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The mobile internet and digital technologies are creating a wave of changes in the world. The consumers are looking for ways to get things done at their convenience wherever they are. The rise of the digital revolution is giving way to many innovations and disruptions in our day to day lives.

These are exciting times for creative people to unleash their new ideas and reach masses that weren’t possible anytime before. Here we look at the 3 critical elements for building a minimum viable software product:

1. Market Need

Successful software products solve problems for the customers or serve their needs. When you build a minimum viable product, it competes with the existing ones. So, unless you offer something great, chances of adoption remain miniscule. You need to create an exceptional product to succeed.

When you’re building the minimum viable product, it is important to evaluate the market need for it. You need to answer these questions:

Who is your customer?

Why will your customers use the product?

Is your product really solving a pain point for the customer?

Is your product good to have or must have for the customer?

What will make the adoption of the product easier?

Is the market size big enough for you to be successful?

Are you entering an overcrowded market?

How can your product win the market?

By evaluating the market needs and getting feedback, you are in a better position to launch your MVP.  The real feedback for the product always comes from people who are paying for it or willing to pay.

With technology becoming all pervasive, it is easier to build products than ever before. But the hard part is to create something that serves great value for the customers, solves their problems & meets their needs.

2. Revenue & Business Model

A lot of entrepreneurs fail because they don’t generate enough revenue from the products they build. Simply having enough consumers is not enough. They should be willing to pay for your product or you should have means of generating revenue to sustain and grow the product.

Is your minimum viable product good enough to be a cash cow for your business? Until and unless you have a clear monetization model for your product, it will fail with very high probability.

To make the product sustainable, figure out the business model that gives you maximum leverage. A good business model and sustainable revenue from MVP will go a long way in making it successful.

Many companies operate on a freemium model where they offer their products for free, but charge for services, customizations and consulting from premium Clients. Stay open to the opportunities for customizing your product for premium clients & work on alternate ways to generate revenue. 

A lot of SaaS based companies are unable to meet their operational expenses because they cannot cover their costs from software license costs.

Products, services, brand and experience are inseparable in the digital world. The emphasis is on providing end to end experience for customers that takes care of things for them. When you offer great experience for customers, you can create new avenues for revenue generation.

SaaS model makes the software products inherently scalable. But the customers should be willing to pay for the product. Free is not a business strategy unless you have concrete ways to generate sustainable revenue from your MVP.

3. Vision

Technology has lowered entry barriers for businesses, increased competition and disruptions. No company is safe, unless they keep reinventing themselves to delight their customers. The roadmap for your product is the guiding force for shaping it.

It is the vision for the MVP that makes it successful. Until and unless your MVP is driven by a compelling vision, it wouldn’t survive in the long run. The world of technology is always on the move, so how your software product will evolve with time dictates it prospects for success.

Customers buy into the products and also its vision. How your company plans to take the product forward. What will be the next set of features, upgrades or enhancements that customers will be entitled for? The vision behind the product, the way it aims to address customer’s changing needs and constantly evolving technologies shape MVP’s success.

Conclusion:

When products delight consumers, it opens the door for great opportunities for companies and entrepreneurs. The time and cost to reach more customers is drastically reduced for software products. A successful minimum viable product can quickly scale up to serve huge number of customers and make a great impact.

Kreyon Systems helps companies and entrepreneurs build great minimum viable software products that have become sustainable, scalable, & successful. For building your MVP, please get in touch with us.

The post 3 Most Important Things for building a Minimum Viable Software Product appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

So, you have an amazing idea? And you want to build a great business around it. The first thing you can do is talk to your potential customers and see if they really need your MVP. Design thinking encourages you to define the problem precisely & seek inputs from the customers early on.

The best way to know if you are really solving an important problem is by talking to your potential customers. Once your core product idea is validated, you can then get started with your MVP development process. An effective minimum viable product software delivers customer value.

You need to figure out the best way to build your product, generate traction and multiply your customers. Design thinking can help you build a very powerful minimum viable product, here’s how:

1. Designs Provide Direction for MVP :

When design thinking is employed for building a MVP, every stage is considered important. The early designs establish the need for the MVP. Designs allow the customers to get a look and feel of the proposed solution.

These designs provide the right direction for the development of the MVP. The core value proposition of the product is defined by the designs. Design thinking helps you connect with the big picture and conceptualise your ideas better.

2. Minimise Development & Engineering Time :

With design thinking approach, the designs are shared with the end users or the customers early on. The feedback is then taken into consideration before building the final product.

More often than not, there are changes required to the early product designs. The user feedback is incorporated to build the MVP. The designs help to test the product hypothesis quickly and with minimal resources.

The development cycles for the product are saved because the approved designs are finally used for building the MVP.

3. Design SaaS Products :

Many traditional products and services are now being delivered as SaaS solutions. The ubiquity of the mobile internet is allowing companies to reimagine their business in digital context. The design thinking approach can be useful in launching ideas rapidly.

The designs for the SaaS products can be shared on the web with the users . For e.g. a rental car business or selling used cars can be run online these days. The SaaS products can help you reach more customers quickly.

4. Outcomes and Value :

Design thinking approach aligns core value proposition, the expected outcomes and the users. This is the most important aspect when building a minimum viable product. The user feedback is constantly taken to drive the product development. At every stage, the focus is on providing value to the users.

Design thinking makes the end goals or the outcomes very clear from the beginning, making it easier for the team to achieve the desired results.

5. Agile Execution :

Today the best products in the marked become obsolete very fast. The change is rapid and constant. So, what you are building wouldn’t be valuable, if you build it slow. The competition is not between the big and the small players, as much as it is between the slow and the fast ones. Even an offshore software company can build products with incredible quality and expertise.

Design thinking software involves quick iterations for building the product. It involves rapid prototyping, validating ideas, taking feedback and incorporating it to build a valuable product. Design thinking helps with effective utilisation of the teams, starts delivering value at early stage and helps teams to speed up their launch time for building the MVP.

Kreyon Systems uses design thinking approach for building valuable minimum viable products for its customers across the globe. If you want to launch your idea, please get in touch with us.

The post How to build a Minimum Viable Product Using Design Thinking appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

Building products that shape the future is the dream for most companies. The amazing success of minimum viable products like AirBnB, Uber, & Dropbox etc. has created a digital revolution. Today, more and more companies are willing to experiment and launch minimum viable products. These products translate ideas into reality. Building amazing products requires careful evaluation, focus commitment and passion. The following are insights and tips on building a great minimum viable product software:

1. Get Started :

Get into the thick of things and take action. Brilliant ideas bite the dust when they’re not executed. Companies that succeed and bring new ideas into the world are those that constantly try. MVPs are considered the first step in launching successful products.

2. Identify the Problem You’re Solving :

People only buy products that make their life easier. The essence of an MVP lies in the problem it solves for its users. Simply put, MVP is building the solution for a problem you’re looking to solve. Identify the core problem that your product addresses.

3. Define the Core Product :

It is easy to dilute a new product with way too many features that no one uses. When building a product, it is important to segregate the core functionality of the product. The additional features add clutter and take away the focus from the real problem you’re solving for your customer. Focus on building the product with minimal features and functionality. MVP product development requires saying no more often than saying yes.

4. Define the Users :

Who will be the users for your product? When building the product, defining your target users will help you to create a better one. Narrow down the user group; don’t create the product for everyone. Target the specific users, their demographics, age, behaviors etc. A niche product caters to a specific audience and can be scaled up later.

5. Design to Differentiate :

A well designed product can enhance its chances of user adoption. A simple and intuitive Design makes the product usable and easy to understand. An intuitive workflow, superb user experience and consistency help in creating a product differentiation too. Here’s how you can build minimum viable product using design thinking.

6. Implementation Phase :

Once the designs of the product are reviewed by the end users and various stakeholders, the implementation phase begins. The implementation phase typically takes care of the basic functionality for the product. Once the implementation of the product is completed, the beta version can be shared with end users for their feedback.

7. Feedback & Review :

One of the key aspects of MVP is to get early feedback from its end users. This feedback is then used to shape the product. All assumptions and hypothesis are validated by discussions with end users. Get an idea on your product and whether it really solves a pertinent problem for the customers. Genuine inputs and gaps in existing products are also helpful in creating a stellar MVP.

8. Product Iterations :

The feedback from the customers or early adopters is used for further product development. Many a times, the initial hypothesis and assumptions are challenged by the user feedback. The product iterations are useful in fine tuning things for the end users. The product iterations are also important in analyzing whether your product is effectively solving the problem for the end users.

9. Launch Product :

Finally the product is launched for the customers. Be ready to offer trial runs of your product to the users, who might eventually be willing to pay for the product. Top quality support and addressing user concerns proactively is important to get the nod from the users. An explainer video and well designed web portal are the minimum requirements for luring the early adopters.

10. Scale it Up :

Products don’t work instantly. Even if you don’t get a lot of positive response from the potential customers, you can still make it work. Take their feedback and continue to improvise your product, until you hit the sweet spot where you’re addressing their problems and filling existing gaps for your users. Develop the product to scale. Build it so that multiple companies can use the product simultaneously. Product updations and support are much easier that way. Also the product can be built to scale with the growing user base.

Digitization has created a level playing field. Today companies can reach large number of people within a very short span of time using internet. A great product that serves value for its customers is always in demand. Speed and action is critical for building a minimum viable product. Accelerated learning, extreme focus on building the right solution, and optimum use of resources is key to develop a Minimum Viable Product. Some of these MVPs like AirBnb, Facebook, and Spotify etc eventually take the global stage and surprise the world with their innovation and creativity.

Kreyon Systems has an impeccable record of minimum viable product development with creativity, scalability & comprehensive solutions. If you are looking for minimum viable product development services, please reach out to us.

The post Building a Great Minimum Viable Product appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

This infographic has quick tips for building minimum viable products. Get customers on board with simple workflow, understand market product fit and solve problems for users with your MVP. MVP software development can make your organisation chart the path of innovation and excellence. Kreyon Systems offers minimum viable software product development services for companies around the world.

The post 7 Tips For Building Minimum Viable Products appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.