Is Your Product Ready to Move from MVP to Full Scale?
The Perfect MVP Launch Model
It is evident that small businesses can test out new ideas, products, or services in the real world using MVP strategies.
Small businesses with limited resources and tiny startups can benefit from this approach, as this allows the entrepreneur to evaluate the effectiveness of various ideas within a miniature version of the final product.
There is one thing certain about the MVP launch model: no matter what type of business you have, you must have the drive and motivation to move forward.
We won’t go more deep into the best practices for MVP and all. If you’re interested, you can read our previously written blog: What is MVP? 5 Benefits of Building an MVP for Your Product
So, what happens after you’ve built the MVP?
Scale Your MVP when the Learning Process is Done
The greatest benefit of using an MVP, in the long run, is what you discover from operating with one. MVP is a research project on the hoof, as it were. It allows you to figure out whether your business has the potential for success and expansion.
It’s important to evaluate how much of a feedback loop affects your actions. For example, you can assess which aspects of your product and service have the highest conversion rates when you first begin to receive customers. Then compare that with the comments of your users.
Reasons Why MVP Scale-Ups Fail
You can use a profiler to find the performance issues in your application. This profile should be captured at both the database and application levels and should answer the most crucial questions like:
- How many concurrent users can my existing MVP handle?
- Would simply scaling up the backend with front-end improvements enable a full-scale solution, or does it require a redesign?
- Is my current solution slowed down by the backend or the front end?
- Is there any lag caused by the database or the code?
- Are the limitations in the MVP solution present in the data or the database?
Focus Shift Due to Growth
During periods of growth, a lot happens: the culture changes, new offices open in new locations, and new employees are hired. When new employees join the company, they might or might not share the same vision for the product, and it is the job of the product team to address this.
Not Able to Scale
Early-stage organizations commonly employ Lean Startup techniques to rapidly create, test, validate, and deliver new products and features. However, these procedures may become less effective as organizations grow.
MVP Roadmap is Driven by Sales
Product managers at all phases of their companies’ development are likely to confront this issue. A typical request from salespeople goes something like this: ‘Please build this sophisticated feature right away because if you do, I’ll be able to close this huge deal.’
How to Scale Up an MVP
The MVP is the first version of the product with the core features; it is released to the audience and obtains the first sign of success. It actually validates the product idea. The logical next step is the MMP, which is a product with the features users want, providing valuable feedback back to the company.
1. Use Customer Feedback & Data Collection
Because of this, your product will succeed on the market in the long run and continuously develop. You can measure your MVP performance using the following parameters:
- User Feedback
- Percentage of active users
- Word of mouth
- Customer acquisition cost
- Customer lifetime value
- Overall engagement
2. Stick to the Core Strategy & Business Idea
The post-MVP phase is all about scaling up. You must scale up your digital product as your user base grows and has new demands and problems. Only by doing so can you provide the trending features and attract new customers.
3. Think Twice Before Pricing Your Product
Many organizations fall short at the initial scaling-up stage (aka, minimum marketable product) because they choose the incorrect decision-making options. Your motivation should not be profit, ambition, or growth for the sake of growth alone. You should strive to create a unique and economical offer that will be popular.
4. Take Care of Your Finances
Additional investments are required for efficient promotion. Therefore, it is crucial to keep a close eye on cash flows and funding in order to achieve the positive capital turnover required for growth purposes.
5. Don’t Dismiss Marketing Strategy
Many firms are reluctant to spend money on marketing when releasing an MVP because it is not the final product. This is another big mistake. Instead, the MVP release is a terrific way to concentrate on the marketing approach that will serve you best once you move from MVP to product, as well as a great way to see how customers respond to a basic version of your product.
6. Test & Analyze
Prior to releasing your MVP, quality control and assurance, and testing should all be included in the process. An emphasis on adaptability and continuous improvement should therefore be at the forefront of your startup.
Everything you track during the MVP release — social media interactions, traffic, conversions, abandoned carts, customer comments, and more — must remain on your radar. This allows you to continuously improve your customer experience and product, resulting in increased customer satisfaction.
Final Note
The post-MVP phase isn’t the simplest one. You must develop the right growth strategy from the first release of the product until product-market fit — a long way. A minimum marketable product launch is crucial to ensure you have the financial flexibility and the right team working with you during development.
However, once you begin the MVP journey with a plan and an expert software development team, scaling up the product the client likes will be much easier.
