Minimum Viable Product: Definition, Meaning, Examples, Types
MINIMUM VIABLE PRODUCT or MVP
So today we are going to discuss one of the major topics which are quite necessary for the startup of teams that is Minimum Viable Product or MVP.
Minimum viable product or MVP to be shortly described is a development technique. It can be explained in a way that when a new product is introduced in the market with just basic features and not the ideology of seeking the attention of the consumers, once the product gets a sufficient amount of feedback from the initial users the final product is released in the market to be sold.
Table of Contents
Minimum Viable Product Meaning
MVP when majorly described as the most basic version of the product which the company launches in the market is Minimum Viable Product or MVP. It could be a basic necessity or a luxurious item like a car, website, TV, or laptop anything. The basic motto of launching or introducing these basic versions of products in the market by the companies is mainly to gain a response from consumers’ or buyers’ perspectives.
Techniques majorly help in making the product better and worth the money. With the help of the MVP concept the marketing team clearly knows the cons and pros of the product because it has already been used by the consumers for a short span of time. This research helps improve the product and helps in knowing where the product lacks and its strengths and weaknesses.
Minimum Viable Product Feature
MVP has three distinct features.
- The companies ensure that the product has enough features to purchase the product (this technique helps the companies do marketing of a particular product).
- A feedback mechanism portal is provided so that the product feedback can be given by the consumers.
- The product should have enough for future benefits so that the consumers who have adopted the product can be benefited. (For example, Google gives a free upgrade of its over to all the Nexus users).
Goals of Minimum Viable Product
The major goal of MVP is to get feedback from the consumer which helps in making some important changes in the final product and making it a better product.
MVP tests the usage of the product which actually helps the company to make the product renewed, better, and without cons. Reviews of the customers play a major role in making the product better as the company stands on that.
This concept can be understood with the help of a major example like
Suppose a website is launched with the very basic features to find out how the consumers respond to the product displayed on the website. These products could be consumable, daily, or services provided by a website.
Majorly the idea is to start with small stuff and take reviews from the users also asking them what they are actually expecting from the product, refinishing it, and providing a better quality with better publicity and marketing techniques.
Designing MVP is a laborer’s process but it helps in gaining valuable feedback from the customers and analytical information which improves the idea and helps in understanding the audience better.
Startups usually follow the idea of MVP and launch an unfinished product but the major problem they encounter is that startups do not know who their customers truly are or what they exactly want. They waste a lot of time and money just by building a product that has features no one really wants because of a lack of customers.
So many startups fail because they create the final product and deliver it straight to the market which ends up wasting their time and money again. Eventually, as we all know the only process of succeeding in startups is through learning therefore launching a fully-featured product is just a waste of time and doesn’t actually help in growth.
MVP is the cheapest and the smartest way a startup can learn and experiment and also allow their customers to use their products, review them and tell what they actually need.
Now let’s get to know more about MVPs.
Types of Minimum Viable Product
MVPs are mainly of two types
- Low fidelity MVPs
- High fidelity MVPs
Which fertility and individual chooses depends upon where the person is in his or her journey of startups
1.Low-Fidelity MVPs are used to:
○know more about the customer’s problem and also to understand it
○checking on how the solution to the problem be valuable for the customers
○investigating whether the problem is worth solving or not
○exploring what kind of solution will be most effective for the customer.
TYPES OF LOW FIDELITY MVPs
The “Fake door”
2. High-Fidelity MVPs are used to:
- Know how much customers are willing to invest in the particular product
- Finding out the customers who will be adopting the product and also do the marketing about the particular product
- Helps in defining and optimizing the marketing strategy such as communication channels call to a particular action valuable proposition
- It identifies the best potential growth strategies
TYPES OF HIGH FIDELITY MVPs
The “Concierge” MVP
The “Wizard of Oz” MVP
The piecemeal MVP
Single feature MVP
Minimum viable product examples
Few examples of MVPs are:
Now if we explain the example of one of the MVPs i.e
The Dropbox MVP
Drew Houston is the CEO of Dropbox. It’s a silicon valley company that made an extremely easy-to-use file sharing tool. The methodology of the application was quite easy as once you install the application a Dropbox folder would appear on the computer desktop, anything you drive into the folder would get automatically uploaded to the Dropbox service and replicated across all your computers and device.
The Dropbox creator team was made up of engineers as a product required High technical expertise to build it. Into the quiet of an idea of computer platforms and operating systems like Windows, Macintosh, iPhone, Android, and so on.
The engineering team while building the application required Christine in order to make a successful application as the implementations were to happen at attitude level and exceptional user experience was one of the ultimate goals to be provided. Dropbox was created in such a perfect way that it is a competitive app whose biggest advantage is that this MVP product works in a seamless way and provides competition to various other applications.