A Minimum Viable Product is a functioning asset or app, but with limited features (with lots of room to improve). The name is self – explanatory: it is not an unfinished item for consumption; instead, it accomplishes minimal requirements and saves the rest for future improvements.
The Minimum Viable Product strategy is very useful, especially for small business or startups looking to test their product in the market with a minimal investment. These kinds of projects don’t usually have access to large amounts of money, at least at first, thus building an MVP will help them test the purposes of their idea in a cost efficient way.
Benefits of creating an MVP
There are a number of benefits of creating a minimum viable product instead of a fully functioning product, with the most important of them being saving money, which is always a welcome proposition for startups. Here are the 5 Benefits of Creating an MVP for startups
1- It Saves You Money
By creating and releasing an MVP, business managers and app developers don’t have to invest huge amounts of money and time in finishing the product with all the intended features at first: they have the option to test it in the market and see if people like it.
Another thing to keep in mind is that an MVP allows creators to launch a product with the core proposition and see if it can catch the attention of possible investors and contributors. If that would be the case, improvements and updates can be developed in the future: an app is never truly finished.
2- It Saves You Time
An MVP can also help you gain time to enter the market with your dream product. Why? Because you will not have to build the entire and finished product with full features. Instead, a minimal functional and viable proposition will be good enough to enter the market, receive reviews and act on them.
Time is a valuable resource in business, because time is money. The sooner you can have your product in the market, the sooner you will find out if your targeted population like it and what aspects you can improve on, add or eliminate as you please.
3- Getting Feedback – Building a Better App
In today’s world, where technology not only makes our lives easier; but also makes business owners, managers, creators and developers more prone to criticism, it is important to listen to the public opinion. Some may not be right, but accepting positive (and sometimes negative) criticism may go a long way helping the future of your startup.
When working to create a product, no matter its nature and features, your targeted audience opinion is important. After all, they are the ones who will choose to acquire the service you provide or go with another option; a competitor.
By listening and watching comment sections and other kinds of feedback, you can see if the product you created was worth all the effort. In addition, you can write down useful recommendations and tips for new and future updates. Some of the biggest apps that exist today started as Minimum Viable Products, and grew by listening to critics and making improvements on the way.
4- MVP Help You Test Marketing Skills
One of the challenges of making a successful app is to engage in the proper marketing and sales campaign in order for it to reach the right audience; it is not only finding time, talent, money and other resources to create the product, you also have to make it available to whoever may need it.
By creating a minimum viable product, with the core proposition of your business idea but with limited features, you will need to test your and your team’s marketing and sales strategy not only for the beginning of the venture, but for every cycle of it. Going with an MVP strategy instead of launching the fully functioning product will test the effectiveness of your approach.
5- Getting To The Market Sooner
By maximizing time and effort, your minimum viable product will reach the market faster than it would if you decide to launch the fully functional version at first. The sooner the product is at the customer’s disposal, the faster you will see profit and the sooner you will start making adjustments, improvements and updates.
In the business world, you have to think about the competitors, too: it is not just about you! Any advantageous situation is good for a startup, and being available for your clientele before your opponent can definitely be a plus.
All told, a business, especially ones that are starting or those of a smaller nature, can stand to benefit from developing a minimum viable product and launching it into the market. This strategy may save time and money for your startup, resources that you are going to need eventually.
Customers and potential clients will have the opportunity to comment on the first version of your cutting – edge app, and you will benefit from those comments by turning the most interest suggestions into new features that will show your users (and also the competition) that you and your product are in the market to stay!
