Introduction + Meaning
After exchanging a word or two with aspiring entrepreneurs about starting up a business, most of them have enormous dreams of creating the next big groundbreaking thing. Something like what Mark did with Facebook or Instagram or what Jeff did with Amazon, creating the next big successful company.
Now the two main hurdles that prevent anyone from testing their unique business idea are? Any guesses? Money and time. It’s right?
Sadly, if you replied ‘yes’, you’re wrong.
You can still end up with a highly disappointing release even if you take every precaution step taken prior to your MVP’s development. For a number of reasons, an MVP can fail and the best way to keep your MVP’s development under control and save it from failing is to know what all possible mistakes can ruin it!
This is why we have curated a list of all the possible mistakes which you will be making in your MVP development process, along with the recommended actions to take to save yourself from the worst-case scenarios!
TOP 11 MVP MISTAKES AND THEIR SOLUTIONS
Our goal isn’t to list them all for you, but rather to point out some common mistakes to avoid when developing your minimum viable product. But before we do so, let’s clear one really popular misconception which people have about MVPs first. Generally, people think that MVP is all about developing a ‘minimum part’ of the product & then releasing the same as quickly as possible in the market. The fact is, however, that MVP is more than just a minimum product; it is perfection through subtraction.
Now, let’s dive into the mistakes!
1. NO MARKET NICHE
Well, the thing about the market niche is, you really have incredibly low chances of success if you choose to enter a market that is either dominated by some large companies or that is overflowing with solutions of the same kind. You may firmly trust that your own offering is amazing, but you might know that your target audience could be quite satisfied with what they have already.
The Solution:
In such a scenario, the only option you have is to showcase your product as a truly distinctive one, by giving it the features which one other competitive product has or by marketing it right. If you can showcase that your MVP is genuinely unique, it will be a success, otherwise, it is just one of many choices that exist.
2. INEXPERIENCED TEAM
Do you think your MVP idea will effectively be built even with the lack of technical expertise? If your answer is yes, then you’re wrong. This is simply because building an MVP is really similar to building any other tech product, which certainly needs support from other experiential teams including UX / UI designers, engineers, developers, Q&A testers and project managers.
A handful of developers and graphic designers can not simply build a mobile application’s MVP. You need to have a good team who are all highly skilled and experienced in their own areas. A team is capable of improving the product in every aspect possible, adjusts to the different compensation plans, they can take up a new marketing approach effortlessly and rebranding the business, or even tearing down the business and starting it all over again, in the most hassle-free approach possible.
The Solution:
Hence, in order to get the maximum output from your workforce, you need to hire people who are both skilled and experienced in their areas. That’s why they will not waste hours trying to find out processes they really ought to learn. The more experienced your workforce is, the more efficient they will be and the more productivity they’ll be offering.
3. NO PROBLEM TO SOLVE
The main purpose of any product should be to address existing problems that the potential customers face in their day to day life. For example, Uber saves its customers from the hassle of going out & then waiting/looking for cabs to hire them. So if your application doesn’t solve any solid problem or it offers solutions for an irrelevant or non-existent issue, your MVP is more likely to fail due to the lack of customer demand.
The Solution:
Well, you should realize this yourself that the MVP or the idea behind your product should address a solid problem & should be able to provide a credible solution to the same as well. If it does, only then your product will be able to develop a strong consumer base in the market.
4. FOCUS ON BUILDING A PERFECT PRODUCT
Some people despise the idea of the product with sketches. They are the people who fancy something which looks finished or completed. But what if the ‘complete’ product gets rejected by potential customers? All your money and energy spent on building the product will go in vain then. The purpose of MVP is to give consumers a glimpse of how the final product will look and feel. To attract your customers, you need not add extra features to the MVP itself. Remember that the purpose of MVP is to implement the right and minimum product functions, that is it.
The Solution:
There is no solution to this issue but you have to understand the concept of MVP here and build you accordingly. You don’t have to develop a fully-function product but the MVP should be capable enough to perform the basic minimum functions properly. It should satisfy the customers but should also leave them hungry for more at the same time.
5. NO SATISFACTION OF USER’S EXPECTATIONS
Well, there are numerous ways to make your MVP click with your user base, but it can cost you your revenue if you disregard even one of them. You can say that you have successfully recognized an existing problem but the solution you’re delivering is not satisfying enough when you notice that customers are showing interest in your product but are abandoning it at the same time.
The Solution:
To figure out the exact reasons, you’ll have to carry out targeted, in-depth research and get answers directly from your customers, only them you’ll be able to understand exactly what is wrong with your product.
6. IGNORING THE RIGHT WAY OF BUILDING THE MVP
Out of all the methods available for developing an MVP, there are two major ones – the right way & the wrong way. If you’re thinking of making a car as your final product, your MVP shouldn’t be a tyre. Simply because that won’t satisfy the customer’s requirement. The wrong way will somewhat look like:
One Tyre→ Adding 3 More Tyres→ Developing The Car’s Frame→ Motorcar
But according to the right way, a skateboard can be an MVP because it served the basic function of convenient transportation. In this case, the MVP development process will look like:
Skateboard → Scooter → Cycle → Motorbike → Motorcar
The Solution:
Hence, you should always go for the right way of developing the MVP, because the wrong one will not take you anywhere.
7. POOR TECHNICAL IMPLEMENTATION
You can identify the market, detect and comprehend the user’s problem and then develop a new and effective solution approach. However, your MVP might still fail if it doesn’t work right. This is simply because no one is going to have any hopes or is going to believe in the future of an application that is loaded with bugs & laggy on the first release itself. It is important for your application to acquire real support and loyalty from your customers from the very start, in order to have with using their application in the long run.
The Solution:
To make the most out of the application, you need to invest in the testing of your MVP as well, along with the development of the same. With the help of testing, you’ll be able to deliver a far more stable and solid product to your customers which will win their loyalty and support in the long run.
8. SELECTION OF WRONG DEVELOPMENT METHODS
Most start-ups dive headfirst into the development of an MVP product without knowing the right method of developing an MVP product. That’s why you’ll see most of the entrepreneurs giving up in the middle of the project. For those who don’t know, there are two ways to develop an MVP – agile and waterfall methods. But if you’re developing an MVP software product, an application for example, then agile is the better option. This is because it is much easier than the conventional waterfall approach, and the reason behind that is because it’s quick and it finishes the project within a certain time frame. Another thing you need to know about agile methods is that it has pricing models based on hourly-basis, whereas the waterfall model is based on a fixed price plan.
The Solution:
Therefore it is important to study both the development methods so that you can choose the one which suits the nature of your product, the final one I mean, the most. This will help you save both – your time and money. And in return, you’ll have an amazing MVP in hand.
9. NO MARKETING EFFORTS
It is impossible, generally speaking, to expect a great concept behind the product to sell the MVP on its own. To convince your customers that you are delivering an effective solution to their problems, you will have to actively promote your MVP and highlight its advantages unequivocally. Otherwise, there are chances that your MVP won’t earn the attention it deserves.
The Solution:
You need to put effort into marketing your product because iterative marketing campaigns will not only help you reach a better audience and help you with your sales but you’ll be able to adapt to user feedback as well. When you begin to experience success, you will be able to take calculated risks and invest in working processes as well.
10. BUILDING THE PRODUCT WHEN IT IS NOT EVEN REQUIRED
This is one of the common mistakes sometimes made by many startups. Upon understanding the concept of lean startups, many new startups do not fight their temptation and immediately start creating their MVP without doing marketing research. Because of this, other startups also develop the same product already on the market. hence, they end up losing their time and efforts by investing the same in that product.
The Solution:
In such situations, instead of creating a minimally viable product, startups must first concentrate on validating your business idea and producing a non-market product that addresses the consumer problem.
11. NO THOUGHT INTO PRICING
Well, setting the price of your MVP way too low directly impacts the worth of the same & gives a “suspicious” image to it. Most consumers will not spend time checking out a company they don’t trust so only a few curious fans can make up the market. In the same way, potential customers can also be turned off by a very high price. This is particularly true if they can spend the same amount of money on a fully finished product that you are asking for an MVP.
The Solution:
This is the point where you should employ an affecting pricing strategy for your MVP. This is simply because For maximization of both sales volume and profit a well-considered pricing strategy is essential. Since price is one of the key points which people consider before making a buying decision, having an effective price sets your product apart from the rest of its competition!