As there is a solution to every problem, one must put a lot of effort to conquer the emerging free patch of the digital market. You cannot wait for too long to provide users with a possible answer to their inquiries as there will always be someone faster than you ready to take your success for themselves. Minimum Viable Product, or MVP, is a great way to keep up with the running train, but how to make that first jump victorious?
What is the MVP?
Minimum Viable Product (MVP) is a relatively new idea introduced less than a decade ago to help startups grow; however, businesses have been using the MVP concept for longer. It focuses on preparing the simplest yet functioning version of a digital product, which would have just enough characteristics to attracts customers, solve their problems, and provide creators with feedback for future improvements.
It’s easy to think about MVP as a beta version of a complex project; however, there is nothing simple when it comes to creating satisfying Minimum Viable Product. The process beings with researching market and customers, thus understanding their exact needs and linking their problems to the product that you will be offering.
After that, one must refine the initial idea and imagine oneself in the user’s shoes as it will help plan what features to include and how to ensure the best possible experience. The following stage – building MVP – involves merging connecting ideas, knowledge, and skills into one testable product.
Why is MVP important?
As MVP goes hand in hand with quick release, it secures a place for a startup in the market, allowing it to gain advantage and attract investors. MVP represents functionality and helps save valuable resources, both money and time: it reduces implementation costs, ensures no expensive capital losses, and lowers product testing demand.
Minimum Viable Product helps startups steer their way to success clear of developing features of the product that users may not need or want. Although it adds up to saving resources, MVP also allows startups to understand customers’ desires and preferences, gather and strengthen user base, and gain insight on what works and what doesn’t. In short, MVP grants startups to collect a substantial amount of knowledge and experience with the least troubles.
MVP success and future trends
Everyone has probably heard about Airbnb, Amazon, Apple, Dropbox, or Uber, but little do they know that these multimillion-dollar companies all started selling their products as MVP. At the time of their establishing, MVP was a go-to strategy; however, sometimes MVP not enough to satisfy customers’ needs as it also wishes to be impressed like never before.
Minimum Lovable Product, or MLP, focuses on delivering an incredible product, which would make even a small number of customers feel passionate about it. MLP, compared to MVP, is an wonderful cake with colorful toppings and glitter while MVP is just an ordinary tasty cake enough to suppress hunger, but not to please the user’s heart.
Minimum Viable Product offers many exceptional stability factors for the business; it also challenges them to improve their products to satisfy customers. If you have an idea worth calling future’s MVP/MLP, consider contacting professionals – the first consultation is on the house!
(30 minutes discovery call)
We do understand that starting off is hard. But most of a time a little chat is more than enough to kick-off. That’s why our studio offers a free introductory call from where we can have a talk about your website, mobile application. We will learn about your business and answer your questions regarding UI/UX. After the call, we will be able to send you a preliminary offer & a potential delivery date.