MVP with real users. Some entrepreneurs create an MVP based on what they think users want or need, without considering user feedback. This way you might end up building a product that does not meet market demand.
We recommend conducting user testing as early as possible. You can do that by reaching out to potential users, ask for their feedback, and use their insights to build your MVP.
3. Ignoring the Scalability
Next,when building an MVP, organizations create a working prototype without considering scalability. Entrepreneurs often build MVPs that function well in a test environment but often fail to design them in a way that can handle growth and increased demand.
Instead, scalability should be an important aspect of the planning process from the very beginning. Of course, the MVP may not have to be fully scalable at launch. However, architecture should support the future growth of your product. With the help of cloud computing and modular development, you can be sure that your product can grow as demand increases.
4. Failing to Properly Use the Metrics
After an MVP launch, startups, for example, focus on metrics such as the number of downloads or sign-ups. And often they fail to consider whether these metrics actually indicate customer engagement or product-market fit. These metrics can be misleading and take your attention away from what truly matters.
To avoid this mistake, identify the right metrics that will give you real insights into the viability of your MVP. The really important metrics include customer retention rates, user engagement, etc. These metrics can help measure how well the MVP solves the target problem and whether users are likely to return for future updates and launches.
5. Not Adjusting Quickly Enough
Another frequently made mistake is failing to adjust the MVP quickly enough after you collect user feedback. Business owners sometimes go on with their initial version of the MVP for too long, hence, delay necessary adjustments and improvements. This way you miss opportunities, leading to product pausing or failing to even launch.
Once you have gathered the necessary feedback, we advise you to act as quickly as possible to improve the product. Among the most recommended and efficient approaches to do this are rapid prototyping and agile methodologies, which are excellent when you adjust the MVP. You can break down the MVP into smaller components, test them thoroughly, and use feedback to focus on the most problematic parts.
6. Underestimating Marketing
Although marketing today is an essential part of any product, some entrepreneurs often overlook its significance and focus on product development only. Even if you build the best MVP, but fail toestablish a marketing strategy, you may have trouble reaching your target audience.
To create a successful MVP, do not only develop a software, but also work on your marketing strategy. Among the most popular and effective strategies can be pre-launch marketing campaigns, content marketing, and, of course, growing your social media to inform your audience about the product. This way you can build a user base early, therefore, test or validate your MVP faster. If you have an established name in the business world, this step may be easier as you may already have active users of your other products. However, if you are a startup, marketing is always a great investment, which will pay off in the long run as you still need to put effort into getting your name out there.
7. Ignoring the Competition
Never, under no circumstance, ignore your competitors. Although it may seem obvious, many entrepreneurs do that. When you are solely focused on your MVP, ignoring competitors can lead to missing out on insights that could make your product more competitive or help avoid pitfalls others have faced.
So, what can we do? Before launching an MVP, analyze the market. Look at what your competitors offer, how they promote their product, and what user pain points they address. To better meet user needs and stand out in the market, learn everything you can about your competitor’s products, both pros and cons. The more information you get, the more you know how to make your product stand out from the competition.
Conclusion
Building an MVP is a process that is more than just launching a simple prototype. Focusing on your vision without considering other aspects like user feedback, marketing strategies, using the wrong metrics, failing to think about scalability, are very likely lead you to problems.
With the right approach toward continuous improvement, an MVP can become a valuable tool for testing your ideas, gathering feedback, and ultimately launching a product that resonates with your target users and, hence, become a competitive and winning product.
If you are looking for help in creating an MVP that will show you how to win the market, consider partnering with Agiliway and our team will gladly come with the most suitable solutions.