MVP or Minimum Viable Product can be described as one of the earliest stages of the Product development cycle. MVP is that version of a product with enough features for the early-adapters customers. MVP development for startups is essential to get the initial feedback after market launch and implement changes accordingly to iterate and improve the idea. While startups build a product following an agile methodology, it is all about integrating and validating user input. Therefore, Building an MVP for startups is a quintessential stage.
Choose the type of MVP that suits your business perfectly
The aim is to get the desired response from the market about the product you have designed and brought life to your ideas. You can follow any method which is best suitable for your product to bring the exact knowledge you are seeking for. MVP development for startups can broadly be defined in two categories such as low-fidelity MVP and high-fidelity MVP.
Low-fidelity MVP:
This is the basic step of investigating if the issues in the launched product are worth solving and getting more consumer attention.
High-fidelity MVP:
For high-fidelity MVP it is all about considering how much the target market is targeting to pay for the newly launched product.
Let’s a compare to help understand which method can be better suitable for the product you are aiming for:
The ultimate business to achieve with MVP
Here are some of the significant points you can achieve by building MVP:
Clearer performance insight
Building an MVP keeps the team focused more on the key functionalities of the product. It can also bring in exact information about the product which features and which is not. Based on this, upgrading the product as per market standards and needs would be easier. Therefore, MVP development for startups can attract more consumers as the exact product can be delivered to them.
Faster product release
It can be one of your opportunities to capture the market first while testing the product. Though consumers are more concerned about the solution that the product is providing while satisfying the customer needs and being user-friendly. MVP development for Startups can help in rolling out the product faster in the changing market which creates a scope to test the target audience earlier.
Economy friendly
Cost reduction is one of the prime benefits of MVP development for startups. Development of the initial product deploying a minimum amount of features can be the easy and safer approach for the cost factor. After analyzing the first phase of the product launch and the market reaction the startup owners can have enough space for future upgrades.
Increase the learning scope
Startup MVP development provides a clear idea about consumer behavior and pattern. So, this creates enormous opportunities for the development team to learn more in-depth versions.
Is it better to outsource the MVP development?
Remember, the angel investors now do not check the ideas they prefer to be one step ahead. To raise funding, you must present a real product that is generating revenue. MVP is the key to catching the eye of investors and VCs today.
The initial stage of startups has an ample amount of crucial tasks. As Minimum Viable Product is simple and no specialized knowledge background is not needed, therefore, you can engage in some other vital activities to build up your start-up. Though MVP development for startups should be professional and a real solution for the target market. Therefore, knowledge of the proper approach to the initial stage of the product should be developed by any organization who have years of experience with the same. Remember, being in the market with a ready product built by experts creates a deep impact on consumers.
Examples of Minimum Viable Products from top tech companies:
Check out some of the most popular brands that started with MVP.
Airbnb
A brand with a total of $6B in funding started its journey with Concierge MVP. This type of MVP uses a more transparent approach to sharing consumers’ information about not fully automated services. The founders’ Brian Chesky and Joe Gebbia realized the customer pain point. San Fransisco is the city where conferences are hosted frequently. Finding a budget-friendly place to stay was next to impossible. They uploaded a few pictures of their own place offering overnight stays targeting the people coming for conferences. This MVP eventually became Airbnb expanding its business in almost 100 cities.
Dropbox
Explainer video MVP is the process of showing the features and benefits of a product through a video. In the year 2007, Drew Houston was working on cloud storage and synchronization of data in one place to solve the file storage issue. Before Dropbox was ready to be launched as a commercial product to test the user response he created a short explainer video showing how Dropbox works. This brought the first seed funding for the company.
Amazon
Using the high-fidelity Wizard of Oz MVP the brand Amazon started its journey. This MVP is offering the user base a fully automated process and provides them with every benefit of that automated process though the method is executed manually. Jeff Bezos started the company in the year 1994 in his garage trying to sell several items over the internet. As explained by the founder, whenever any customer placed an order online he used to order it from the distributor and packaged and delivered the package personally to the customer.
Within a month, Amazon experienced around $20,000 in sales per week while shipping the orders throughout the US and other 45 countries.
Final Word
Building an MVP for startups does not need to be perfect it requires a clearer vision of understanding the market. When you are ready to launch the product the MVP would help to gain new insights into the market to understand the customer needs. Ultimately, for a next-level venture, MVP can be the best option. occurring minimum cost and time it can take your product to production and launch. To experience cut-edge growth in marketing, customer acquisition, and attracting big investments MVP would be considered the best move.
