Do you know what tech giants like Uber, Spotify, and Instagram have in common? All of them consistently use a Minimum Viable Product (MVP) to test the viability of their products, as well as to create functionality over some time, based on data generated from testing and user feedback.
According to statistics, 70% of all startups fail. There are many different reasons for this, such as frustration in the team, poor product quality, and others. But the main problem is the inadequacy of the needs of the people. This is why most products fail to generate huge profits. In this case, the best solution is to build MPV. Read on to learn more about this.
Taken from: https://www.apptunix.com
What is a Minimum Viable Product?
MVP – minimum viable product, this is the basic version of any product, it includes only the main components and functions of the product. Typically, such a product is focused on the basic requirements and needs of end-users. By using MVP, software developers make their job several times easier. The product is also tested on the market, helping to determine whether it has potential or not and whether it is worth completing this or that product.
To pass the first test on the market, the product does not require many different functions. All that is needed is the basic and most important features, without which it cannot exist. With the help of an MVP, a company can understand if a product has potential. It is worth adding that MVP can be applied to the development of any application, be it a mobile program or a website.
One of the main hallmarks of an MVP is its viability. Viability is about providing the greatest value to the user. An MVP must meet the basic needs of users while performing just one basic function. That is why the balance between viability and minimum is considered the greatest success.
Why Is MVP so Important?
But the main question remains, what is the use of MVP. The most important advantage of using MVP is the ability to collect and receive early data that will confirm the interest of users in your product. This way you can be sure that the development of the full version will pay off. Otherwise, if the MVP was a failure, then it doesn’t make sense to embark on a full-fledged program. Once you’ve created and tested your MVP, you can:
- Save a ton of time and money and invest in developing a successful product.
- Check the attitude of the audience towards your new product
- Find out what trends can be implemented when developing the full version
- Create a database of potential customers and users who are interested in your product
- Attract investors and investments much easier
Taken from: https://redhawkresults.com/
Types of MVP
In total, today there are several types of MVP with a high degree of reliability. You can use all of these types to collect user feedback before releasing or developing a full-fledged product.
It is one of the cheapest solutions to introduce users to your product. By using a functional demo of your product and building from off-the-shelf tools, you can get the basic functionality of the product.
Wizard of Oz MVP
This type of MVP concentrates on creating impressions and also instilling that the thing that a person cries out for is the final product. But in reality, the product is still under development.
This type will help you test your idea with human-driven services. In simple terms, almost all of the components that ran automatically were replaced by humans. So you get the opportunity to communicate with users and find out what they think about your product.
Landing Page MVP
A similar type is used to describe a product. This must include a unique value proposition. Typically, this list includes all the benefits that your product has. Your landing page MVP should include the following points: the name of the product, a description of its need, and an explanation of its uniqueness or how it differs from other products.
Benefits of MVP
Testing Business Concepts
Probably the biggest benefit of having your build MVP company is that you can test your business concepts. Offering not a full-fledged product, but only a set of some functions, the company tests the suitability of their product for one or another user. This allows you to change the direction of development even at the development stage. In addition, you can find out what functions are most in-demand among users. If it were a full-fledged product with a huge number of functions, it would be very difficult to change something and it would cost a huge amount of money.
Verifying Market Demand
If we take the main goal of an MVP, then it is not to sell a product or attract new customers, but to understand the market demand. With the help of MVP, companies can check there is a need among users for their products and people will use it without investing large sums of money. Based on this information, you can either completely redo the concept, or change some parameters.
High-quality products are the result of long-term development that costs a lot of money. Most of the investments were incremental and came in as profits were made from the initial versions. This is why, by building an MVP, you can start attracting customers early and generate income that can be reinvested in the product.
Tips in Developing MVP
But the main question remains, how do you need to develop an MVP, as well as how can your team know that you already have an MVP to launch on the market? We’ve provided some tips to help you develop your MVP:
- Make sure your planned MVP suits your business goals
- Identify specific problems or things you want to solve for your user persona
- Transform your MVP from a simple feature set into a development roadmap
MVP is a mostly testing-driven process. This is what allows companies, without spending huge amounts of money, to start with small product sizes and gradually build it up. This way you can create a more perfect product that will generate several times more income than you might expect.