Fine, you are too confident about your next big idea; you have the needed capital as well, but what if your target market does not approve of it?
Do you think that introducing your product in such market is a sane approach, keeping the fact in mind that all of your efforts have the possibility of ending up in naught?
Time has witnessed the declination of brands that started seeing things from the standpoint of selling their products instead of seeing it from the standpoint of what the customer needs. If you do not want to register yourself on the list of those companies that went to the forgotten zone because of marketing myopia, take help of an MVP product.
What is Minimum Viable Product?
The whole concept of Minimum Viable Product can be explained this way:
Customer: “I have a problem.”
Company: “We have the solution in the form of our MVP.”
Still shuffling between what is it? Let’s clarify it more.
An MVP or Minimum Viable Product is the initial version of the product that a company wants to introduce. An MVP is brought to market to see the potential of the idea. It is a product that contains a basic set of features. Companies like to play it safe which is why they consider building an MVP before releasing a full-fledged product.
MVP Development – Is it necessary for startups?
Gone are those days when investors used to invest their money without evaluating the long-term success. You just cannot play the game of random analysis with the investors. Nobody wants to stand on the riskier part of not knowing about the revenue; neither you nor the investor.
Inevitably, a Minimum Viable Product reduces the chances of downfall. It saves a startup from taking wrong decisions.
How does it help?
Building an MVP for startups is necessary. It allows businesses to know about the customers’ response and help them in evaluating whether the customers will like the full-fledged product or not.
Some of the primary perks you get are:
- Understanding the demand for your product
- Saving yourself from incurring a huge capital loss
- Knowing about the adjustments needed to be done in your product
- Acquiring a better idea of your customers’ needs
MVP in Software development
“The lesson of the MVP is that any additional work beyond what was required to start learning is waste, no matter how important it might have seemed at the time.”
– said Eric Ries, The Lean Startup
An MVP is made to check the response of the customers. It is highly essential for developers to know about what customers want. An MVP serves as the basis for the final product. The early responses help you in making software that serves the purpose well and is appreciated by your customers.
How does an MVP software help you?
The buying decision of people depends on the value you are providing them. When you develop an MVP, the response from the early adopters helps you in gauging a perfect fit. The initial version of your software, with the core features, gives a better understanding of the customer’s preferences. Getting a better know-how of the market helps in making a functionally sound product.
Your Minimum Viable Product can save you from the double-trouble; want to know how? Have a look at these points.
- More features = A massive chunk of money
When you introduce an MVP with the core features, you get to know about the acceptance of your software in the market. If you introduce a full-fledged product, it costs you a considerable amount of money. An initial version can save your money from going waste.
- You are clueless of what customer wants
You may not be aware of how customers will respond to your product. Making an MVP helps in getting the customer’s insights and assist you in molding the software as per the preferences of the users.
- Making future projections get easier
From the revenue’s point, making an MVP is a perfect idea. The acceptance of your product determines your revenue. Not only gathering the insights gets easier for you with an MVP but on the basis of those insights, it gets easier for you to do the future projections.
How to develop an MVP?
It is justified to call an MVP ‘your intuitive friend’ that tells you about the potential success of your product. With its help, you test the idea and come to know about the response. If you develop it perfectly, it will get easier for you to develop the final product.
Here is an MVP development process that will help you in making the right fit for your customers.
- Do the market research. See what you can bring to the table; on what grounds your offering supersedes your competitor’s offering. Focus on improving your idea. You can do it by conducting surveys.
- What value your product is providing to the end user?
- If you are willing to develop an MVP app, design an app in a way that provides convenience. Do not overshadow the point of user flow.
- Jot down the core features you want to include in your product. Prioritize the features; it will help you in deciding what should and should not be there in the initial version of your product.
- Once you have a complete understanding of what should be there in the product, move ahead to the building stage.
After launching your MVP in the market, gather the customers’ feedback. Their response will help you in deciding what you need to tweak and whether the customers will like the final product or not.
Check the success story of Zappos
Zappos MVP = an ad placed on the website
Ever heard about Zappos?
Zappos did not make a mistake of putting all the buns in one basket. The founder Nick Swinmurn played it smartly. When he failed to find a perfect pair of shoes from the local mall, the bubble of an idea built up, and he thought of making an online platform to sell shoes.
Instead of investing a huge capital, he first went to his local mall, captured the picture of a pair of shoes and placed an ad on his website, marking those shoes ‘available for sale.’ A person placed the order to buy that pair, and then the founder went to the mall, purchased that pair of shoes, and shipped it.
That’s how he got the proof of his concept. He got the idea that people have acceptance for online purchases. The sky talking revenue of Zappos is the result of its MVP.
Subtract the stress from your list and invite the epitome of ease in the form of an MVP. Simplifying it more for you:
MVP = Minimum investment + Proof of concept
Full-fledged product (introduced without making an MVP) = Maximum risk + Huge investment
The validation of an idea is the primary thing. Launching a product with a greater investment without knowing about customers’ preference can put you into trouble. To play safe, it is important for you to make an MVP whether you are building software, an app or want the confirmation of your business idea.
Also, read the benefits of having an M-Commerce app for your business.