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MVP

7 Questions to ask before you build your MVP

Who asks, doesn't burn money on unsuccessful projects, so if you want to create an MVP that will succeed - keep reading...

Product
author
Natalia Migdal
Marketing Specialist
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"Should your MVP even exist?"

This is the first and fundamental question you should ask yourself before diving into programming work. The catch is that you must answer it honestly. Many projects fail before even taking their first steps, all because it's challenging to answer it realistically when you're the ideator.

Many people may say: "Okay, but I'm building an MVP to get feedback and see if it makes sense." After all, trial versions of applications, products, software, or other services are created for that purpose. However, before asking your potential customers: "Does this make sense?", you must ask it yourself!

Question 1: What problem does your MVP solve?

The best digital product is one that solves users' problems.

Therefore, you must ensure that your MVP solves a "serious" enough problem to convince potential users to use your service or switch from another product to yours simply because it is better.

Be specific - what problems do your potential users have?

Dive into the specific problems of your target group. The clearer you define them, the more likely your MVP will be successful.

Example:

Industry: Healthcare
Problem: Difficulties in renewing prescription medications
Solution: Users with chronic illnesses may experience inconveniences related to renewing >prescriptions for regularly taken medications. The MVP can simplify this process through >features such as automatic prescription renewal, proactive notifications, or an online panel >for easy prescription management.

Industry: Education
Problem: Difficulty in collaboration on group projects
Solution: Students often encounter issues when collaborating on group projects, such as >coordinating graphics or sharing necessary resources. The MVP can be a platform for >collaboration with integrated planning tools, file sharing, and communication features >tailored to group work.

The best tool for identifying Pain Points will be conducting surveys and interviews. Also, examine competitors' opinions about their solution. This will help you identify gaps that may determine the success of your MVP.

Question 2: Who is your target audience?

Another critical question you should ask yourself is: "Who is your MVP targeting?".

If you incorrectly identify the target audience, later research may prove futile. Therefore, we suggest presenting your idea to at least 20 people early on to gather data on:

  • Their feelings about your project
  • Any reservations they may have
  • Their requirements
  • What is missing entirely
  • The order in which you should develop specific features

Question 3: How will you measure success?

In the startup world, you often hear about OMTM (One Metric That Matters). This refers to the practice of focusing on a single key performance indicator (KPI) or metric considered most crucial for the success of the venture.

The concept of OMTM stems from the belief that by concentrating efforts on one key indicator, teams can unify goals, make more informed decisions, and more effectively measure success.

The OMTM approach is particularly valuable in situations where there are many metrics to track, but choosing one dominant metric can provide clarity and help guide a strategic approach.

Example:

An e-commerce startup may identify conversion rate as its OMTM, focusing efforts on improving the percentage of website visitors who make a purchase. By concentrating on this one metric, the team can optimize efforts and more effectively assess the impact of implemented changes.

Question 4: What is your market entry strategy?

Have you thought about how you will introduce your MVP to the world? If not, time is now. If no one knows your product exists, how will it fulfill its function? Consider distribution channels and marketing strategies that will help you find your potential users.

Question 5: What is your scalability plan?

Considering that your MVP will be successful, how do you envision future development?
Remember to consider factors such as:

  • Market demand, the growth of popularity, or industry trends that may affect the number of users using your solution
  • Scalability of your technological stack, servers, databases, etc.
  • Performance issues, data processing delays, or constraints in the envisioned architecture
  • Evaluate whether customer support systems and internal procedures can be effectively scalable
  • Security measures and compliance with relevant regulations

Question 6: Do you have the tech stack to create an MVP?

Bringing a business idea to life is a significant challenge. Rarely can you achieve full potential on your own. In most cases, success is associated with the commitment of a team consisting of experts with complementary skills, capable of managing various project areas.

If your team lacks technical skills and technological stack, you and your startup may need a professional Software House to create the MVP from scratch. It is best to choose to collaborate with a company that has experience in creating MVPs and launching them into the market. This will help you gain knowledge in areas that may be new or incomprehensible to you.

We encourage you to start with a free consultation, which will help you direct your idea. You can find such consultations here > https://muchmore.pl/en/consultation

Question 7: What is your budget and timeline?

Define your budget and the timeframe in which you want to release your MVP. Create a list of all costs, trying to be as realistic as possible. From experience, we know that many companies are unaware of how many factors contribute to building any digital product.

Conclusion

Implementing a business idea requires not only creativity but also sincere self-assessment, preparation for development, and readiness to dynamically adapt as work progresses. Therefore, before starting the product creation process that has been lingering in your mind for a long time, get involved enough to avoid later regrets due to poorly made decisions at the very beginning of the development path.