Minimum Viable Product

What is a minimum viable product?

A minimum viable product (MVP) is the simplest and most basic version of a new product that a company releases to gather market information to inform the development of the subsequent versions. Companies develop MVPs to get a product with the basic functionality to get customer feedback at minimal costs and efforts. The success of an MVP in the market enables a company to invest in a full-scale application after incorporating the feedback received from the first adopters of the MVP.

MVP in App Development

In software application development, an MVP is developed by stripping down an app to the core functionalities and solving particular problems. The application developed fulfills the primary objective of the product that is being developed. Therefore, it is meant to satisfy the early adopters and provide the necessary feedback to improve the later versions. The feedback received after releasing an MVP enables the developer to learn the users’ needs and improve the app to serve them better.

Why build an MVP?

Have a product in the market with the minimum budget possible

Building an MVP only costs a fraction of developing the full-scale system. Since the MVP is a functional application that customers can use, it generates revenue from its early adopters and minimizes the full-scale system’s costs.

Learn what the market needs

The feedback received after releasing a minimum viable product enables developers to understand what the customers need. This information is necessary for refining the product and addressing the challenges faced in the first version of the application. It also helps to improve the user experience by capturing any aspects that may have been ignored in the previous versions.

Test the applicability of an idea before investing in it

Building a full-scale application consumes lots of resources, and if it fails, it could lead to massive losses. An MVP mitigates this challenge by enabling the company to survey the market and check the acceptability before approaching investors or putting its resources in it. If an MVP receives heavily negative feedback from the market, the company can save its funds without incurring huge losses.

Types of MVPs

Landing Page MVP

You can build a landing page for the product you will soon develop. The landing page is created to attract customers, allowing the monitoring of the audience. You can also measure the conversion rate by enabling people to buy the product and then inform them that it will soon be available. This method helps determine if the customers resonate with the product to know whether it is applicable.

Concierge MVP

Concierge MVP involves using manual methods to help users accomplish a particular task that a system intends to perform to determine if they need such services. Using this method, you do not have to build a product in the first place; you do the work intended to be done by the application. Concierge MVP lets you interact with customers, providing insights about their needs.

The Wizard of Oz MVP

A Wizard of Oz MVP is a solution that creates an illusion of solving a problem while using people to deliver the solution. In this approach, customers interact with you, disguised as the actual system. It, therefore, helps to determine if there is a demand for such services before investing resources to build the system.

The Explainer MVP

You can start by creating an explainer video or sending emails explaining the services that you intend to offer. You do not need to have the actual product ready yet; the important thing is demonstrating to your potential customers what your product will do and why they need it. You can then use the feedback you receive to determine whether or not to proceed with implementing the application. An explainer video or email is also an effective marketing strategy that can create interest in people.

How to build an MVP

Define the scope of your project

The first step is gathering information about the product you want to provide and checking whether customers need it. Set the success criteria to evaluate your product’s success in the marketplace. Identify the target users and how they shall interact with the system.

Identify the most straightforward way of creating a solution

Once you have identified the problem, outline the possible approaches to developing a solution to those problems. The MVP should focus on getting feedback from the users rather than solving their problems. It, therefore, should help to understand if the problem identified exists and whether the proposed solution can address it.

Build the MVP

Start developing a simplified version of your product that represents its core functions. The product needs not to be as efficient or scalable as the main product; it should be a learning and information gathering stage. Follow the build-measure-learn strategy where you use the feedback you receive to learn and improve your product.

Decide to stay or go

The primary goal is to determine if a proposed solution is acceptable in the marketplace. The feedback you receive from customers can either reaffirm or dismiss your assumptions. Use this feedback to make an informed decision on the way forward. You can decide to go ahead with the implementation, change the approach or scrap it altogether.

Building an MVP with FortySeven

Fast-track your business idea and reduce the wait to launch it into a business product by engaging FortySeven Software Developers. At FortySeven, we understand that an MVP concentrates on providing the core function of your business idea, and we endeavor to give you maximum value for your money. We develop high-quality and cost-friendly MVPs for startups and established companies to assist our clients in setting a footing in the marketplace. Using scrum development methodology, we take a keen look at the customers’ feedback and make the necessary adjustments to promote the customer experience.

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Minimum Viable Product

What is a minimum viable product? A minimum viable product (MVP) is the simplest and most basic version of a new product that a company releases to gather market information to inform the development of the subsequent versions. Companies develop MVPs to get a product with the basic functionality to get customer feedback at minimal…

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