{"id":23888,"date":"2022-06-10T10:00:25","date_gmt":"2022-06-10T14:00:25","guid":{"rendered":"https:\/\/www.3pillarglobal.com\/?p=23888"},"modified":"2024-11-12T15:00:40","modified_gmt":"2024-11-12T15:00:40","slug":"step-by-step-guide-for-making-a-successful-mvp","status":"publish","type":"blog","link":"https:\/\/www.3pillarglobal.com\/insights\/blog\/step-by-step-guide-for-making-a-successful-mvp\/","title":{"rendered":"Step-By-Step Guide For Making a Successful MVP"},"content":{"rendered":"\n<p>In the <a href=\"https:\/\/www.3pillarglobal.com\/insights\/minimum-viable-product-strategy-toolkit\/\">last article<\/a>, we shared a big-picture strategy and guiding principles to help you stay on the right path as you create your minimum viable product (MVP). Your <a href=\"https:\/\/www.3pillarglobal.com\/insights\/what-is-a-lean-model-canvas\/\">Lean Model Canvas<\/a>, prototyping, and market research work together to form the groundwork. So, how do you put it all together and take meaningful action?\n<\/p>\n\n\n\n<p>\nWhile there are MVP best practices to follow, your parameters for experimentation form the bulk of your MVP development process. From defining a scope for the MVP and writing your <a href=\"https:\/\/www.3pillarglobal.com\/insights\/anatomy-of-a-strong-mrd-template\/\">Market Requirements Document (MRD)<\/a> to determining how to measure its value and refining for further testing, each step to building an MVP requires methodical testing and experimentation\u2014it is critical for evaluating your MVP.\n<\/p>\n\n\n\n<p>\nWithout clear requirements of the market and intentional goals, it\u2019s easy to justify any results as \u201cgood\u201d or \u201chelpful\u201d by default. However, when you clearly define what you\u2019re testing, and build customer feedback into the MVP process, it\u2019s easier to prioritize the <em>most valuable features<\/em> for your MVP. Ultimately, by ensuring you follow all of the steps of building an MVP, you can ensure a successful product and rollout in the end.\n<\/p>\n\n\n\n<p>In this article, we\u2019ll share what we&#8217;ve learned <a href=\"https:\/\/www.3pillarglobal.com\/services\/digital-product-engineering\/mvp-development\/\">developing MPVs<\/a>, and provide you with practical advice on working through the MVP best practices for planning, evaluating, and iterating to create the best possible product. <\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Step 1: Define a Scope for the MVP<\/h2>\n<\/div>\n\n\n<p>\nPlanning your MVP and <a href=\"https:\/\/www.3pillarglobal.com\/insights\/blog-posts\/finding-new-market-opportunities\/\">finding market opportunities<\/a> go hand in hand. It\u2019s vital to complete your <a href=\"https:\/\/www.3pillarglobal.com\/insights\/what-is-a-lean-model-canvas\/\">Lean Model Canvas<\/a> early on. This critical step allows you to have the data to create your MRD. In turn, your MRD will outline the high-level market requirements for your MVP to test so you can ensure a slam dunk.\n<\/p>\n\n\n\n<p>\nExperimentation gives you valuable data to highlight the best parts of your products, as well as insights into features that are unnecessary, complicated, or take the product out of a viable price point. We\u2019ll dive into that further in this article.\n<\/p>\n\n\n\n<p>\nBefore you get to the MRD, however, the first step in building your MVP is to define why you\u2019re building it in the first place:\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What is the purpose of your MVP?<\/li>\n\n\n\n<li>What do you hope to accomplish with your MVP?<\/li>\n\n\n\n<li>What is your top priority for the MVP?<\/li>\n\n\n\n<li>What do you think the user flow will look like?<\/li>\n\n\n\n<li>What obstacles may be standing in your way?<\/li>\n\n\n\n<li>Who do you think will use this product?<\/li>\n\n\n\n<li>Why do you think they\u2019ll like it?<\/li>\n<\/ul>\n\n\n\n<p>\nAnswering these questions early on will help you in the rest of the MVP process.\n<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Step 2: Write Your Market Requirements Document<\/h2>\n<\/div>\n\n\n<p>\nAs we mentioned earlier, your MRD is a significant portion of the MVP process and one of the most important steps in building your MVP. An effective MRD is only as complete as your research and should include:\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>data about your target market<\/li>\n\n\n\n<li>your competitive positioning<\/li>\n\n\n\n<li>your sustainable competitive advantage<\/li>\n\n\n\n<li>user personas<\/li>\n\n\n\n<li>buyer personas<\/li>\n\n\n\n<li>data from user interviews<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-heading\">\n<h3 class=\"wp-block-heading\">Why Buyer and User Personas Are Different<\/h3>\n<\/div>\n\n\n<p>\nWhen it comes to buyer and user personas, it\u2019s vital to keep them separate.\n<\/p>\n\n\n\n<p>\nBuyers are the decision-makers for purchasing the product, so their concerns are rooted in value. On the other hand, the user is the one interacting with your product. They care more about the features and capabilities that make the product a success.\n<\/p>\n\n\n\n<p>\nAccording to <a href=\"https:\/\/www.forbes.com\/sites\/forbesagencycouncil\/2018\/03\/14\/how-to-craft-the-ideal-user-persona-for-your-brand\/?sh=220fe4306ead\" target=\"_blank\" rel=\"noopener\">Forbes<\/a>, \u201cThe buyer of a marketing data platform is likely a CMO concerned with how it will drive sales. However, the users, likely campaign owners or data scientists, are more concerned with usability.\u201d\n<\/p>\n\n\n\n<p>\nBoth personas and their problems should factor heavily into your MRD. <a href=\"https:\/\/www.3pillarglobal.com\/insights\/the-importance-of-integrating-the-user-experience-into-software-development\/\">Gaining user input<\/a> is an essential part of the steps for building an MVP because this information helps you to prioritize which features are the most valuable while also helping you uncover potential hiccups or problems. How do you keep it cohesive and easily implementable?\n<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-heading\">\n<h3 class=\"wp-block-heading\">Actually Writing your MRD<\/h3>\n<\/div>\n\n\n<p>\nWhen it comes to actually writing your requirements document, the <a href=\"https:\/\/www.pragmaticinstitute.com\/resources\/articles\/product\/writing-the-market-requirements-document\/\" target=\"_blank\" rel=\"noopener\">Pragmatic Institute<\/a> offers this advice: \u201cThe trick of writing good requirements is to convey the critical information in a form that developers and designers can embrace\u2014enough detail to provide context without too much detail that overwhelms the reader.\u201d\n<\/p>\n\n\n\n<p>\nOne of the best ways to determine if a requirement is sound is <a href=\"https:\/\/www.indeed.com\/career-advice\/career-development\/smart-goals\" target=\"_blank\" rel=\"noopener\">the method of SMART goals<\/a>, a framework that improves goal-setting. Here\u2019s how it breaks down:\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Specific:<\/strong> Requirements should clearly state the intended goal.<\/li>\n\n\n\n<li><strong>Measurable:<\/strong> The requirements should provide a metric in order to determine if the goals are met.<\/li>\n\n\n\n<li><strong>Achievable:<\/strong> The requirements should be feasible and achievable within budget, timeframe, and capabilities.<\/li>\n\n\n\n<li><strong>Realistic:<\/strong> The requirements should be realistic with respect to the resources that are available.<\/li>\n\n\n\n<li><strong>Time-Bound:<\/strong> Requirements shouldn\u2019t be open-ended; rather, they should conform to a schedule.<\/li>\n<\/ul>\n\n\n\n<p>\nSMART goals set you up for success and allow you to gain realistic progress as you go.\n<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-heading\">\n<h3 class=\"wp-block-heading\">Plan for Customer Feedback<\/h3>\n<\/div>\n\n\n<p>\nMake sure that you have a plan to gather and analyze the user experience using both direct and indirect feedback:\n<\/p>\n\n\n\n<p><strong>Direct feedback<\/strong> is gathered by interviews, surveys, and asking questions of people at different points in the customer experience. Feedback from real people validates what works and what doesn\u2019t while ensuring that the end-product delivers on buyer and user satisfaction.\n<\/p>\n\n\n\n<p><strong>Indirect feedback<\/strong> is gathered in the form of behavioral analytics. Sources like heatmaps and clickmaps reveal issues customers might not bring up during interviews, but that still influence their experience with your MVP. <a href=\"https:\/\/www.3pillarglobal.com\/insights\/software-development-best-practices\/\">Other sources<\/a> include sentiment analysis, social listening, and market trends.\n<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Step 3: Decide Which Features to Prioritize<\/h2>\n<\/div>\n\n\n<p>\nResearch is a significant factor in every step of building your MVP.\n<\/p>\n\n\n\n<p>\nMichael Rabjohns, UX Practice Leader (US) at 3Pillar, explains the process, \u201cWe often start out with a Discovery research engagement (3 rounds of research performed by 2 UX designers over 6 weeks). The first round of research is highly likely to include a feature prioritization exercise, as determining the scope of the MVP is crucial.\u201d\n<\/p>\n\n\n\n<p>\nSo how do you prioritize what to do next based on the data you\u2019ve gathered? Do you put more focus on features, implementation, or an excellent user experience? There\u2019s no right answer, but there are <a href=\"https:\/\/www.3pillarglobal.com\/insights\/why-you-need-a-feature-prioritization-framework-part-1\/\">prioritization methodologies<\/a> that address each scenario. A few include:\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The MoSCow Matrix:<\/strong> This involves dividing all proposed features into 4 groups: Must Have, Should Have, Could Have, and Won\u2019t Have This Time.<\/li>\n\n\n\n<li><strong>Effort and Impact:<\/strong> This method examines features based on implementation effort as it relates to the impact a given feature will have.<\/li>\n\n\n\n<li><strong>The Kano Model:<\/strong> This model divides features into three attributes. Basic threshold attributes are expected; performance attributes contribute to overall satisfaction, and excitement attributes are unexpected features that will delight users.<\/li>\n<\/ul>\n\n\n\n<p>\nNo matter which prioritization methodology you choose, Donald Hiles, User Experience Solutions Consultant at 3Pillar, advises that you keep a few things in mind: \u201cLook at your user research data. Which features address high-profile problems your users have versus nuisances they encounter? What requests did you hear most often? When in doubt, ask your user, utilizing your established research cadence!\u201d\n<\/p>\n\n\n\n<p>\nBy stripping your MVP to the simplest version that still gets the job done, you can avoid bloat\u2014or too many features. This step of building your MVP is about minimizing the bells and whistles and maintaining your focus on delivering the best product.\n<\/p>\n\n\n\n<p>\nAnd with this prioritization in hand, you can start outlining <a href=\"https:\/\/www.3pillarglobal.com\/insights\/how-to-build-and-maintain-product-roadmaps\/\">MVP roadmap<\/a>, which provides a high-level overview of your MVP strategy. As you go through the rest of the steps in the process, you\u2019ll update and refine the roadmap to include which features are top priority and those that you\u2019re developing down the road. The focus is heavier on \u201cnow vs. later\u201d chronological order and an estimate on how long features may take.\n<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Step 4: Define and Measure Value for the MVP<\/h2>\n<\/div>\n\n\n<p>\nAlthough we\u2019ve outlined the basic steps to build an MVP, keep in mind that the whole MVP process is essentially an experiment to test your hypothesis that your product is viable\u2014your primary goal is to evaluate features and functions to see how the market reacts. Running a successful experiment means setting yourself up to learn, which starts by carefully defining the parameters of your experiment.\n<\/p>\n\n\n\n<p>\nThe <a href=\"https:\/\/www.instigatorblog.com\/defining-success\/2011\/07\/07\/\" target=\"_blank\" rel=\"noopener\">Instigator Blog<\/a> elaborates, \u201cIn order to know if an experiment has failed or succeeded, you have to have a measurement for success (anything else is failure). Without a clearly defined target\/definition of success, you\u2019ll likely end up in a wishy-washy middle ground. You may be running an experiment and collecting metrics, but you can\u2019t really interpret the results without something to compare them to. The missing definition of success leads too easily to a positive justification of the results, after the fact.\u201d\n<\/p>\n\n\n\n<p>\nSome of the metrics to consider include:\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Churn rate<\/li>\n\n\n\n<li>Customer acquisition cost<\/li>\n\n\n\n<li>Monthly recurring revenue<\/li>\n\n\n\n<li>Lifetime customer value<\/li>\n\n\n\n<li>Revenue per user<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Step 5: Define Your Next Steps After the MVP is Executed<\/h2>\n<\/div>\n\n\n<p>\nAfter you execute your MVP strategy, you\u2019ll have a great deal of data to drive how you proceed. Your first step after execution is determining whether or not the product is viable by comparing metrics and actual results against your measurements of success.\n<\/p>\n\n\n\n<p>\nIf it\u2019s not viable, you can either scrap the project as-is and repeat the steps of building an MVP based on an aspect that might be viable. Remember the story of <a href=\"https:\/\/review.firstround.com\/From-0-to-1B-Slacks-Founder-Shares-Their-Epic-Launch-Strategy\" target=\"_blank\" rel=\"noopener\">Slack<\/a>, where the now billion dollar company got its start as a feature in an online gaming system. And if none of your product is viable, you\u2019ve saved a boatload of money in the development process.\n<\/p>\n\n\n\n<p>\nIf it is viable, take the following steps based on what you\u2019ve learned:\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Refine your hypothesis and measurements of success for future releases.<\/li>\n\n\n\n<li>Be careful about how many things you change at once. You want to be able to clearly ascertain the impact of those changes.<\/li>\n\n\n\n<li>Refine your product vision and feature statements.<\/li>\n\n\n\n<li>Reprioritize features based on MVP results: What features did people use? Were there features people didn\u2019t care about? Were there features people needed that you didn\u2019t include? Etc.<\/li>\n\n\n\n<li>Create an initial product roadmap based on the MVP roadmap.<\/li>\n<\/ol>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Execute Your Plan with the 3Pillar MVP Checklist<\/h2>\n<\/div>\n\n\n<p>\nAt this point, it might seem like all your work is done, but it\u2019s really only the beginning. Once you have a strategic plan for your MVP process, it\u2019s time to execute it. We\u2019ve created an MVP checklist to help you ensure you don\u2019t miss any of the steps for building your MVP.\n<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Determine a scope for your MVP:<\/strong> Why are you creating the MVP, and what do you hope to accomplish? These questions will help you remain focused through the MVP process and will make other steps more straightforward.<\/li>\n\n\n\n<li><strong>Write your Marketing Requirements Document (MRD):<\/strong> Your MRD outlines the high-level market requirements for your MVP.<\/li>\n\n\n\n<li><strong>Prioritize Features:<\/strong> Armed with customer feedback and user input, you can prioritize the feature or features that will deliver the highest value.<\/li>\n\n\n\n<li><strong>Create a testable hypothesis:<\/strong> Your hypothesis statement describes the assumption you\u2019re going to test in the form of your MVP. What do you assume to be true that you can \u201cexperiment\u201d to validate with your MVP?<\/li>\n\n\n\n<li><strong>Define your measurements of success:<\/strong> Defining your measures of success will be your north star. These metrics will give you a good indication of customer adoption and, as a result, viability.<\/li>\n\n\n\n<li><strong>Determine pass\/fail:<\/strong> Compare metrics and actual results against your measurements of success. If you\u2019ve passed and the product is indeed viable, you can continue forward. If you\u2019ve failed, go back through the steps to build an MVP.<\/li>\n\n\n\n<li><strong>Refine based on your findings:<\/strong> Solidify or tighten your hypothesis and measurements of success for future releases. With that said, be cautious about how many things you change at once and keep prioritization methodologies in mind.<\/li>\n\n\n\n<li><strong>Clarify the vision:<\/strong> Refine your product vision and feature statements. At this step for building your MVP, you want to \u201crenew\u201d and update any previously held assumptions\u2014if necessary.<\/li>\n\n\n\n<li><strong>Reprioritize features based on MVP results:<\/strong>\n<ul class=\"wp-block-list\">\n<li>What features did people use?<\/li>\n\n\n\n<li>Were there features people didn\u2019t care about?<\/li>\n\n\n\n<li>Were there features people needed that you didn\u2019t include? Etc.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Create an initial product roadmap:<\/strong> Based on the MVP roadmap, you should be in a good place. Get ready for what\u2019s to come in the next initial testing stages before officially releasing your MVP.<\/li>\n\n\n\n<li><strong>Continue iterating to get the best possible product:<\/strong> The most important thing to realize is that <a href=\"https:\/\/www.3pillarglobal.com\/product-mindset\/\">your product is never done<\/a>\u2014unless the MVP process indicates it\u2019s not viable and you move on. Instead, the MVP process\u2014and to that end, software development\u2014is all about setting benchmarks to improve and rolling them out after testing as you strive for continuous progress.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Methodical Planning Leads to Greater Success<\/h2>\n<\/div>\n\n\n<p>\nCreating a methodical plan that follows these steps to build an MVP means that your product is more likely to be successful. Even if you learn that your product idea doesn\u2019t have legs to stand on, the MVP process is valuable because you have a minimal investment.\n<\/p>\n\n\n\n<p>\nA successful project means that you defined the scope for your MVP and learned from the testing phase. And if your hypotheses are correct, you\u2019ll have a data-informed framework in place that guides future iterations of your product.\n<\/p>\n\n\n\n<p>\nTo learn more about 3Pillar&#8217;s services and how we can help you create, test, and validate a Minimum Viable Product and write your Market Requirements Document, <a href=\"\/contact\/\">contact an expert today<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the last article, we shared a big-picture strategy and guiding principles to help you stay on the right path as you create your minimum viable product (MVP). Your Lean Model Canvas, prototyping, and market research work together to form the groundwork. So, how do you put it all together and take meaningful action? While [&hellip;]<\/p>\n","protected":false},"featured_media":28848,"template":"","industry-types":[],"service-types":[40],"topics":[25,26],"class_list":["post-23888","blog","type-blog","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Step-By-Step Guide For Making a Successful MVP - 3Pillar<\/title>\n<meta name=\"description\" content=\"Our step-by-step guide provides a checklist of the key aspects one should consider to build a successful MVP. 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