People have differing opinions regarding the minimal viable product while unfamiliar with its complexities. One of the complex aspect of MVP development that requires more thought and research is its functionality aspects.
MVP does not imply stuffing the product with features. It allows including a near-perfect set of features in a product for testing purposes.
You must therefore add features considering the end customers' needs, the industry you are serving, present competition, etc. How to do that? Here’s a detailed guide that will help you out.
The importance of prioritizing features at the MVP development stage
Adding the wrong set of features to products at the MVP phase is risky. It may result in product failure. Prioritizing and finalizing product features is thus critical before launching the product on a large scale. Here are some strong reasons to prioritize functionality during the MVP development.
Ensuring the exclusivity of your product
There may already be a product on the market similar to yours. Prioritizing features is essential to avoid creating a replica. Study the competitor's offering attentively and personalize your digital product to provide distinctiveness to your audience.
For instance, If you're creating a food delivery app, include features that make your clients' lives easier, such as a food cancellation window for 5 minutes in case the consumer changes their mind and wants to order something else, or doubling or halving the order. This will distinguish your MVP from other meal delivery applications.
Making the product useful to the audience
Your product should solve your target users' problems. Otherwise, it will have little to no market demand. So, identify the customer's critical problems, then add features to make the product valuable to consumers.
For example, if you are developing a digital product to assist individuals who are blind or have limited vision, make sure that the app conveniently connects them to a sighted helper who can guide them through anything from grocery shopping to finding things via a video chat.
Making sure the meeting of end-goals
It is difficult to achieve your ultimate goals, such as maximum downloads, large profits, and so on. You must brainstorm elements that will assure originality and worth to others, since these two factors will play a significant influence in meeting your end goals.
Assume your product is one-of-a-kind like electric shaver app, but if it isn't beneficial there will be no downloads. Similarly, your product is beneficial like a chat forum, but there are many comparable ones out there, therefore it will not stand out and attract consumers if it lacks distinctiveness.
Speeding Up the Product Launch
Because the market is saturated, you must outperform your competitors to succeed. It is only possible if the features are prioritized. This will save you a lot of time because testing a bunch of features takes forever. Prioritizing will push the MVP development to the subsequent phases until the product launch, thus beating the competitors.
Establishing the Key Metrics
It is essential to define the project timeframe, and development budget since introducing certain features takes longer than others. Prioritizing the functionalities will give you a clear picture of the project needs, thus, allowing you to plan accordingly.
How to Decide What Features to Have in Your MVP?
How do you know which features to prioritize? How do you decide which features to include and which to exclude from your MVP development phase?
The solution to all of these questions is hidden beneath extensive market research. To do the research, follow the below steps in the exact order.
Know your audience
You can't decide which features to incorporate unless you know who your audience is. So, put yourself in the shoes of your target audience and understand their persona. Consider demographics such as age, education, location, etc.
Understand their problems and fix them
Conduct surveys, interview your target audience, and seek expert advice to better understand their everyday struggles. Accordingly, incorporate tools that will allow your digital product address their issues.
Suppose your target audience is involved in fitness and is seeking for a holistic app that eliminates the need to switch between applications. Then, add the necessary features to your fitness programme, such as BMI calculation, water intake tracking, calorie intake tracking, and so on.
Find out how your audience is managing right now
Understanding how your audience is currently managing will lead to three findings:
● If your audience isn’t managing than you can proceed on addressing their issues.
● If your target audience is managing well, you can work on other aspects that will distinguish the product.
● If your competitors have already addressed their issue, you must reconsider your business concept and come up with something fresh.
Research your competitors
Assess your competitor's strengths and weaknesses in order to exploit them. You can define a killer set of features based on their flaws.
For instance, there are eBooks, but people can't read them for long since the screen light strains their eyes. As a result, audiobooks were introduced, allowing individuals to enjoy stories while listening without tiring their eyes.
At this step of MVP development, you will quickly construct a set of unique features based on your company idea and your study on the aforementioned points. Examine each feature and select the most compelling ones. Prioritize them based on the value they add and incorporate them into your one-of-a-kind product.
MVP development isn't about deciding what's best for your target audience. It is more about knowing your competitors' weaknesses or your audience's problems and implementing a set of features that will address those issues and make your end users' lives simpler. If you are struggling to find success in the MVP development stage, please feel free to contact us for expert assistance.
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.