Steer Clear Of These 5 Mistakes To Develop A Successful MVP

Bringing a new product to market requires time, money, and effort. But what if your product fails once it hits the market? The solution to that dilemma is MVP development. An MVP (Minimum Viable Product) helps you test out your idea while expending minimum time, money, and effort. This is why MVP development is extremely popular among entrepreneurs who know what they are doing. 

It might be tempting to think of your MVP as a blueprint for your dream. But be careful. While your MVP can surely become the blueprint for your dream product, there are many pitfalls on the way. Building a successful MVP is no mean task and anyone who fails to take it seriously stands to fail. Quite a few MVPs have failed due to reasons like inadequate research, inability to solve a problem, or being too crammed with features. Let’s learn from the mistakes of those who came before us. Avoid these 5 mistakes when developing your MVP: 

1. Making Your Product Too Basic

By definition, an MVP is the most basic version of your digital product. We agree with that but that doesn’t mean you can cut out the core features of your product. If you decide to avoid any of the core functionalities of the app, you end up with too little. Remember, your MVP is the Minimum ‘VIABLE’ Product. It should be viable, that is, it should be capable of working successfully. You cannot launch an unfinished product that is incapable of working successfully. Essentially, what we are trying to say is that you can strip down your product to just the basic functions, but make sure you don’t end up accidentally cutting out some functionality that solves a customer pain point.

How to Avoid Making this Mistake: Your digital product should have minimum features but the maximum possible value. Keeping this in mind, create a table using MoSCoW prioritization. The table should look like this:

Must have	Should have	Could have	Won’t have

In the ‘Must have’ column, note down those features that are essential for the successful functioning of your product. These are the features that cannot be avoided.

In the ‘Should have’ column, note down those features that are important but not essential. After launch, you might have to modify this column to accommodate customer feedback. 

In the ‘Could have’ column, note down those features that will be nice to have but are not really important. 

All the features in the ‘Must have’ column are to be included in your product. These features are essential for the proper working of your MVP. So make sure to convey these to the team whose MVP development services you are availing.

The features in the ‘Should have’ column can wait till your next iteration. You can add these then but only after considering your customer feedback. 

The features in the ‘Could have’ and ‘Won’t have’ columns are to be avoided. Your MVP does not need these features. That might sound harsh but having all those features will defeat the purpose of building an MVP. After all, an MVP is a basic version of your product.

2. Feature Creep

Sounds fancy, doesn’t it? This is a mistake that happens when you are shortsighted about your project. Simply put, a feature creep is when too many features creep into your product. Instead of sticking to the core functionalities, new features are added. This often happens when you try to solve more than one problem for your customer. Think back to an art project you did as a kid. You kept adding tiny designs and flourishes just to make it more beautiful. The result is a crammed piece of work that is too distracting for anyone who sees it. Similarly, your customers will find your product too confusing if it has too many features.

How to Avoid Making this Mistake: Focus on the core functionalities of your product. Avoid all other features. You can do this by using the MoSCoW prioritization table we mentioned above.

3. Not Pivoting

One of the benefits of building an MVP is having the opportunity to pivot at any time in the development journey. So if you are not making use of that facet of an MVP, you’re wasting its potential. A pivot is a change in direction that can be made in response to market feedback. To put it more accurately, pivoting is changing or modifying your initial hypothesis to better suit customer needs.

How to Avoid Making this Mistake: An MVP offers you an opportunity for data collection. Use this data to determine whether your product is solving a customer pain point, generating revenue, and standing out among the competitors. If the data is positive, you can persevere with your product. On the other hand, if customers are not satisfied and you are not generating any income, you should pivot. Listen to what your customers are saying. This will give you pointers on how to improve your product. Ask yourself these questions: Do I need to reconsider the technology I am using? Do I need to replace a feature with another? Customer feedback can help you answer these questions. Once you have decided what to change, take action without hesitation. Or if you are finding it hard to come to a decision on your own, consult an expert for guidance on the MVP development process. A minor pivot could be the only thing stopping your product from being the next big thing. 

4. Analysis Paralysis

When you have a decision to make, you might find yourself overanalyzing it. You think about it so much that you end up finding it difficult to come to a decision. This is what we call analysis paralysis and it happens to a lot of entrepreneurs. You want your product to be perfect, so you keep tweaking it and you are never satisfied. You keep thinking if it is good enough for your audience. But the truth is that you don’t have to make it perfect. An MVP is not meant to be perfect. In fact, trying to make it perfect can ultimately end up delaying your launch.

 How to Avoid Making this Mistake: Set up a clear schedule as soon as you start planning your MVP. This schedule should have specific milestones for each stage of development. This schedule should also outline a tentative launch date. Once this is done, you have to hold your team accountable to the schedule. This will prevent you from spending valuable time making changes and constantly tweaking your product. Any improvements you want to make can wait until after the MVP is launched.  

5. Not Hiring the Right Team

Building an MVP requires a skilled and experienced team. Not hiring the right people can hinder the success of your product. If the team you hire fails to align with your vision, your product is bound to fail. Similarly, hiring an inexperienced MVP development partner can lead to unexpected setbacks and delay your product launch. 

How to Avoid Making this Mistake: Instead of hiring a group of freelancers online, consider hiring a dedicated MVP development company. Look for companies who have experience working in your industry. You should also prioritize hiring a flexible team that is open to feedback. Only a well-coordinated team can lead you to success.  

Conclusion

Bringing a new product to market is challenging, but developing an MVP can make it easier. But to build a successful MVP, you should avoid making your product too basic or crammed with features. Use tools like the MoSCoW prioritization to focus on what’s important and don’t be afraid to pivot based on customer feedback. Also, take care to avoid analysis paralysis by setting deadlines and sticking to them. Lastly, hire the right MVP development company in India to bring your product idea to life. Following these steps will help you steer clear of common mistakes and build an MVP that successfully tests your hypothesis and paves the way for your dream product. Remember, the goal is to learn and improve. Be patient, decisive, and open to feedback. Your dream product is within reach.