Can an MVP Become a Key to Your Startup’s Success?
Startups appear and vanish all the time. But once we notice a successful one, we think it simply popped up overnight and took the world by storm. In reality, every app that we now use was once just an idea. And it takes a lot of hard work to embody it.
Such products as Facebook, Airbnb, Uber, and Twitter are now on everyone’s lips. But they were launched they were far from what they are now. Facebook, for example, was just a directory connecting students based on their class or college. Airbnb was a website providing accommodation for the design conference attendants. TWTTR, which is now known as Twitter, was just an SMS-based group-messaging platform.
Once these ideas became popular, their owners had found investors and begun to improve the products. In fact, they had developed an MVP, which later became a final product.
What does an MVP term stand for?
An MVP term stands for a minimum viable product. It can be considered as the first raw version of your product.
What are the advantages? A product owner can launch a cost-effective version of the product, monitor customers’ acceptance and attract investors. Thus, it becomes clear which features should be added and what needs to be improved.
An MVP allows to test the market and understand if customers are ready to pay for your product when it is fully finished. It is a so-called beta version of your product. An MVP contains all the key elements and has a purpose to fill the market gap, giving a solution to a problem. But remember that it has only the minimum set of features.
If you don’t know how to choose features for an MVP, use a MoSCoW method. Here it is:
- Must Have – Every MVP has features it cannot live without. Identify them and include.
- Should Have – There are many important features, you should add in your product. If you have enough budget, add them in the MVP as well. If your budget is limited, add them as soon as possible.
- Could Have – Your product have a lot of interesting features. Identify them. Since they are not as important as previous, you will add them in further updates.
- Won’t Have – There may be features that you are not sure about. Identify them and save for later or forget about them at all.
How can an MVP change your business?
Imagine that an MVP is a trial period for your product, which may or may not be extended. It is a great way to try various approaches and find out which of them work, without spending too much money and time on development.
The mobile or web development of your MVP should have clear time and budget limits. The time frame for development should not exceed 2 weeks. Limited time allows the product owner to focus on the most important parts of the product and not to get lost in details.
You should set a clear goal for your MVP, which should be the same as for your final product. Then, it is time to focus on generating profit. But when I say profit, I don’t mean money. Your main purpose is to collect feedback. Always be customer-oriented. Your users will have much to say, so take their responses seriously.