The minimum viable product is the earliest adept software which is the core of the Agile Methodology. On the whole, it contains only the essential features that can just enough to reach the target audience. The main goal of a minimum viable product is to acquire valuable input from users and start getting payback early on. The benefits of a minimum viable product include rapid validation of ideas, reduced development costs, quicker time to market, and the ability to adapt and evolve based on real-world feedback.
Benefits of Minimum Viable Product:
- Once the MVP is launched, we can gradually develop it with new features until it becomes a full-fledged app.
- An MVP contains only key product features which are essential to provide consumers with the necessary solutions.
- MVP makes business owners to get direct acuity on their products.
- MVP allows businesses to save time and money as the company releases products with limited features.
- It can assess the worth of their product before making a huge amount of investment.
Types of MVP:
Concierge:
This MVP helps the company in solving issues of customers manually before releasing an app or product, even without a website. This needs manual information like surveys and direct interaction with customers through which the company can find actual needs and market demand. but this needs much time and dedication.
Wizard of Oz:
It is similar to concierge but in this, a business owner aims to make customers believe that their released product is full-fledged and needs to pretend that product can handle everything independently by upgrading it on the other hand.
Landing Page:
This helps in creating a landing page to describe all the advantages of our product. through this landing page, we can collect our customer’s email addresses and can interact directly about our product.
Explainer Videos:
Through this, you can track the engagement of customers and their exact needs. In this, we can provide complete product details in the form of video even without manufacturing the product.
Pre-order MVP:
In this clients invests before development. So this will help owners to develop potential products according to their needs.
Companies that started with MVP:
- Uber
- Dropbox
- Spotify
Facebook:
Facebook is the most commonly used social media service that we use in our daily life. But only a few of us know that it started as MVP in 2004. Even though it is a common idea of the social network, MVP it interacted with the audience and gradually upgraded its features and reached millions of audiences all over the world, today it became the most popular and convenient social website ever.
Uber :
Uber is released in 2009. It was designed by Garrett Camp and Travis Kalanick. They designed this idea as MVP with the aim to provide better traveling service. As part of this, they collected the feedback of their customers and upgraded features as per market demand, which made them one of the most convenient apps while traveling.
Dropbox:
Even though there are many cloud services in the market, they felt that most of them came with annoying problems. So they decided to create a service without any interruptions and developed an MVP. In the beginning, the team created 30 seconds video with details about their product to reach customers. Within two years dropbox became the most popular cloud service and now became an integral part of Apple’s iCloud.
Spotify:
We all know that Spotify is one of the trending apps in the musical industry. It started in the year 2008 as MVP. It was released with limited features to reach audiences and not became a leader of the music industry. Many artists stream their music on this app.
