“The first impression is the last impression” an old monk proverb holds true not just for humans but also for the business. The services we choose to the first time user experience all carry a great deal of impact on our business, but the major concern is how to create that everlasting first impression? Here is when the Concept of an MVP comes into light.
A Minimum Viable Product (MVP) is a development technique in which new products or websites are developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users.
The newly startups and tech titans are inclining towards Minimum viable products for starting their journey towards a successful software application. The Minimum Viable Product must be valuable enough to gain the attention of early adopters and to grow their belief on the platform.
Before launching a newly founded business there are a certain set of questions which must be answered:
- How an MVP affects business growth?
- What is the purpose of an MVP?
- How to create your web or mobile app as an MVP?
The one sole justification for which any startup work is growth and an MVP help you to achieve the same. The benefits of focusing on an MVP in your business is, it helps you with the early launch of your product, take control of your budget, and give you valuable improvement ideas, user feedback, and analytical information.
The purpose of an MVP is to develop a working product that provides immediate value, quickly, while minimizing costs.
MVP allows you to:
- Launch your product early
- Give useful insight into your riskiest assumption
- Give reliable feedback and reviews
- Attract early adopters
- Prevents developers from designing features that will not benefit the end users.
- To improve the product and gain stakeholder interest.
- It allows seeing how web or mobile application gain popularity among users before even spending time and money adding extra features.
- In case of failure, one can stop development and production before wasting any more time.
Expert Opinion on Minimum Viable Product
Eric Ries, co-founder/CTO of IMVU and MVP proponent, define an MVP “One of the most important lean startup techniques is called the minimum viable product. Its power is matched only by the amount of confusion that it causes because it’s actually quite hard to do. It certainly took me many years to make sense of it.”
Marty Cagan: “One of the most important concepts in all of the software is the notion of the Minimum Viable Product (often referred to as “MVP”.) But if you’ve been around software products for a while, you know that term is used in many different ways, and while the term intuitively resonates with people, there’s often a lot of confusion about what this really means in practice.”
Famous startups who then began with an MVP
- Uber: Originally it just connects their riders with drivers and accepts payments. Uber’s MVP was accepted across the globe by both customers and drivers as they exactly found a relevant and prevalent headache, which was booking cabs.
- Dropbox: Dropbox co-founder and CEO Drew Houston posted a three-minute video on Hacker News in April 2007, showing its correct target audience on how to use the app. The video succeeds to attract the large target audience and Dropbox got its green signal.
- LinkedIn: The very first version of LinkedIn came in the market with limited features like user profiles, the ability to invite people to connect with you, the ability to search for users, and the ability to send email-like requests to users who were two or more degrees away. Security/spam was a big concern, so you could only invite a person to connect if you knew their email address.
MVP points at solving users difficulties with the app, by identifying the points and then focusing toward proposing viable solutions. The best way to build MVP is to use a manual-based approach, with landing pages, and email lists. All you need is planning, designing & developing, testing, and advertising, for the product within a specified period. This can help you in identifying your potential customers and maximizing your project value.
Need any help in building an MVP for your project, or need a consultation? Reach out to us at email@example.com.