Do You Want a Successful Digital Product? Start with an MVP
by Andreea Oproiu • almost 2 years ago • 4 min read
Digital products are getting more numerous by the day, and with so many successful examples around, they almost seem like an easy thing to do. One of the most common mistakes most startups or companies do, when starting to build these, is not having an MVP. This single, but complex piece, is the one that gives your product a realistic feel in the market.
What is an MVP?
An MVP, or minimum viable product, is the first version of a product with only the features that are required to give the core value and validate it with early customers. In essence, the MVP is used to gather input and determine whether the product is actually needed by users. Early adopters may also offer their vision for the feature, allowing developers to alter the product and plan future upgrades based on their knowledge of customers' wants and preferences.
Why is it necessary to build an MVP?
The MVP model provides for lower development costs as well as a lower risk of financial failure as a result of bringing an unwelcome product to market.
The goal of creating an MVP is to swiftly launch a product based on a proven concept on a limited budget. However, the process is complex, and it requires up to 5 key team members, taking 3 to 6 months.
This method enables a company to acquire consumer feedback for the initial product and incorporate it into subsequent versions. One can locate a suitable audience, pull ideas based on experience, and save time with the help of an MVP.
Building an MVP entails striking the correct balance between what the company has to offer and what people actually require. The MVP's objective is to prove or disprove that the product will solve a user problem. MVPs also help organizations reduce the number of errors they make during the development process. By focusing on certain groups of users, an MVP aids in the collection of high-quality feedback.
What are its main benefits?
→ Putting Business Concepts to the Test
The most significant advantage of creating an MVP is that it helps businesses to test their company concepts. Organizations can check if their product concept connects with people they consider to be their target audience by offering a core set of features rather than a full-fledged, feature-heavy product, enabling an opportunity to adjust a product's direction based on findings. Organizations will be able to detect what types of social groups are the most active consumers and how they interact with the product once it is introduced. This data can be utilized to better customize app functionality for specific users.
→ Getting the Pulse of Market Demand
It's all about testing with an MVP to determine what works and what doesn't. In some aspects, an MVP is less about selling or acquiring clients and more about gaining a better understanding of market demand. Organizations frequently assume that their product meets a certain user demand — however, this may not be the case, as the need may not exist, or existing alternatives may address the pain point. Without having to invest a lot of money, enterprises may utilize an MVP to evaluate market demand for their product and see if potential users need and would use it.
→ Accelerating the Team’s Learning Curve
You have a good understanding of customer behaviour and pattern when you release the first version of your MVP. Putting your product on the market in its MVP version, on the other hand, allows your development team a plenitude of opportunities to learn everything there is to know about it. As a result, use the consumer feedback collected from users to improve and enhance the product's next updates.
The MVP process is more iterative in nature. MVP development provides a platform for your team to learn and apply iterative development methodologies such as Agile, which can help your product provide more value during development.
An MVP is not only beneficial, but necessary, both to the stakeholders and the development team. From setting realistic expectations on the market to identifying the proper features to build, this process clarifies the air for both parties.
Do you want to build digital products the right way? Contact us and we’ll handle them with care.
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