According to the Bureau of Labor Statistics, 20% of start-ups experience failure during their first year of business operations. The reason behind this is improper business model, poor market analysis, product failure in the market, cutting edge completion etc. It is possible to prevent such issues and develop a successful product in the market with the help of Minimal Viable Product.
What is a Minimal Viable Product? MVP is known as Minimal Viable Product. It is actually a product version with minimal features to deliver a satisfying user experience. Further, additional features can be integrated subsequently depending on customer feedback obtained through release. It can also be understood as an earlier version of a product with minimal scope, and the driving remaining scope through future releases for your website, application, or a digital product.
The objective of a minimal viable product is built to be offered to the potential consumers to analyze their response about the product before releasing it in a full-fledged manner.
A Minimum Viable Product is a fundamental idea in Lean Product Development that emphasizes the importance of being minimal and viable. It is essentially a simplified version of a new product, designed with the bare minimum features required to create a functional and viable product.
The key principle behind building a MVP version of a product is as follows:
Adequate features – features that are needful to the viability of a product.
Minimum time – Developing a product in a full-fledged way takes several months, while a MVP can be developed and released within 2-3 months of time duration.
Starting with a Minimum Viable Product (MVP) is crucial as it helps keep the team on track with the essential features. An MVP provides valuable insights to businesses regarding the success and failure of different aspects of the product, enables them to identify areas of improvement, and determine what can be offered to consumers.
Developing an MVP helps businesses to add features to their primary product that consumers may not find much useful. Once the product response is tested, providing a straightforward product that delivers what it promises, customers are more likely to adopt it. This results in positive product feedback which also results in a quicker market entry for the company.
The timing of a product's release can greatly impact its priority among consumers. Sometimes, getting your product to market quickly is more important than ensuring it fully meets consumer demands.
Developing a minimum viable product (MVP) can help expedite the process, as it typically takes only a few months to create. This can increase the likelihood of success in a constantly changing market. Additionally, an MVP provides a straightforward and fully functional product that can be launched promptly.
MVP, or Minimum Viable Product, is a highly beneficial approach for cost-effective product development. This approach involves investing less in the initial phases of product development, which is both economical and safe. Moreover, this approach allows a lot of opportunities for future improvements.
During the initial stages, companies like Facebook, Instagram, Snapchat, Spotify, Airbnb, Uber, Zappos, and Dropbox were only funded with a few million dollars. As their user base grew and they gathered more data, they were able to make smarter investments.
Prior to deployment, it is crucial to conduct product testing to ensure its success in the market. To invest all of your resources into an idea, it is necessary to make sure that your product has the potential to meet the demands of your target audience. MVP can be used to test demand early on, which ensures the success of your idea in the market.
You have the option to validate your concept in the actual market by creating a minimum viable product (MVP) and then modifying or transforming it according to the results obtained by gauging its performance.
This is how businesses can quickly enter the market with MVP development, thereby permitting you to experiment with your ideas and obtain valuable feedback.
As mentioned above, when a product is in its MVP version, it allows you to gain valuable insights about customer behavior. This in turn helps the development team to gather customer response regarding the product performance.
Moreover, the developer team can utilize customer feedback to improve product in future releases by taking advantage of the iterative nature of MVP development.
MVPs are developed in an iterative manner, and by incorporating agile development processes into your MVP development, your team can gain knowledge and provide better quality products.
At the initial stage, Instagram was limited to photo filter features. Users could click pictures, apply the provided filter, and save. Because this limited version was preferred and appreciated by users, Instagram released more features including tagging, hashtags, videos etc.
The founders of this popular app rented out their personal apartments through a website prior to its launch. The impressive number of orders and positive reviews convinced them that there was a demand for such a service and that people enjoyed the experience of staying in someone else's home. Nowadays, travelers from around the globe utilize this service and earn income through it.
Jeff Bezos – the executive chairman of Amazon used either a Concierge or Wizard of Oz MVP type prior to launching Amazon as an eCommerce firm. He collected the orders, bought the books and delivered them to clients. Experiencing vast orders ensured him that people required the service. Further, he stocked up more books and managed to buy warehouses.
An MVP approach can provide significant benefits to your product and team. By releasing an MVP early, you gain valuable customer insight and opportunities that can lead to long-term advantages. At IBR Infotech, we believe that developing an MVP is an essential part of our project planning. If you're interested in learning more about how this approach can benefit your digital project, our team of experts at IBR Infotech is glad to assist.
Whether you are a first-time entrepreneur, small and medium business, or an enterprise, our MVP development offering is attuned to help you deliver innovative software products. We are a team of skilled business consultants who possess the expertise to transform your business concept into a tangible reality. Our range of services at IBR Infotech includes creating Minimum Viable Products for startups, as well as building customized solutions for our corporate and enterprise clients. The purpose of an MVP is to swiftly bring your business to a functional level, ensuring there are no delays in deployment. Our technology expertise include – AngularJS, ReactJS, VueJS, PHP, NodeJS, CakePHP, Laravel, CodeIgniter to name a few.