When launching a product (or maybe an app) there’s something called an MVP or minimum viable product that assists the product development and helps the producers of the product know exactly how to make it better. The whole MVP business concept is utilized in various points of the market in order to assist developers in making their product better.
The minimum viable product examples that have seen much success are bigger companies than one might have suspected. Twitter and Dropbox are two of the most popular companies that support the MVP concept.
There are quite a lot of different MVP definitions that are available all over the internet as well as a number of gurus to reference when learning about the MVP business concept. The MVP techniques have proven to be rather useful but they really do require critical thinking within both a minimum as well as a maximum gradient. The concept can be quite tricky as confusion still exists even by the experts who created the whole MVP concept.
What is Minimum Viable Product?
Definition. MVP or Minimum Viable Product refers to the very first working version of the said product that contains only enough features for it to satisfy potential clients as well as collect & analyze their given feedback to support the next product version by only dispensing the minimum resources and efforts required. Once the MVP stage is done and the complete product version is finally developed after gathering the initial user feedback.
Background and History. The whole MVP business concept was initially created by Frank Robinson, but actually received its popularity through the particular startup consultants Steve Blank and Eric Ries. Steve Blank supplements the whole MVP business concept definition with a particular quote stating that the business should be selling the vision as well as deliver the minimum feature that is set to visionaries and not everyone.
In order to more thoroughly understand MVP, here are a few attributes:
- MVP cannot be called MVP until it is able to sell and carry enough value towards users
- MVP is actually more about the whole process and not the product
- MVP is not technically a product with the bare minimum number of elements, but rather consists of core features that are sufficient enough to implement an idea as well as retain early adopters.
- MVP is all based on the lean startup philosophy and also implies the very iterative process of building to measuring to learning loop repetitively until the product is able to completely meet the market need.
- MVP’s main target is to avoid the production of unnecessary and unuseful products through gaining insight about the actual market first.
To make things short, MVP should be able to deliver the entire essence of the whole product idea in its supposed simplest form. As based on the whole context, this particular form can actually be different, this means that the minimum viable product example can actually differ depending on the whole project and the range from a demo video all the way to a final working software prototype. Some people use MVP through experimenting or as a simple landing page, while others would even need to build a complete and fully-functioning MVP product.
The whole MVP business assumes that the early users will be seeing the final product proposition and result in becoming loyal while also providing useful feedback in order to guide the minimum viable product development team even further. The implementation of the MVP examples really depend on the whole learning ability of the team that is working on the idea in order for it to ensure its value towards the target audience and also establishing a respected monetary relation with them.
Why are MVP examples important?
The whole market situation has definitely become one of the most volatile as well as the most competitive that both users and developers have seen in quite a while. MVP tests the product with much fewer risks in terms of both the monetary resources and time and/or effort spent.
Here are the benefits of MVP examples:
- Efficient way of testing a product hypothesis
- Avoiding bigger mistakes in the future and not wasting funding
- Assessing the real-life market tendencies for better understanding
- Cooperation as well as hand-in-hand work along with potential users in being able to craft the necessary final product
- Decrease the time between both the early release or trial release and the actual product launch on the market
- Helps gain as well as expand the entire user base
- Increases the possibility of being seen by possible investors earlier on
- Gives the developers the ability to apply for a public crowdfunding
- Continues the whole product development team education and learning
- Reduces the unnecessary engineering hours in the wrong direction
What are the 8 key minimum viable product examples
There still seems to be quite a lot of confusion around the whole MVP business approach as well as how to utilize the actual MVP examples wisely. There are 8 different key minimum viable product examples listed below:
- Product designs
- Landing pages
- Demo videos
- Piecemeal MVP
- Crowd-funding MVP
- Concierge MVP
- Software prototypes
- Wizard of Oz MVP
The whole MVP business concept is supposedly a key to help developers both save time and effort as well as be able to come up with the most successful product. While making a product is relatively easy, seeing how the market would react is a totally different thing. This is what makes the MVP business concept so valuable.
Instead of spending quite the amount of capital on developing something wrong, it is better to come up with the MVP and see the feedback before coming out with the complete version. It’s not particularly wise to spend all the resources in developing a complete product just yet, the MVP concept helps developers
ICTS is a Vietnam-based software development boutique that focuses on cutting-edge technologies. We help startups visualize their MVP (minimum viable product) to test market-fit or to raise funds. Contact us and discover what benefits we can bring to your mobile app development project in terms of quality and budget.
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