Building an MVP: A Step-by-Step Guide to Launching Your First Product
Bringing a new product to life can be exciting, but it’s risky to jump straight to full development. That’s why most product development projects begin with building an MVP. It’s a great way to test out your idea and improve any flaws before introducing it to the market. However, very few MVPs make it so far, only to collapse between processes.
To help you make the most out of your MVP, this article will walk you through each step of successfully building your MVP.
What is a Minimum Viable Product (MVP)?
A minimum viable product (MVP) is the simplest interpretation of your product that can be released to test a business idea. It only includes the core features needed to validate an idea quickly and cost-effectively before investing in full-scale development.
Furthermore, crafting an MVP allows businesses to experiment with their product more. Through it, they can gather feedback, understand user behavior, and make more informed improvements to their product. Building an MVP is a constant back and forth between collecting insights and implementing changes, but it’s a proven strategy for strengthening your product.
What to Do when Building an MVP?
Now that we’ve understood what an MVP is, here’s a step-by-step guide on how you can build yours:
Step 1: Define the Problem You’re Solving
The first step to building an MVP is identifying the problem it’s meant to solve. All successful products originate from a clear understanding of their market need and the solutions they present. Once you determine what problem your product will be the solution to, you’ll be able to create a stronger foundation for its purpose.
Here’s how you can approach this step:
Identifying the problem: Start by observing your target audience and the challenges they face in their daily lives. For a closer look, try interviewing potential users, conducting surveys, etc. Then look for problems that are frequent or lack a clear solution.
Understanding the problem: Once you’ve identified a potential issue, try to better understand its context and causes. Ask yourself why it happens or how it affects people. This way, you’ll know exactly what you’re solving and be able to create a product that resonates with users.
Step 2: Conduct Market Research
After defining the problem, the next step is to confirm that there’s a real demand for your solution. This is an important step, as 35% of startups fail because they lack a market need for their product or service. So, you’ll need to conduct market research to gain a better understanding of your audience, competitors, and industry trends.
Again, you can conduct surveys and interviews to learn more about your audience. You can also analyze your competitors by evaluating their prices, marketing strategies, customer feedback, etc. All of this information should help you find and fill in the gaps of your MVP.
Step 3: Outline the Core Features
Your MVP should include only the features necessary to address your previous research. It can be tempting to add several features or services to make the product seem more appealing, but that would only be counterproductive. Too many unnecessary functions can waste time and resources, especially if customers don’t like the product.
So, it’s best to keep your MVP as simple as possible. Create an MVP with the most basic functionality that also addresses user pain points. Any additional features can be prioritized for immediate implementation or saved for later development.
Step 4: Set a Budget
Running out of money is another reason young startups fail. That’s why you must set a clear budget that prevents you from overspending, but also achieves your MVP’s purpose. Now, when crafting a budget for you’re MVP, there are a few factors to include:
Development costs: Hiring a team for building an MVP, whether it’s through in-house staff, freelancers, or an outsourced team.
Design expenses: Funds for a visually appealing user interface and user experience.
Tools and software: Technology, like programming languages, frameworks, and tools, will also reduce costs.
Marketing and promotion: Costs for marketing strategies, advertising, and content creation to attract initial customers.
Emergency funds: A financial cushion for unexpected costs or last-minute changes.
Step 5: Create Your MVP
Once you’ve completed the previous steps, the official process of building an MVP begins. Remember that even though an MVP is a basic version of the final product, it should still deliver real value to the users. Furthermore, creating a high-quality and bug-free MVP will help lay a strong foundation for its continued development and improvement.
Now, if you don’t want to spend too much time building an MVP, we suggest using the following tools to speed up the process:
No-code development: A tool that allows for the rapid output of applications without having to write a single line of code.
Clickable prototype: Tools that take your high-fidelity wireframes and add interactive features to them.
Templates and low-code frameworks: Cloud providers that already have pre-built software components and frameworks you can use instead of building everything yourself from scratch.
Step 6: Test Your MVP with Users and Gain Feedback
Now that you’ve developed your MVP, it’s time to test it out with beta users. While they’re using your product, it’s your job to observe how they interact with it and gather as much insightful feedback as possible. Ask them what they liked and didn’t like, what they thought was missing in the product, how it is compared to other solutions, etc.
Don’t be disheartened if the feedback is mostly negative. The purpose of this step is to discover potential improvements and make informed changes without wasting any more resources. Negative feedback should help you highlight where your product falls short and provide a roadmap for improving it.
Step 7: Iterate and Develop the MVP Constantly
This final step involves iterating your MVP again and again based on the user’s interaction. You must continue making changes and gathering feedback until you have a refined, market-ready product that effectively meets your audience’s needs.
However, there are two ways this step could go. If your MVP eventually receives overwhelming positive feedback and clear signs of market demand, it’s time to fully develop it. On the other hand, if your MVP fails to generate consistent interest and feedback, it means there’s no market need for it. At that point, it may be wise to abandon the project completely and redirect resources to more viable projects.
Mistakes to Avoid When Building an MVP
Even if you followed all the steps given above, you’re still capable of making errors along the way. So here are some common mistakes to avoid when building your MVP:
Not Defining The Goals Of Your MVP: Without a clear purpose, your MVP lacks direction and a measure for success. From the start, you must have specific objectives to guide development, testing, and improvements.
Choosing the Wrong Development Team: The quality of your MVP is influenced by the team developing it. If they don’t have the necessary standards and skillset to cover your project, the final project will not meet your vision.
Excessive Feedback Implementation: Despite its importance in the process, implementing every bit of feedback can derail your product’s focus. Try to prioritize changes that align with your core goals and provide the most value to your target users.
Conclusion
Building an MVP is about creating a valid proof of investment just from its basic functions. This may seem difficult in theory, but once you follow the given steps and avoid common mistakes, you can develop a strong foundation for your product. Eventually, you’re sure to have a finished product that truly meets the market’s needs.
Top 5 Proven Strategies to Build Brand Trust
Do you ever wonder what differentiates successful businesses from the rest? Every day, customers are bombarded with a bunch of advertisements. One key factor that drives their purchase behavior is their confidence in the company. Whether you’re a startup or an enterprise, you need to build brand trust consistently.
Without maintaining your brand credibility, you cannot retain your buyers. Statista shows that US customers reported that they stopped buying from a company they no longer trust. So, if you want to enhance your customer loyalty, here are some reliable strategies to follow.
Deliver Value and Quality Consistently
Delivering high-quality products or services maintains reliability over time. To build brand trust, you need to meet or exceed customers’ expectations. Gaining a consumer’s belief is not a one-time effort. You have to offer them good value for money and keep them engaged.
In 2023, a survey from PwC showed that customer experience significantly influences brand loyalty. The main driver of retaining your customers is your consistency and professionalism.
How to implement:
- Maintain stringent quality control processes.
- Deliver as per your promise to build brand trust.
- Be cautious of the delivery timelines and quality assurance.
- Gather customer feedback and make improvements accordingly.
Be authentic and Maintain Transparency
Transparency is the foundation of establishing credibility. Be vocal about your processes, product ingredients, or pricing. Providing this information elevates your corporate authenticity. ResearchGate report shows that transparent brand communication has positive effects on customers’ trust and buying intentions.
Moreover, if you make a mistake, own it instead of making lame excuses. By addressing customer complaints responsibly, you demonstrate accountability and strengthen their trust.
A study by Label Insight revealed that 94% of consumers show brand loyalty towards businesses offering transparency.
Embrace Influencer Marketing
This powerful strategy leverages established platforms to engage customers. The buyers usually trust the recommendations of people they follow. The Edelman Trust Barometer report confirms that about 63% of people believe influencers more than the brand itself. So, by collaborating with reliable social media personalities, you can build brand trust.
The following tips help your brand flourish:
- Partner with people who align with your brand values.
- Outline your expectations to get the desired results
- Track performance to evaluate ROI
- Nurture genuine relationships
Leverage Social Proof and Testimonials
Customers need reassurances about the product before making a purchase. For that, they search online to learn about the experiences of others. About 74% of customers visit at least two review sites before making decisions.
Thus, social proof about your trustworthiness catches more buyers. For that, you can display verified feedback, testimonials, and case studies on your website. They act as a strong weapon to build brand trust.
Also, you can add user-generated content to maintain your credibility. These consumer reviews influence many visitors to turn into loyal customers.
Showcase Corporate Social Responsibility (CSR)
Showing concern about your society fosters a deeper connection with consumers. They admire companies that act responsibly toward social and environmental issues. Cone Communications’ CSR study reveals that 87% of buyers purchase from brands that support causes they value.
To foster your brand loyalty, you need to take significant steps.
- You can associate with community projects and donation centers.
- Communicate about your initiatives online or in annual reports
- Involve consumers in CSR projects to deepen relationships.
- Prioritize sustainable practices to differentiate yourself from the rest.
Conclusion
Learning how to build brand trust sets your venture apart. It’s an ongoing commitment that requires clear strategies. From offering value and authenticity to effective marketing, each action reinforces your reputation. So, if you have a plan to flourish your startup in the long run, invest in gaining customer loyalty.
Examples of Guerrilla Marketing| Top Inspirations for Your Business
Is your business quickly losing customers? Perhaps you are failing to capture new leads? Well, in any situation, guerrilla marketing can save the day! It’s a high-impact and cost-effective marketing technique that reduces the cost of marketing by almost 90% when implemented. If you want to know more about guerrilla marketing examples, keep reading!
What is Guerrilla Marketing?
Guerilla marketing is a strategy in which a business uses surprise and creativity to create a buzz around its products and services.
The goal is to capture the attention of existing and new customers through unconventional ways and provoke emotions such as shock and awe.
It’s more personalized as many campaigns involve direct interactions with potential leads. Street art, live performances, and pop-up events are all types of guerrilla marketing.
Top Guerrilla Marketing Examples
The following are some amazing, real-time guerrilla marketing examples that you can use as inspiration for your next campaign:
KFC’s Collaboration with Crocs
In 2020, KFC partnered with Crocs to launch a limited edition of Crocs with a bold and realistic design. The footwear featured some quirky drumstick-shaped charms that were attached to the top. This campaign gained more hype when a model/influencer wore the heeled version of these shoes at New York Fashion Week (NYFW).
You’ll be surprised to know that the whole collection was sold out in just over 30 minutes. Well, that could be because people found the joke funny or the smell of fried chicken worthy enough to spend $60 on poultry-inspired Clogs. But that’s not enough; the resale value of these footwear is already skyrocketing, with some pairs selling on eBay for $500.
However, besides providing incredible revenue for both partners, the campaign also had an impact, as $3 from each sale was given to KFC’s educational grant program. The key takeaways from one of these guerrilla marketing examples are that collaborating with influencers and focusing on a good cause can make the products more appealing.
Spotify Cosmic Playlists
Well, 27% of U.S. adults say they “believe in astrology (the position of the stars and planets can affect people’s lives). Spotify realized this potential and came up with an amazing guerrilla marketing example focused on zodiac signs.
So back in 2019, the platform worked with astronomer Chani Nicholas to create a Cosmic Playlist for its listeners. The astronomer performed astrological readings to represent each star’s unique theme at the time.
Surprisingly, the campaign quickly gained recognition among avid Spotify listeners and astrology believers, and it is still downloadable today. What we understand from these guerrilla marketing examples is to use intelligence and creativity smartly and be mindful of the things that are currently popular to capture the right sales opportunity!
Singing Posters for GRAMMY’S
Another one of the exhilarating guerrilla marketing examples was the usage of singing posters for the 58th GRAMMYs Album Of The Year category. For this, GRAMMY hired some world-class digital designers who created live singing displays of GRAMMY-nominated artists.
As people moved through the streets, they heard their favorite singers performing their hearts out. From 1989 to Taylor Swift and even Kendrick, the walls became a live concert for people who were going about their daily lives.
This marketing strategy teaches us to think out of the box to promote our services. However, it also emphasises that to come up with something big and extraordinary, you need a matching budget.
Icebreaking by JetBlue
If you are looking for good experimental guerrilla marketing examples, “Icebreaking by Jet Blue” is truly a stunner. Back in 2016, JetBlue partnered with the Greater Palm Springs Convention & Visitors Bureau to encourage New Yorkers to visit sunny locations. The brand introduced the “icebreaker” challenge to celebrate the idea of going from a cold region to a balmy one for the perfect summer feels.
They set up a huge 6 by 6 block in Washington Square Park and Flatiron Plaza. Many fun vacation-themed prizes were placed inside the ice blocks. JetBlue urged people to break the block with whatever tools they had in hand, and the prize was all theirs. From flip flops to beach attire and even plane tickets, people got their hands on a variety of gifts.
The overall campaign combined both physical activation and strong digital advertising. JetBlue shared updates on this activity on their Instagram handle, which created a huge buzz around their new direct flights to a sunny destination. This shows that by engaging potential leads directly with your brand, you enhance awareness and pave the way for good sales.
Hereditary’s Creepy Dolls
Well, the marketing of horror movies always plays a huge role in their success. The makers of “Hereditary” truly understood the assignment, and they came up with a unique promotion idea. So what they did was to organize a midnight screening.
As people left, the next day, they saw creepy dolls placed outside their hotel doors. The dolls were scary and disturbing, just like the movie, and definitely created a lasting impression on viewers.
That’s when the movie gained hype as one of the scariest horror films and earned a massive $13 million at the box office. If you are releasing a new movie and want to make it a hit at the box office, you can use such cost-effective yet impactful guerrilla marketing examples.
Some other guerrilla marketing examples include Warm Wishes from Dry Bar, Fiji Girl at the Golden Globes, and Just Egg: Do More Than Eggs.
Best Practices for Guerrilla Marketing
Now that you are aware of the key guerrilla marketing examples, you must wonder how to use this strategy for your business. If yes, here are some key tips:
- Research Your Target Audience: One of the primary things that you need to do is research your target audience. Learn about their demographics, behaviours, and preferences. When you understand where their interests lie, you can curate guerrilla marketing campaigns that’ll take the audience by shock. For instance, if your ideal audience likes engaging in outdoor activities, you should come up with a pop-up in a park rather than focusing on traditional ads.
- Consider Timing and Context: Keep an eye on what’s trending around you. What’s exciting people and getting them to shop from businesses? This will help you set up your campaigns timely, enhancing relevance and the chances of it going viral.
- Think Out of the Box: Don’t limit your creativity by recycling the ideas of competitors. Rather, get your marketing team on board and brainstorm concepts that are unexpected and bold. Think, will the idea make someone stop, take notice, and tell others about it? The more your campaign is unique, the more it’ll capture attention and increase visibility.
- Leverage Social Media Marketing: If you are opting for an experimental guerrilla marketing approach, make sure to market it on all your digital channels. For example, if you’ve come up with a pop-up or some other fun activity, show it on your channels like Facebook, YouTube, Instagram, and X. Keep people updated about the live results and reactions so the online audience feels equally engaged.
Conclusion
You should closely look at these guerrilla marketing examples to shape your next advertising campaign. It’s a dynamic and impactful approach that helps you explore your creative freedom and drive high engagement with minimal budget.
