Essential Pre-Product Steps for a Successful MVPTom Green, CEO @ Verticode

November 8, 2024, 9 min read

Step 1: Your list of solid questions

When building an MVP, it’s not enough to have an innovative idea, you need to define a clear direction that keeps you grounded in your core value proposition. The purpose of an MVP is to validate your assumptions with real users, but if you don’t have clear measures of success from the outset, your efforts can easily become scattered, leading to an inconclusive MVP that wastes time and resources. You may also find yourself caught up in features and details that don’t align with what’s most crucial to your product’s success.

To build a successful, lean startup MVP, it’s essential to start by identifying the most important questions you need to answer to move forward. These questions should be mission-critical, addressing the assumptions or uncertainties that will have the most significant impact on your product’s viability. They should be customer-centric, focusing on the special value your product delivers to users and framed in a binary way - structured to deliver clear yes/no or success/fail outcomes - to avoid vague results.

When defining your questions, ensure to prioritize the key assumptions that will make or break your product. This focus will ensure your MVP tests the right elements, allowing you to gather valuable feedback and data while minimizing risk. A narrow approach prevents creating a bloated MVP and keeps your team aligned on a common goal.

This way, when you move into the actual development phase, you’ll have clear metrics to determine if you’re on the right track or if adjustments are needed. It’s not just about getting to market quickly; it’s about getting to market with a product that truly resonates with your target audience.

Step 2: Establish your learning focus and audience

The next step in your MVP development journey is to define what you need to learn and from whom. Remember, your MVP is a learning tool designed to gather insights from the right people. If you’re clear on what you need to learn and who your target audience is, you’ll be better equipped to shape your product for success.

Start by identifying your target audience. Maybe they’re early adopters who are eager to try something new, existing customers who already trust your brand, or a specific demographic that aligns with your product’s purpose. Once you’ve identified your audience, think about what you hope to learn. Your goal is to get clear on what questions need answering to validate your ideas and assumptions.

By defining your learning focus and target audience, you set yourself up for a more intentional successful MVP process. It’s all about staying curious and open to feedback so you can create something your audience truly values.

Step 3: Research the market and competitors

This third step will help you gain valuable insights in your MVP development journey when you research the market and competitors. Understanding the landscape is crucial for knowing whether there’s demand for your product. It’s all about figuring out what’s already out there and how your idea can make its unique mark in the market.

Start by diving into your direct competitors. What are they offering, and what features do they emphasize? Take a close look at how successfully they address the pain points you aim to solve. This research will help you identify what’s working well and where you can differentiate your MVP.

Next, keep an eye on market trends. Understanding these trends can give you a competitive edge and help you refine your product to meet current demands. Don’t forget to identify the gaps in the market; these gaps can represent fantastic opportunities for your MVP to stand out and provide real value to your audience.

Step 4: Identify your core features

There’s a reason MVP starts with the word “minimum”. It’s easy for founders to get carried away and create feature bloat that distracts from the core learnings you need to achieve. Focusing on your core features, you can create a streamlined product providing valuable insights and features.

Start by listing all the potential features your product could have, then take a moment to strip it back to the essentials - the features you need to test your core assumptions. Think about the fastest, simplest way to get a working version of your idea in front of users, allowing you to gather meaningful feedback without unnecessary distractions. For example,

• Implementing AI chatbots for customer service
• Gamification, such as points and badges
• Comprehensive customization options
• In-depth analytics and reporting

These features aren’t crucial for an MVP. Start simple, avoid unnecessary complexity, and scale later based on user feedback and needs. Founders sometimes forget the primary aim of an MVP is to validate assumptions with minimum investment.

Step 5: Measure customer excitement

The success of your MVP depends on how well it resonates with your users, making it essential to have clear ways to measure customer engagement and excitement. This feedback will be your guiding light to understanding if you’re on the right track or if adjustments are needed.

Start by defining exactly how you’ll measure interest. This could be through user sign-ups, engagement metrics like time spent using a product, purchase intent, or even direct feedback collected through surveys. The goal is to capture data that tells you whether users see enough value in your MVP to continue using it or, ideally, pay for it.

To do this effectively, set up simple metrics or feedback loops to collect and track data as users interact with your MVP. Focus on methods that give you the clearest insights with the least friction for your users. By narrowing in on key indicators of interest, you’ll get a better sense of how your product is landing with your audience.

Keeping it lean and focussed

This process shouldn’t take months on end; they’re short, focused exercises designed to help you make informed, speedy iterations on your MVP. The key is to keep things small and nimble, prioritizing learning over perfection. By focusing on what really matters - your core assumptions, essential features, and customer feedback - you’re setting yourself up for success without getting bogged down in unnecessary details.

It’s easy to fall into the trap of overcomplicating things with large teams, extensive funding plans, or overly detailed strategies before your MVP has proven its value. Don’t let that happen. Stay agile, keep your planning lean, and remember the goal of your MVP is to learn and adapt.