When it comes to product development, there's a strong debate about what's the best way to onboard it. Some people say you should build an MVP as fast as possible and get it into the hands of your customers, while others say you should take your time and make sure everything is running smoothly.
Truth is: there's not just one correct answer, as it all depends on your company’s situation, the goals you're trying to achieve and the audience or client you’re trying to reach. In this article, we'll talk about the lean way to build an MVP, and how you can use it to achieve your goals.
What Is an MVP?
So you want to build a product? That's great! But before you put too much time and effort into it, you need to ask yourself one question: what is your MVP?
MVP stands for "Minimum Viable Product". Building a MVP is the best way to figure out if your idea is actually worth pursuing. Because the last thing you want to do is pour your heart and soul into something that no one actually wants.
What Is the Lean Way?
So you want to build a MVP the lean way? Here are the basics:
1. Deliver fast. You should get the best resources you can, in order to get your MVP in front of your customers as quickly as possible.
2. Ask for feedback. Don't build without it—you need to know what your customers want and need. If not, you will waste time and money building a product or service that no one wants.
3. Iterate. Keep improving your MVP constantly, based on the feedback you get.
4. Be lean. Don't waste time or money on features your customers don't care about.
5. Always talk with your customers. Keep that dialog going so you can continue to get feedback and improve your product. Also, identify which is the best channel to do so, allowing fluid and meaningful communication.
Why Is It Important to Get Feedback When Building an MVP?
Don't forget that it's important to get feedback from your customers as you go. Why? Because you want to make sure that you're building the right product. Remember, your MVP is just a prototype, and it's going to evolve over time. So it's important to get feedback from your customers as you go, so you can make sure that you're headed in the right direction.
Rather Labs works mainly with founders and helps startups build their MVPs from the ground. Successful projects are those that develop their MVPs in weeks, deliver a first version to market, and then iterate agilely on this basis.For instance, at Rather Labs we built the first MVP of Mantial- an NFTs collections launchpad, in just a few weeks- and the MVP of Hatom -the first lending protocol on the elrond blockchain, in a few months-.
Don't forget—you should always be talking with your customers. They're the ones who are going to be using your product, and they can tell you what they really want and need.
How Do I Get Feedback When Building an MVP?
The easiest way to do this is to use agile methodologies, which allow you to quickly build, test, and iterate on your product.
One of the great things about agile is that it allows for constant communication with your customers. This way, you can get feedback and make changes quickly and easily. And the best part? You make sure you are making a product that has a market fit.
Some ideas to get immediate feedback from your users:
1 - Build a landing page to offer your service, load google ads and analyze its metrics week by week, to know how many users are interested in your product.
2 - Start a campaign on social media showing the benefits of your product, and monitor the engagement generated by each feature, to understand where to put the development focus.
3 - Build mockups with design tools, and interview your potential customers, analyzing their behavior and experience using your product.
Whenever you add a new feature in your product, think about the measurement method you are going to use, to understand if it was well received or not valued by your users.
Which Are the Benefits of Building an MVP the Lean Way?
There are a lot of benefits to building your MVP the lean way. First and foremost, you'll get your product to market faster. You'll also get feedback from your customers that will help you make better decisions about how to move forward with development.
And as if that weren't enough, you'll also be getting all of this done in a more cost-effective manner. In other words, you'll be spending less money and getting more value in return. Not too bad, right?
You've come up with an idea for your startup. Now what? You need to build your Minimum Viable Product. That's the simplest, most basic version of your product that you can put together to test whether your idea is viable. Building a MVP can be tricky, but it's essential if you want to make sure your product is successful. Here are some tips for building an MVP the lean way:
1. Deliver fast: The faster you can get your MVP to market, the better. Don't spend too much time on unnecessary features – focus on the essentials.
2. Ask for feedback: Once you have your MVP ready, put it out there and see what people think. Get feedback from your customers and use it to iterate on your product.
3. Be lean: Don't waste time or money on features that won't be used or that won't help you achieve your goals. Stay focused and keep things lean.
4. Always talk with your customers: The best way to know what features to include in your MVP is to talk to your customers and find out what they want and need. Don't guess – find out from the people who will be using your product.
Building an MVP is essential if you want to make sure your new product is successful. By following these tips, you can build a MVP the lean way and get feedback from your customers that will help you improve and iterate on your product.
About Rather Labs.
Rather Labs is a Blockchain Technical partner who provides the blockchain expertise along with the partner intensity founders need.
Rather Labs is committed to work alongside our clients as a technical partner, providing insights, technical design, engineering team management, recommendations, maintenance and technology projection.
The company is led by co-founders which have been involved in blockchain projects in finance, real state, gaming, and other industries for years.