It helps to test an idea’s viability, and it paves the way for product managers to focus on features that will help them achieve product success. It is about identifying the needs of your target customer. This article can be used as a step-by-step guide to help you create the best MVP development roadmap for any new idea, regardless of whether it’s for mobile app development projects or another type of product idea.
What is the minimum viable product?
A minimum viable product is the first product version that has the minimum features necessary to prove the product’s viability on the market. This allows early adopters to test and evaluate the product.
The minimum viable product’s objective is to assess the value of an idea and develop it with minimal effort. This helps you understand your customers’ needs and how they react to your product’s features.
It gives you an opportunity to verify your initial assumptions. Once the minimum viable product has been created, the user can use it. You can improve it by collecting data and getting feedback. The question is: What features should be included and what criteria should you consider when defining MVP?
Why should you build a minimum viable product?
Did you know that 90% fail start-ups? This is due to a few factors. This could be due to running out of money, not doing enough research, or entering the wrong markets. The MVP development process can reduce these risks.
Product development begins with assumptions about users and their actions. This guide will help you validate your assumptions by guiding you through the MVP development process. This is an iterative process of development, measurement, and learning that helps to validate expectations to ensure things continue to improve.
The product is built with core functionality and then you give it to the users. You then collect feedback from users to gain insight into their experiences with the product. This feedback is used to improve the iterative modeling that aids in the decision-making process.
This stage is crucial in helping you decide on the aspects of your product that you will focus on in the next phase of the product cycle.
Also read: Top 10 Product Management Tools and Software
What are the immediate benefits of creating an MVP?
As we have already mentioned, the primary benefit of minimum viable products is that they help quickly realize their value and validate many of your theories. This framework also has some immediate benefits:
- It increases the chance of the product’s success in the early development stage, which improves the confidence of stakeholders/investors.
- Based on the reaction of your target audience to your MVP via user value, you can alter the direction of your product’s business.
- This will allow you to determine if your product is validated by the market.
- It will help you to plan the strategy for monetizing your product.
- This is a great way to reduce development costs, as opposed to releasing a full-fledged product that has high development costs and takes years.
Checklist to create a minimum viable product roadmap
We have provided the roadmap for an MVP. The MVP roadmap checklist contains many important points. Let’s get started.
- Identify the actions or jobs to understand the customer’s business needs.
- Discover the opportunities – Clearly outline the customer journey
- Use to create a pain-and-gain map for every action to determine the user value
- Choose the feature you want to add to your application.
- Develop and launch your minimum viable product
It takes time to create a roadmap that will help you build your MVP. It is possible to achieve this by simply following these steps.
Determine your business and market needs for the product roadmap
This is the first step in creating a minimum viable product roadmap. You should first ask yourself if the product is necessary. What problems will it solve, if so? When planning a minimum viable product, you must conduct thorough research.
The next step should be to establish the long-term goals as well as the success criteria for the product. Metrics cannot be created without goals and success criteria. A high adoption rate could be one example of success criteria.
This is the most difficult part of the process. It requires extensive research on your target market, audience, and competitors. You can have internal or external product requirements.
This can be done with Value Proposition Canvas
This is the basic model to ensure that your product positioning is based on customers’ needs and values. This is essential to ensure that the product launches successfully.
Also read: What is Prototype Development A Full Guide?
Outline the Customer Journey for the product roadmap
Identify end-users to create a roadmap for MVP. This can be done by defining user journeys. When you do this, think about how the user will use the product to get the most value.
This step is different from the previous one. The focus should be on:
Identify the target customer
You can identify the target customer and get a better understanding of their needs and what actions they take in order to achieve that product.
It’s always a good idea to do two things in order to identify the target customer accurately. Interview or obtain information about potential customers. Understanding the key characteristics of the customer type is important so that you can pinpoint the problem and narrow down the answers.
These two actions should help you get a good idea of who your target customer is.
Identifying the end of the story for the customer when using the product
What would you like the customer to do? Is it a sale? Interaction with the product determining the end goal is key when it comes to truly understanding what the customer must do to reach this destination on their user journeys.
Deciding the actions you want the customer to take in order to reach the goal
Once you have the final result, how does one get there? This is done by drawing the customer’s journey, taking into consideration all interactions that they will have with your business idea. This is the most crucial part of the user journey and consumes the majority of your time.
These user journey steps will help you identify the customer segments and distinguish which actions are more valuable for active users. This is crucial information when you decide what needs to be done first in order to create a minimum-viable product
Planning a pain and gain map for the product roadmap
Next, you need to create a pain-gain map for each user. This will allow you to categorize pain points and determine the value/gain that a user may have from your product.
You decide which features are necessary for the minimum viable product. Other features can be deferred to future releases in this pain and gain map.
Use the pain and gain map to rank each feature. This will help you determine if the feature is worth the pain in order to assess its overall value and user satisfaction.
Determine the features that will be included in the product roadmap
This is where you will need to prioritize and brainstorm features for the MVP process. When deciding on features, remember your customers. These models help you find the most important features.
- Opportunity Statements
- Prioritization matrix
- MoSCoW approach
Opportunity statements can be used to define the minimum viable product’s scope. An opportunity statement can be used to evaluate different features and help you decide which features should be approved or rejected.
A MVP prioritization matrix is another good idea to determine which features have the most impact and which ones are less important. This matrix can help you decide which features should be added immediately and which ones can be added later.
Remember that different models such as the prioritization matrix can be combined with other frameworks to identify the necessary features.
The MoSCoW method can be used to identify the most important features of your product. What is the MoSCoW method? It stands for must-have, ought to have, could have, and would prefer. You can organize the features in these sections to you can prioritize features based on which ones should be implemented and which ones don’t.
Launch your MVP using the product roadmap
After you have finished your MVP, it’s time to launch it and collect user feedback. It is crucial to keep track of the key metrics so that you can evaluate the results at launch. You don’t have to be worried if you get a negative outcome. As mentioned, MVP development is a way for you to validate your assumptions and test the product with real users. It also minimizes development costs.
So you have your MVP product roadmap; now what?
Following the steps above, you will have created a customer persona and identified user pain points. You then defined the scope of the MVP and developed it.
Now your goal is to bring it to market. Remember that MVP development is iterative, build, measure and learn the process. The success of your MVP development roadmap is dependent on feedback from end users. With the intent for the product’s continuous improvement,
It is important to collect data to provide feedback. Your MVP should be able to iterate on future releases. The product is accepted if the users are happy with its features. If you don’t, you can analyze the problem and determine which features are causing the problem. It may not be as valuable to you as you thought.