What is a Minimum Viable Product?
A Minimum Viable Product (MVP) is the first version of a solution built with minimum features within a faster development period. This allows you to get the input of users at an early stage and adjust your product accordingly. Hence, you will have time to further develop your concept. A startup MVP development strategy paves the way for your product to succeed in the market.
MVP Development Benefits
Start-Ups MVP Development Examples
Landing Page MVP
A video MVP is when you introduce your product by recording an explanatory video and uploading it to YouTube. It should demonstrate what the product is and how it would help customers who buy it. If the video is engaging, it can go viral and automatically create a word-of-mouth campaign. However, it’s a risk knowing that not all videos get that chance.
An example of a successful video MVP development for a tech startup is Dropbox. The three-minute video they created explained the intended functionality of Dropbox, which led to an overnight increase in signups from 5,000 to 75,000. The actual product was not even ready yet, but people saw the potential.
A piecemeal MVP uses any free digital platform to present a product to customers. You can choose social media platforms to launch a campaign, mass mailing, or any third-party software or applications that already exist.
Groupon used the piecemeal model to build their MVP. They connected customers with local grocery stores and companies, offering discounts for their services. They also used FileMaker to generate coupons, and Apple Mail to send those by email.
Which MVP is the Best?
There are so many types of MVPs that it’s impossible to choose one that outranks the others. The choice depends on each startup, the kind of product it’s launching, and its target audience. To make things easier, MVPs are divided into two categories:
- Low fidelity MVPs give basic results that help you understand the needs of consumers. It gives you insight into whether your idea is worth developing further.
- High fidelity types give more in-depth results, but also require more resources. They identify the interests of consumers and whether they are ready to make a purchase. It can also gather feedback from real users to develop the product accordingly.
Once you find the required fidelity for your project, choose your MVP type by answering these questions:
- What is the highest risk you are facing and how can you investigate it?
- What’s your timeline to build an MVP and receive results?
- What is your budget?
Hire an MVP Developer
Whereas if you prefer to hire a freelancer, which is less costly, you will have to go through an interview-based hiring process that gives you a chance to find the candidate closest to the expertise and mindset you are looking for.
If your budget allows, you can always use outbound marketing which is more traditional and costly. It includes tactics like push messaging, cold email outreach, display advertising on websites, and activities like seminars.
Don’t let all the MVP planning burden your mind.