Building a business from scratch is for the brave in today’s digital world. Despite winning over investors, getting your idea approved by dozens of friends and every other member working in your team thinks it is a brilliant idea; however, your business idea is only viable if it is generating a good profit margin.
According to startup statistics and trends for 2023, one-third of startup owners begin their ventures with less than $5,000 without the absolute certainty of success.  In 35% of cases, small businesses are not making it up to market because there is no market need for their potential business ideas. 
Developing a minimum viable product (MVP) is the most effective way for startups to mitigate this risk inherent in the first year of entrepreneurship. It saves a significant amount of time, resources, and money. Starting from small will help you estimate the end customer demand, and you will never get off the ground by misinterpreting the market need.
In this blog, we’ll explore how to prioritize features for MVP in 2023, as it is crucial to understand the minimal set of features required to launch your MVP successfully. We will also walk you through the best insights and sure-shot techniques to prioritize them for future releases. So let’s get started on how to prioritize MVP features!
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MVP feature prioritization is a procedure to define and decide the primary features of your MVP. However, you can not prioritize features for MVP spontaneously or based on your intuition. It is an essential step towards developing your MVP, driven by feedback that involves various stakeholders.
Prioritization typically involves thoroughly assessing similar products and their essential features to ensure a viable first release. You need to accomplish all this without spending extra time, effort, and money on adding features that don’t back up your core offering and are likely to evolve in future versions based on user experience and feedback.
The whole concept of an MVP is to create a basic version of your product that you can put out there and gather feedback from those early adopters.
This feedback is gold because:
But here’s the thing: if you don’t prioritize the right features for your MVP, you will end us investing time and resources in things that were not called for. Focusing on the features that solve the problem and bring the most value to your customers is crucial.
To maximize the impact of your MVP, you need to establish a clear vision and development roadmap for your product. Understand the needs and wants of your audience, determine what differentiates your offering and focus on fundamental features that bring value to your users instead of common ones.
Categorize your product’s features into “must-have,” “nice-to-have,” and “optional.” Establish key metrics to monitor performance, such as product quality, customer lifetime value, conversions, and return on investment. Use your MVP to test value proposition, customer segment, and problem solution to test specific hypothesis with assumptions-based metrics.
You can follow these guidelines to prioritize features for MVP:
This approach allows you to manage your development efforts and budget more efficiently over an extended period. If you want to explore all the relevant criteria related to MVP Development for Startups, then go through this informative piece of content covering everything from how to build an MVP to bent to real-world product examples. You can also consider gaining a technical perspective on your product’s necessary functionalities to make an informed decision.
Connect with us to validate the functions and features of your MVP without losing the foresight of future possibilities.
Making an informed decision on defining a list of minimum viable product features is difficult. Careful feature prioritization for an MVP allows you to decide which ones to include and which to exclude. You can follow these stages for selecting MVP features and iterating based on real-world usage to increase your chances of long-term success.
Remember, your product’s success lies in its ability to fulfill users’ needs. Give extra focus on MVP feature prioritization that solve problems, provide value, and iterate and optimize based on feedback.
When it comes to categorizing Minimum Viable Product features, there’s no one-size-fits-all rule. However, several approaches and methods exist to prioritize features for MVP effectively. Let’s explore some of the top methods for MVP prioritization:
This handy method lets you visualize and prioritize features for your product. You rate each feature based on effort, impact, and risk. Then, you divide them into categories such as:
This method involves grouping features into different “buckets” based on their types.
This approach helps you strike a balance between delivering a viable product and planning for future enhancements, ensuring that your MVP meets the needs of your users while setting a solid foundation for your app’s growth. It divides features into four subcategories:
One user-oriented approach is the Kano model when prioritizing MVP features. This model focuses on three key attributes to define the MVP features list:
You must conduct thorough research and customer surveys to apply the Kano model. Based on the findings, you can identify the crucial threshold functionalities for your app’s operability.
This method considers the benefits of implementing a feature and the potential negative impact of not including it. Several factors are taken into account:
To calculate the value of each feature, the following formula is used: (Penalty score + Benefit score) / (Risk score + Cost score). Each component is assigned a score of 1 to 9, reflecting its relative importance. You can prioritize the features based on their calculated values, ensuring that the most valuable and impactful ones are included.
Features are categorized as high, moderate, or low priority, with numeric values assigned accordingly.
This method compares functionalities in pairs and iteratively sorts them based on priority. Features with the highest impact rise to the top, like bubbles in a soda drink.
This technique assesses feature priorities by evaluating their value and complexity. The correlation between implementation complexity and business value is analyzed, with features categorized as quick wins, major projects, fill-ins, or reconsider.
You can gather feedback on desired features by reaching out to prospective users. Users evaluate existing functionalities in similar apps to determine high and low-impact features.
This collaborative approach visualizes the development project as a boat navigating a turbulent sea. Features are seen as anchors that hinder or wind in sails that propel the boat toward an MVP release. Brainstorming and feedback are essential in this technique.
This popular method involves all stakeholders in the process. Users’ goals are defined, and user stories are created to capture their actions and value. By mapping these stories, you can identify which features are best for the MVP and which ones should be included in future releases.
These techniques provide valuable frameworks for prioritizing software features and ensuring your development efforts align with user needs and business goals.
There are various methods for MVP feature list prioritization; each has its advantages for different applications. Let me briefly walk you through;
You can count on us to navigate the intricacies of MVP development while leveraging user feedback and industry best practices, ensuring your product is successful and credible.
We discussed sure-shot techniques and methods to prioritize features for MVP; however, you are not required to apply all of them together to get the job done. Every MVP is different, and prioritization metrics have no golden rule. Market validation should be the end goal of your MVP. All you are required to do is give your end users priority and don’t be afraid to gather additional feedback and make required adjustments to your MVP.
At Rishabh, we have helped several startup founders build successful products that have helped them achieve millions in funding and product users. Our in-depth knowledge and extensive experience with founders and entrepreneurs have helped us to understand business and market needs to contribute to successful MVP development. Leverage our software product development services to build a successful MVP and set yourself up for success.
Partner with us to accelerate your time to market and optimize your path to a successful product launch.
A: When determining the number of features for an average MVP, there isn’t a one-size-fits-all answer. You must strike the right balance between providing enough functionality to engage users and keeping the scope manageable.
At Rishabh Software, we work closely with our clients to understand their specific requirements and target audience. Through careful analysis and market research, we identify the core features that will deliver the most value and create a compelling user experience for your MVP.
A: Imagine launching a product with just one superpower—a single feature that sets it apart. This ingenious concept stems from the Lean Startup methodology, where speed and validation are critical. By focusing on one core feature, you can swiftly create a stripped-down version of your product and get it out in the market. You can make data-driven decisions with feedback and ensure your product evolves into something that truly delights your customers.
A: In the MVP development process, all features don’t need to be fully developed from the start. Implementing some features as prototypes can be a smart strategy. We can help you identify which features are critical for the initial launch and should be fully developed, while others can be presented as prototypes or minimum viable versions. This approach allows you to gather valuable user feedback early on and make informed decisions about the direction of your product, saving time and resources in the process.
A: Balancing scalability and resource optimization is a crucial consideration when selecting MVP features. We ensure that your MVP needs are functional and scalable for future growth. Our experienced development team evaluates each feature’s potential impact and technical feasibility, considering factors such as development complexity, timeframes, and available resources. We carefully prioritize and select features that provide the most value with optimized resource allocation.
A: Yes! One of the key advantages of an MVP is its iterative nature, allowing for adjustments based on early user adoption and feedback. By incorporating feedback loops and analytics tools, you can monitor user behavior and preferences to refine and adjust the MVP features as needed. This iterative approach ensures that your product evolves in alignment with user expectations, increasing its chances of success in the market.