Why MVP’s (Minimum Viable Products) Are Never Completed on Time
Most companies rush to develop an MVP because it’s a fast way to get to market and get feedback from customers. But what happens when your company does not have the time or resources necessary to develop an MVP?
MVPs are never completed on time.
This is because most companies do not plan for the scope of their products.
Instead, they rush to build the minimum viable product (MVP).
And that’s where things can go wrong.
Without a clear plan, a company will underestimate the time and resources necessary to develop a product. If a product is not built with a minimum viable scope, the business will need to make another product revision. This almost always happens after the MVP is released, which is after all of the MVP feedback has been collected.
The results of this process are:
1. Not all feedback will be collected (because the MVP is not released publicly)
2. The development time is wasted on a failed product launch
3. The business will need to create a new MVP from scratch
4. A new version of a product is released, but it will end up being a product that does not meet the user’s needs
To avoid these results, a business needs a clear plan to avoid the common pitfalls of the MVP process.
The first thing a company should do is decide if an MVP is even necessary.
To make this decision, ask the following questions:
1. What are the business goals?
2. What are the risks in releasing this product?
3. Does the business have the technical ability to create the product?
4. Can an MVP help to mitigate these risks?
5. Will the MVP be able to collect the necessary feedback?
If the answers to these questions are yes, an MVP is necessary.
The next step is to create the MVP plan.
A good MVP plan has the following characteristics:
1. An MVP plan is focused on solving the right problem. The MVP plan should identify the problem to solve. It should not be focused on releasing a product, instead it should be focused on solving the underlying problem.
2. An MVP plan takes one problem and solves it. It must have a scope. This scope must be adjustable so it can be monitored, changed, and the MVP plan adjusted accordingly.
3.An MVP plan has a way to measure success. There must be a metric that will indicate success. This metric should be refined as the MVP plan is executed.
4. An MVP plan has a validated business model. The business model should be a realistic outline of how the company will make money.
5. An MVP plan has a way to get to market quickly. The MVP plan should have a way to release the product into the market quickly and without a lot of overhead.
What is the timeline for an MVP plan?
The schedule for an MVP plan is typically one month to twelve months.
At Evolving Software we shrink this down to four weeks.
If you would like more information on how we can rapidly develop an MVP for your startup please click the link here to contact us.