Launching a minimum viable product (MVP) is one of the most critical aspects of any startup. According to Eric Ries, the key aim of minimum viable product launch is to test your product idea with real active users.\n\n\nIn addition, launching an MVP helps attract investors quickly, as it’s a real product that can be sold and used. It’s one of the main reasons that make MPV attractive to inventors and double your chance to raise money.\n\n\nIn this article, ProCoders will explore how to launch an MVP, define the right business model, the first steps to start developing your MVP, its launch, and the right approach to investors!\n\n\n\n\n\n6-Step Product Launch Checklist Crucial to Attract Venture Investors\n\n\nImagine you want to create a delivery app, and you’re ready to get started. However, before you even start to think about launching your minimum viable product into the market (or pre launch MVP), it’s essential to have the right preparation to start developing a digital product itself. A good checklist can help ensure that you’re ready for any challenges that come your way. Here is one from ProCoders:\n\n\nStep 1. Do a preliminary market analysis.\n\n\nThis will help you understand the current state of your industry and the market opportunity for your business.\n\n\nHere’s how to get started: complete a SWOT (strengths, weaknesses, opportunities, and threats) analysis. This exercise will help you better understand which areas of your business need improving and where there might be more opportunities for growth within the industry.\n\n\n\n\n\nStep 2. Define your Business Model.\n\n\nA business model is a framework for understanding and evaluating the opportunities and challenges of an organization. It provides a structure for developing strategies, making decisions, and evaluating results. A business model identifies the core activities of an organization, including the value proposition and cost structure.\n\n\nA company’s business model is often referred to as its value proposition, which describes how it will deliver value to customers to generate shareholder returns. Business models are essential components of strategic management — they describe how an organization creates value for stakeholders (customers, suppliers, employees) and how it captures that value.\n\n\nStep 3. Create a business plan.\n\n\nA business plan is a written document describing how you plan to start and grow your company and how much money you’ll need. A good business plan helps investors understand what makes your idea unique, why it can succeed in the market, and how much money will be needed to make it happen.\n\n\nA typical business plan has three sections:\n\n\n\nExecutive Summary (or Abstract) – a high-level overview of the entire document;\n\n\nCompany Description – an overview of your company, including its history\/background\/mission statement; products\/services offered; market opportunities; management team experience and skillsets (including resumes); financial statements (if available); other key metrics such as revenue growth projections;\n\n\nBusiness Plan Strategy & Execution – this section includes detailed information about each part of your strategy for achieving success in terms of product development\/innovation cycle times; marketing plans for different target audiences based on psychographic data from user surveys etc.; details on distribution channels used by competitors so you can improve upon them if possible.\n\n\n\n\n\n\nStep 4. Build your core team.\n\n\nA strong team can make or break your business, so it’s important to find people who are not only talented but also aligned with your goals.\n\n\n\nDetermine what type of relationship you want with prospective teammates. For example, we at ProCoders prefer direct and informal communication. Why? Here’re some reasons:\n\nsuch communication helps explain the work goals better;\n\n\nit helps to create a friendly atmosphere;\n\n\nour employees don’t feel under professional pressure.\n\n\n\n\nFind people who have a proven track record—not just what they say they’ve done before;\n\n\nLook for individuals that have complementary skills and experience.\n\n\n\nIf you don’t have time for the hiring process, ProCoders can help! Over the years, we have gathered a team of experienced engineers, that’s why you can be sure that if you come to us we will provide you with a team of professionals under your requirements! Don’t hesitate to contact us today.\n\n\nStep 5. Build a prototype or beta version.\n\n\nA prototype is a mockup of the intended design, ready for testing by real customers (or users). You should remember that if you don’t have a prototype, there’s almost no chance you would find an investor, as nobody likes to invest their money in something they can’t feel and use in real-time.\n\n\nBesides, also consider using such services as Discovery Phase. This is a roadmap of how your project will be created.\n\n\n\nStep 6. Formulate a marketing strategy.\n\n\nYour marketing strategy should be based on the product’s target audience. You can do this by segmenting customers into groups most likely to buy your product and finding ways to reach them.\n\n\nThe next step is to align your marketing strategy with your product vision and goals, which will help you determine how much money you need for advertising and who should be involved in creating the campaign.\n\n\nFinally, ensure that your positioning (a statement about what makes you unique) is reflected in all aspects of your marketing plan, from website copywriting to social media posts! If possible, try testing various platforms until one works best for reaching out to customers (i.e., Facebook vs. Instagram).\n\n\nMVP Launch Approaches\n\n\nYou’ve put in the work and finally got a product ready to launch (for example, you have created a transportation app). But how do you go about it? You should consider three main approaches in your MVP launch strategy and include in your MVP launch plan:\n\n\n\nSoft launch. This is when you’re still testing your product without telling anyone outside your team about it.\n\n\nHard launch. A hard launch is when you push your product to the public and it’s live.\n\n\nDark launch (also known as “stealth mode”). What happens here is that only certain users will get access to whatever updates come along with dark launches.\n\n\n\nTips on Launching a Minimum Viable Product without Bootstrapping\n\n\nTo launch your MVP without bootstrapping, consider the following:\n\n\n\ncosts and coding speed: the faster the product is available in Appstore\/Google market, the faster you will move to the next step of its improvement;\n\n\nfocus on the features that can attract customers and investors, not just the technical perfection of the product (one of the main issues of tech geeks);\n\n\ntech stack: the issue is that startup guys usually choose the stack they can code by themselves (so no criteria like cost-effectiveness, security, scalability, etc., are considered). Usually, they can’t complete the MVP by themselves and are trying to find someone to complete it. At this stage, they face the issues like a lack of talents, high rates, low coding speed, and sometimes the decision to change the stack and start from 0. Because of that, ProCoders recommend making the Discovery Phase for your project before even deciding on the tech stack you will use.\n\n\n\n\nMVP Presentation: technical and entrepreneurial success tips\n\n\nTo ensure that your MVP presentation is successful and memorable, it’s essential to be well-prepared. You should know precisely what you are going to say and how you are going to say it. When preparing your presentation, consider these tips:\n\n\nIf you are doing a presentation for the first time, pay attention to the formal and technical aspects:\n\n\n\nspeak no more than 5 minutes;\n\n\ndon’t overfill the slides with text;\n\n\nuse high-quality images;\n\n\nonly one slide per thought.\n\n\n\nWhat’s more: before the event, check that all equipment is set up and that there will be no problems during your performance.\n\n\n\nMake sure you take the time to test your MVP before sharing it with people. The best way to do this is by hiring a professional tester. ProCoders can help you do this because it’s not reasonable to hire someone for 2-3 weeks of testing. Instead, you might want to use outstaffing services. Knowing that everything is tested will make you much calmer and more confident when presenting your product to an audience.\n\n\nYou should clearly state your business model, so investors understand how you plan to make money from your application or website. If your market research, marketing strategy, etc., are convincing enough, the investment will come soon!\n\n\nRehearse as much as you can. It may seem silly to say something standing in front of a mirror, but it can help you see your performance from an outside perspective and highlight all your weaknesses. You won’t get a second chance to make a first impression, so get over your embarrassment and get going!\n\n\n\n\n\n\nHow to Measure the Success of Launching an MVP?\n\n\nTo measure the success of launching your MVP, you need precise criteria. This will not also help you see what can be improved, but it can also be shown to your investors and make a report accordingly. ProCoders recommend using the following ones:!\n\n\nCheck whether your MVP has achieved the goals\n\n\nThe most common mistake ProCoders see when our clients evaluate their MVPs is that the main goals set at the beginning are lost. The key point here is to evaluate your product or service according to its purpose, not just because it looks nice or does not have bugs. It’s important to understand what problem you’re solving for your customers and how your product solves this problem better than competitors do.\n\n\nFollow the right metrics\n\n\nWhen launching an MVP, your chosen metrics must be measurable and actionable. Also, these metrics should be relevant to your business goals and specific enough so that the team knows what they need to do next. Here are some examples of good measures:\n\n\n\nClick-through rate (CTR). It lets you know where users drop off in the funnel and how much work is needed before converting it into sales or signups.\n\n\nNet Promoter Score (NPS). This measure asks customers whether they would recommend a company’s product or service; its calculation uses responses of 0-6, where six means “definitely recommend” and 0 means “would not recommend at all.”\n\n\nConversion Rate. This measures how many users sign up or purchase from your site or app.\n\n\n\nFocus on KPIs\n\n\nThe most important aspect of measuring the success of your MVP is user engagement. You should measure how often users open your app or website and how long they stay engaged.\n\n\nYou can also measure how frequently users share their experience on social media after using your app or service and how many people tag you in their posts or stories.\n\n\nIn addition to user engagement, you should track retention rates for each new application version or every time you release a new feature on the website. This will allow you to determine which features are working best for retaining users and which ones aren’t.\n\n\nHow does the development team matter, and Why Choose ProCoders as Your Partner When Building And Launching an MVP?\n\n\nMoney is given to investors by the idea of the project, its team, MVP, and business model.\n\n\nHowever, it is important to understand that money flows not only from investors but also from users. And if you have an interesting product, then users will be attracted by it, which is a very important factor in which your business can grow.\n\n\nIf you think about building an MVP, you should ensure that your team is prepared for what’s coming. The team should include people who can implement your ideas in technical terms. Also, remember that if you hire effective people and at the same time remain cost-friendly, this will show investors that you can manage their money wisely.\n\n\n\nDon’t forget about scaling: first, you need a designer, then developers and testers. Don’t hire everyone at once, as developers wouldn’t have work till designers make a prototype, and testers – till developers develop this prototype.\n\n\nAlso, a good team can offer you the most effective solution because they have experience and know “shortcuts” to achieve your goals (because they’ve come across similar problems and either already know how to solve them or understand how to figure it out).\n\n\nRemember: the main thing for investors is that they see perspective projects and have confidence in them. And we at Procoders are experienced in this kind of cooperation.\n\n\nProCoders provide a wide range of development services, including web and mobile app development, backend and frontend development, blockchain development, and cryptocurrency wallet app development. Besides, we have different services for different stages of your project:\n\n\n\nDiscovery Phase, which will transform your business plan into the development roadmap;\n\n\nA self-managed Dedicated Team which will be built according to your requirements, but at the same time you will have complete control over the development process and be able easily to make changes as the project evolves;\n\n\nOutstaffing Service if your project is already running, but you lack developers, designers, QA specialists, etc.\n\n\n\nWhen working with us, you can expect the following:\n\n\n\nOur developers are well-tested, and we have all the HR and administrative processes in order;\n\n\nWe care about your project and will do everything we can to help you succeed;\n\n\nProCoders are available for short-term projects that require additional resources or extra development services to meet urgent deadlines;\n\n\nWe are open and transparent throughout the entire process, beginning with naming realistic terms, continuing through choosing a relevant technology, and ending with actions taken to solve problems;\n\n\nProCoders don’t need more than 40 minutes to answer your questions during working hours;\n\n\nOur developers have extensive experience building websites and apps from scratch (this ensures that everything will function smoothly during the launched MVP).\n\n\n\nWe also offer free consultations, so feel free to reach out!\n\n\n\nConclusion\n\n\nWe know that launching an MVP is not an easy task. It requires a lot of hard work, investment, focus and just luck from your end. However, if you follow our recommendations, you will be able to attract the investments for your business:\n\n\n\nDo a preliminary market analysis;\n\n\nDefine your business model;\n\n\nCreate a business plan;\n\n\nCreate and motivate your core team;\n\n\nTest the product idea out with potential customers;\n\n\nBuild a prototype or beta version;\n\n\nTest and define a marketing strategy;\n\n\nUse agile and lean technologies to move forward with small and clear steps;\n\n\nChoose the MVP product launch model (soft, hard, or dark launch).\n\n\n\nAfter launching the product, don’t forget to measure your success by looking at metrics and analytics to determine whether you have reached your KPIs.\n\n\nLuckily, many tools are available to guide you in the right direction. If you’re looking for some help in this matter, we would love to assist you with our services at ProCoders. We can write a development plan for your MVP, choose the right technical and architectural solutions for the product, save money and help you get investments! Contact us for a free consultation!