Minimum Viable Products (MVPs) help you gather important feedback and estimate market interest. The MVP is the initial version of your product that only has the core features that are essential to solving an existing problem for your prospective customers. Methods like the Wizard of Oz MVP, Concierge MVP or the Piecemeal MVP and others have been proven successful in measuring early interest.
This first version needs very little investment of resources into product development. MVPs can be immensely useful if you want to validate your product on the market as early as possible.
A few weeks ago, we talked about ways to validate your business idea, and why it is important to do so.
This model has contributed to the development of various tools and methods that can function as MVPs. Examining the pros and cons of each solution for your business will help you select the right type of MVP.
A landing page can help you acquire early followers, tell people about your product idea, and even collect revenue for future product development. You can tell about your project in detail, present its advantages and ask people to support your project. If they like your product idea, they might become your first subscribers.
You can also get users’ feedback with the help of a landing page. This will help you to know your target audience and their opinion. You may also get suggestions that will help you make your product better.
Pros
Cons
Explainer videos explain what your product does, and why people should purchase it. It is a good option for making a presentation about your service or product to users without even creating it. The Dropbox MVP was famously presented in this format.
Pros
Cons
With a concierge MVP, you will have to perform each and every function of your service or product manually. To resolve the problems of each customer, you will have to work with them directly. By completing each step of customer orders yourself and collecting direct feedback, you can determine how your end product should look like.
A famous example for this type of MVP is Food on the Table (later acquired by Scripps Networks Int.).
Pros
Cons
The Wizard of Oz MVP creates an illusion of a fully functional product, but secretly depends on manpower to deliver the solution. On the front end, you deliver the impression of a completely functional product; however, on the back end of the product, you have to execute all orders manually.
With this approach, you can quickly create effective prototypes. You can also test the market response to your service or product without really creating anything.
A great example here is the first site of Zappos, a specialized footwear eCommerce startup.
Pros
Cons
With a piecemeal MVP, you can deliver the new service or product by using already existing solutions. The utility of existing products is combined to deliver additional value to the initial customers.
Pros
Cons
To create this type of product, you need to determine what should be the core functionality. Understand that while you are creating a single-feature product, that one feature has to work extremely well.
Pros
Cons
Choose the solution that best fits your available resources (personnel, money, time). Take into account the requirements and characteristics of delivering your solution, and select the type of MVP that suits them the most.
The minimalist nature of your initial offering should not bother you. Don’t rush into launching a polished product that nobody wants.
If you need help planning and launching your MVP, feel free to tell us something about your project during a free consultation. We can help you test your concept and turn it into a profitable software product fast. In a few weeks, you can already launch the initial product version on the market and start collecting valuable customer feedback.
Minimum Viable Products (MVPs) help you gather important feedback and estimate market interest. The MVP is the initial version of your product that only has the core features that are essential[...]
Minimum Viable Products (MVPs) help you gather important feedback and estimate market interest. The MVP is the initial version of your product that only has the core features that are essential[...]
Minimum Viable Products (MVPs) help you gather important feedback and estimate market interest. The MVP is the initial version of your product that only has the core features that are essential[...]