Creating an MVP: 10 Tips for Creating a Minimum Viable Product

Whether you are planning to develop your own software or platform, or another product: in most cases, you cannot avoid developing an MVP. MVPs, known as the foundation of a product, or in English as Minimum Viable Product, is an initial, basic product that demonstrates the added value the new product will ultimately offer and who it is suitable for. Minimum Viable Products play an important role especially for startups, as they often cannot raise the full capital needed for a market launch of a finished product.

A basic product for presentation is not only important for showing something to investors and potential customers and obtaining feedback, but it is also an important milestone that demonstrates you are seriously working on the product, optimizing it, making progress, and implementing feedback and wishes from the community. Although MVPs are just a very simple basic model with fundamental functions, it allows you to offer something to your target audience and potential investors, and you have an existing product to show. However, its functionality is limited to the basics. In this article, we share with you ten tips to help you develop a successful Minimum Viable Product.

The Most Important Points at a Glance

What is a Minimum Viable Product?

Why is an MVP Important?

No company wants to spend money on a project only to find out in the end that there is no interest in a market launch. This is where the MVP method comes into play. In the case of a Minimum Viable Product, it is essentially a framework of the finished project or program that includes only the absolutely necessary features and can be created quickly and easily. 

As an example of the MVP method, you can imagine a new vehicle model that uses an innovative drive system. The body is constructed and then the new drive system is installed. There is a driver’s seat and a steering wheel, perhaps even a dashboard. Additionally, there is a fuel tank. This allows the vehicle to be put into operation, and interested parties, customers, and competitors can see how the new drive system functions. In other words, it is a Minimum Viable Product, or MVP for short. The expensive electronics, the final version of the drive system, and extras such as power windows, ABS, airbags, etc. are not included in the MVP. They are not necessary to demonstrate the drive system and are therefore only installed in the final viable product that comes to market. 

Once the developers are convinced that the project was successful and that there is interest in the service or the finished viable product, work continues and the finished project goes into production. 

Which Online Platform Do You Want to Create?

The Development Costs of a Minimum Viable Product

Ten Tips to Successfully Develop an MVP

In this section, our experts share ten tips that are intended to help ensure that an MVP becomes successful. These tips address pitfalls you should avoid, as well as marketing, financing, and many other aspects that are important for a successful MVP.  

Tip 1: Define Your Business Requirements

MVP stands for the basic version of a software or product and serves the purpose of representing it. A Minimum Viable Product can, for example, be used in e-commerce, such as in online shop development. Once the core product is finished, you are better prepared for the conception of the viable product and ultimately get to market faster. 

The earlier you familiarize yourself with your own requirements and can estimate the necessary functions of the MVP, the easier it will be during development and in implementing customer needs. At the same time, you should conduct a market analysis to determine before development whether it is worthwhile to create a basic version for presentation to investors. After all, you want your project to be successful. You should leave nothing to chance. 

Tip 2: Decide Which Functions Are Absolutely Necessary to Convince Users

Remember that at this stage, it is not yet a finished viable product, but rather a Minimum Viable Product, abbreviated MVP. You do not yet have to try to bring your project to market. It is merely about ensuring that you communicate the pros and cons to potential users and implement the feedback you receive from customers. Once you have gained an overview of the core functions, you can develop the Minimum Viable Product. The advantage: the Minimum Viable Product can easily be developed into an agile product. Depending on the type of product, additional functions can be quickly integrated. You also save time and money at the beginning of development, which you can later use to improve the product.

During development, you focus only on the essentials. Many make the mistake of being tempted to add too many functions that are actually add-ons or nice-to-have features. A minimally functional product is not necessarily meant to be exceptionally user-friendly, visually striking, or loaded with features. It must show customers and investors what your project is about, what fundamental tasks it is meant to perform, and thus convince them to support you with their investments in further development. It is about confirming or refuting the concerns and expectations of your target customers.

Tip 3: Set Success Criteria for Your Minimum Viable Product

Tip 4: Basic Functionality Does Not Mean “Thrown Together”

The MVP is the basic version of the final product with fundamental functionality. Additional functions, extras, and add-ons are not implemented and do not belong in an MVP. But: Basic functionality does not mean “thrown together” or “poorly done”. Your MVP must include the basic functions for which it was created. 

These core functions must be well elaborated, fulfill the intended goal, and be able to convince both customers and investors—no more, but also no less. This does not mean that certain core functions cannot be improved or expanded later. However, when the prototype is released, these fundamental functions must be fully present and implemented and they must work. 

Tip 5: Create a Proof of Concept

A Proof of Concept, or PoC, can be an excellent way at the very beginning of your project to thoroughly test your business idea and verify it. Furthermore, a solid Proof of Concept builds trust both within your own team and among investors, customers, and, if applicable, the holders of coins (ICO, STO) or shares involved in the project who financially support you as a developer.  

Tip 6: Monitor Your Progress and Success

Once development of your Minimum Viable Product has begun, it is important to monitor the project closely. Publish updates or snapshots of your product when certain milestones are reached. Let the first users test the product and ensure that performance and functions meet your expectations and that your project captures the interest of the masses. 

Your product does not need to be perfect. Mistakes can and will happen. The important thing is to use the development phase to identify and eliminate these errors. The goal is that, in the end, all basic functions are in place and the assigned tasks are executed flawlessly, so that your project meets the expectations of users and investors.  

Tip 7: Rely on Expertise and Precision

Tip 8: Thoroughly Test Your Work and All Progress

As development progresses and you capture the interest of investors and customers with your project, do not forget to regularly test your MVP—both internally and externally. In the first step, your team must, of course, ensure that everything functions correctly. Then, it is advisable to make the MVP available for testing to a small group of people, such as potential investors. This way, the MVP is used for the first time by several users, especially by those who are not part of your team. Finally, you can make the MVP available free of charge to a limited customer group. This increases the number of users further and lets you learn what the average user thinks about your project and which aspects are important to them. 

All of the feedback you receive in these various phases can then be used. You will find errors, gain ideas, and receive suggestions. Praise and criticism are all part of the process. However, it is important to remember that this is only an MVP. Errors should, of course, be corrected. Additional functions or the expansion of basic functions should not take place within the scope of the MVP, but rather later for the final product. The only exception to this rule is for functions or extensions that are truly critical to the success of the MVP.

Tip 9: Launch the Final Product Only When Everything Works

At the end of the MVP development, the launch takes place. This should, of course, occur as early as possible to attract investors and customers. However, it must not happen too early. Ideally, at the time of the MVP launch, all errors are eliminated and the most important basic functions are fully in place. 

This does not mean that there will be no bugs. Your project will have errors that you will need to correct during the testing phase or in the first few weeks after the launch. But the prototype itself and its fundamental functions should be sufficiently complete so that you can convey the goals and possibilities of your project equally to both customers and investors with the MVP. 

Tip 10: Marketing and PR Are Important for an MVP

Conclusion and Summary

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