“The Minimum Viable Product (MVP) enables you to ship your product early so that the adopters can see and, at least some of whom can resonate with, pay you money for, and start to give you feedback. Also, MVP empowers a team to collect the maximum amount of validated learning about customers with the least effort” – Eric Ries.
WHY DO STARTUPS NEED AN MVP?
Different enterprises have different responses. Here are the top 3 reasons specially curated for you. Go for the MVP development approach when:
- You need to check the project idea in action or test various concepts and pick the best one for the final launch.
- You want to engage early with your target audience and test your offered services as a part of a marketing campaign.
- You aim to attract big investors and boost capital.
How MVP Can Help Kickstart Your Startup?
Reliability and quick launch are two ingredients for a new product development project. MVP not only benefits the startups, but large-scale enterprises can also avail benefits.
Time & Cost Effectiveness
MVP helps you create your product step by step. You test your ideas iteratively with end-users and spread the costs over a more extended period. This, however, is a smarter, cost-effective, and time-effective product development approach that mitigates risk factors timely.
Low Risk & High ROI
With MVPs, you get products with low risk and exponential results. Startups can save time and money during product development and can reinvest it into customer development. It will ensure a better app product for sure.
Do you know? Market-leading companies like Dropbox, Airbnb, AskTina, and Uber started their business with Minimum Viable Product. They tested their product, researched how the audience is reacting to their products, worked on the requested features, implemented them, and now they are big brands.
Ensures Market Validation
MVP lets you understand if your product idea/concept fits the requirements of your target audience and startups get a chance to ensure that their vision is viable. MVPs can effectively replace uncertainty with reliability for startup app businesses. It is good to experiment and test different versions of your product's MVP against various metrics to increase the level of viability of the app.
Acquire Genuine and Early Adopters
Its always good to target early adopters/influencers first. They will most likely promote your product to the niche, experience all its advantages and competitive traits. It can make them passionate about your product idea. That's where word of mouth will start.
Hidden Information: Why Startup Fails?
Building an MVP means that a startup produces the most basic version of their idea in the easiest way possible. We hope that this short overview of an MVP and how it can help your startup in the early stages will inspire you to take new experiments and implement the most compelling product ideas.
We at Successive Technologies believe that most sustainable businesses' features come with the strategic processes. We help startups and enterprises manifest their ideas with this low-cost, high-value approach. Want to know more? Contact our experts for a free consultation.