Analytics technology has become a very important part of the product development process. If you are serious about starting a successful product-based business, then you need to use analytics technology to help make sure that your business model is successful.
For you not to lose everything you work on or to enter the market quickly, it is good to use special tools that have a variety of analytics capabilities built into them. One of these tools is Minimum Viable Product, or MVP. In this article, you will learn more about the essence of MVP, how to build and develop it easily, and some extra tips that you may require in the future. You will also understand how to use analytics technology to make the process more efficient and improve product quality.
What Is MVP?
Minimum Viable Product is a special technique or a tool that helps creators of startups to get feedback on their products without financial losses. They use it to find and analyze the target audience and the market itself.
MVP has different forms, based on the product it represents. A bright example is demo versions of games, apps, or websites. They include all features that help customers go through their journey in a test mode. Such a version of a product helps to examine it and get feedback from demo testers. It presents the developers of a product and pros and cons. After such testing, developers know exactly what they need to change or upgrade in order to release their product on the market successfully.
MVP Development
The development of such a thing as MVP may seem rather complicated and full of difficulties. However, you shouldn’t worry, because you are working with specialists. The Purrweb’s developers know exactly what to do to develop a Minimum Viable Product. Here you can also find answers to the most common questions connected to the MVP development process.
| A question | An answer |
| How much time is required to build an MVP? | This process requires three months to develop a fully functional MVP. |
| How big is the budget for the development of the MVP? | The budget limit of such a project is $40.000. |
| Is MVP the same as a prototype? | No, prototypes are usually just a set of sketches and on-paper calculation. MVP operates as a real product with limited functions, which helps to test it. |
How Can You Build a Minimum Viable Product with Data Analytics?
Some people say that building an MVP is a useless task. They say that it requires too much effort and rarely brings desired results. It can be so if you go the wrong way or take incorrect steps. There are special models which help to make the building of MVP faster and more effective. One of these models is named “SIMPLE”. Based on the first letter of each step, it is broadly used among developers around the globe.
Data analytics technology is very important in this process. There are a lot of great reasons to use data analytics for creating digital products. Data analytics can be equally useful when it comes to developing physical products to bring to the market, but you need to be more diligent about using it.
Here is a quick guide to using data analytics in the MVP development process. Let’s look through these steps which will let you build your Minimum Viable Product without any difficulties:
1. Start with Market Research
According to the CBInsights research on startup failures, 42% of them happened because of the lack of market need. It means that their product or service wasn’t demanded on the market when they emerged. How to avoid the same destiny?
Use market data analytics to understand the current situation on a market. Before starting a new project, you need to find out what is popular on the market and who are your potential competitors. Such an action can prevent your product from becoming a failure.
2. Ideate on Value Addition
Determine what kind of value your product has. What can it give to users? Why should anyone use your product? By answering these questions, you’ll be able to determine the values of your product and use them to develop it.
Analytics tools can help you identify new features that could make your product more appealing to your target market. They can use data from other products and see how the market has responded to various features.
3. Map Out User Flow
Look at your product as if you are a user. Do you like its design? Is it easy to use and/or understand it? When you answer several questions like that, you can get an almost complete map of what needs to be changed or developed in order to make your product better.
This is one of the most important benefits of data analytics for promoting new products or making the business model better. You can look at customer data and use analytics tools to see how satisfied they are with various aspects of the funnel.
4. Prioritize MVP Features
In this step, you should ask yourself about the features of your product. What can you propose to your customers or users? Does it bring any benefits to them? After this, you can prioritize the features of MVP in order to understand what you can offer and in what form.
5. Launch MVP
After analyzing market needs and determining MVP’s features, the showtime comes. You can launch your MVP and wait for the first feedback.
- Build, Measure, Learn!
This step is the heart of the whole project. After you launch MVP, you should study the results of feedback and understand what you need to change. It is essential that this step is completed because it can strongly affect the success of the whole product.
Tips to Move from Minimum Viable Product to Full-Scale Product
When you realize that your MVP brings you what is required, you can try to change it to the Full-Scale Product. Such a product is the next step of your product development. It can be launched when you offer a completed commercial product for a national or world market. Here you can find some tips which will help you move from MVP to Full-Scale Product without any losses or extra difficulties:
- Collect Feedback
Gather and analyze the data from users you get after the launch of MVP. It will help you understand what is wrong with your product and how to improve it.
- Prepare to Scale
Scalability is an unavoidable process. Lots of startups fear it because they don’t feel ready. Prepare yourself for a big number of users so that you don’t face difficulties in the future.
- ● Get Your Pricing Right
Even when you launch MVP, you should inform your users about the real prices. It will automatically show you who is ready to pay and why.
- ● Don’t Shy Away from Marketing
Marketing is a powerful tool that can turn even the most senseless thing into a masterpiece. So don’t be shy about using different marketing tools. It will help you get new users and the feedback you require.
Analytics is Essential for MVP Development
MVP is not about gaining immediate profit but finding your audience and studying its actions and total activity. Development of MVP saves your resources and time, providing an opportunity to gain more in the future. You can use data analytics to improve the process considerably.
When you decide to develop your MVP, you need to create your business hypothesis, identify the main features of MVP, and think about your target audience. Still, the most important thing is to find the right MVP Development company. By making the right choice, you save material, time resources, and nerve cells. Now you know everything you need to become a part of MVP’s development journey. It is not going to be easy, but it will give you the best thing possible – a chance of your product’s success.