The spirit of innovation is what underpins the success of new ventures. But do you know what more is necessary or, rather say, mandatory? Deep pockets. Just having crazy ideas isn't enough.

A substantial sum of money is required to fund your wild ideas. This will not be a problem unless you are a Google or a company as large as Google. However, if you have little funds and your crazy ideas are likely to fail, you will be in big trouble. This is especially relevant if you intend to make digital products. In this case, the iterative build technique i.e., step-by-step application development process is the key to overcoming all of your challenges. The steps include: Proof of Concept (POC), Minimal Viable Product (MVP), Alpha Release, Beta Release and finally Launch Ready Release.

Iterative build process for your digital product

The software product development life cycle is quick and cost-effective, leaving you little to no debt. It is a five-stage iterative process, in the order as follows:

· Proof of Concept (POC) – Your first POC is the basic version of your idea.

· Minimum Viable Product (MVP) – MVP is the first version of your application.

· Alpha Release – The Alpha release is an enhanced version of the app that is ready for testing among the trusted inner circle.

· Beta Release – A beta release is a stage at which your product is ready for a public release but at a small scale.

· Launch-Ready Release – Launch-ready release is the final stage where your app is ready for massive public release.

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This means there is no straight path or shortcut from MVP to beta. As a result, you must explore each level. Moreover, you may have to repeat stages multiple times when developing your digital product. You may need to take a step back as well. But don't worry; with the extensive instructions below, you'll breeze through the process. Let's start!

Stage 1: Proof of concept  - self validation

It is the first phase in the process of product prototyping. Your initial proof of concept is a simplified version of your idea that must be tested. It will be difficult for you to understand. You will also have to deal with many contact points from other disciplines, as this POC may not be your final proposal. You'll wind up having a lot of POCs.

Not to terrify you, but you must test this offer quickly and keep trying until you get it right since there is no foolproof approach. So, it's no surprise that most people find this stage daunting.

Stage 2: Minimum Viable Product (MVP) - test and trial

MVP is the first version of your product that is ready to launch on a small scale.

Although you have the option to launch your first release here, it is best to postpone it and try some different features instead. This will allow you to understand how you can increase the functionality and usability of your product before going ahead with the initial release.

Testing will cost you a fraction of the price of a completely coded, working, and finished digital product, whether it is an app or a website. Your objective should be to evaluate user experience, identify flaws, and update your product accordingly. This strategy works best for confirming risky beliefs, so be creative.

Do your research and learn more about MVP to make the most out of this phase.

Stage 3: Alpha release - product testing

The Alpha release is your enhanced version of MVP that requires testing. You must define the feature list and launch the project at this stage. At the alpha stage, your product will not be stable nor suitable for public release. As a result, you must test it with a small circle, perhaps 10 or less. These ten or fewer persons should be trustworthy.

Moreover, these individuals must be willing to actively test the product, be observant, and provide genuine positive or negative feedback. If the response is good, you can proceed to the next level. If you receive negative feedback, it shows room for improvement, so work on the product again until you receive a thumbs up from this active group.

Stage 4: Beta release - last minute tweaks

You fix any faults and defects at the Beta release stage. At this point, you should also clean up the scripts and codes to prepare the product for release. When your product is ready for launch, you should discontinue adding features. Finally, you can beta test the product by making it available to a select audience.

Because beta testing can be daunting, we recommend using an invite-only approach to testing and informing customers that the product is still in progress. Later, collect user information, implement a feedback mechanism, and fine-tune your product for the final launch. The final revisions make the product ready for the big public debut.

Stage 5: Launch-Ready Release - product debut

At this stage, your wait is over since your product is ready for a massive public release. Sure, it won't be your ideal version, but it will fulfill the demands of your users. At this stage, the product paves the way for gradual evolution.

However, before releasing the product, ensure it is entirely free of code debt. Removing all of the bugs may not be possible, but you must try to keep the product steady. It should be relevant and valuable to the end-user.

Final Words

The development of your software product does not finish with the five stages. It will be a continuous process with room for improvement. Evolve your target audience's requirements through feedback and continue improving or adding features in future updates. To make the process seamless you may reach out to us here for custom MVP solution.

Behind the Scenes
getanmvp.com is an effort from Anuyat.com to help entrepreneurs understand the dynamics of Minimum Viable Product and what it takes to build a product-market fit out of their digital ideas.

Anuyat is a SaaS provider for eSIM solutions and a Pune-based company.