Do you have an interesting business idea and want to turn it into a real product as soon as possible? Before you rush to spend a lot of time, money, and energy developing a full-featured product, it’s a good idea to consider creating a minimum viable product or MVP first.
Based on our findings, reported on the Codica, the article discusses why a startup is prone to failure in launching its products, originating from a 35% lack of product market fit. It was revealed that the data was taken in 2022.
In this article, we will thoroughly discuss the minimum viable product. Take advantage of the opportunity you have at the end of this article.
What Is Minimum Viable Product?
MVP is an early version of your product that has only the core features that solve problems and provide value to customers. MVP aims to test your assumptions about customer needs and interest in your product with the least amount of effort.
By creating an MVP, you can gather feedback from potential customers and learn from them before you launch the final product. This can help you avoid the risk of failing in the marketplace by making products customers don’t need or don’t like.
“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” – Eric Ries, author of The Lean Startup
Why is Minimum Viable Product Important for Startups?
MVP is a very popular approach among startups, especially those engaged in technology. Some examples of successful startups using MVPs are Uber, Dropbox, Figma, and Slack.
Here are some reasons why MVP is important for startups:
- An MVP allows you to validate your business idea quickly and affordably. Assess whether your product can successfully address client needs and whether there is a market need for it.
- Using MVPs for product development can reduce your budget and resources. There is no need to spend a lot of money on a product that has too many features that buyers might not want. Concentrate on the key elements that can benefit clients.
- MVP can help you continuously improve the quality of your products. By getting feedback from early customers, you can find out the strengths and weaknesses of your product and find opportunities to improve features or add new features to suit customer needs.
- Launching an MVP can accelerate your product’s time-to-market. By creating a product with minimal features, you can launch your product faster than your competitors and gain a competitive advantage.
- You can also build customer loyalty by showing that you care about their input and try to live up to their expectations.
How to Create a Minimum Viable Product?
Making MVP is not easy. There are several steps that you must take to create an effective and beneficial MVP for your business. Here are the general steps in creating an MVP:
1. Define the problem you want to solve with your product
This is the first and most important step in creating an MVP. You need to know what real problems your potential customers are having and how your product can help them solve those problems.
2. Determine the solution you want to offer with your product
After knowing the customer’s problem, you must design a solution that can solve the problem in a way that is unique and different from other solutions that are already on the market. This solution should be the main selling point of your product.
3. Determine the core features that should be in your product
Core features are those that are most important for delivering your solution and product value to customers. These features should focus on the basic functionality of the product and need not be overly complex or sophisticated. These features should be enough to make customers interested and willing to try your product.
4. Create a prototype or mockup of your product
A prototype or mockup is a visual representation of your product that shows how the product’s core features will look and work. This prototype or mockup can be in the form of an image, sketch, wireframe, or video that explains the product concept in a simple way.
5. Test prototypes or mockups on potential customers
This step is the most critical step in creating an MVP. You should test prototypes or mockups on potential customers to get feedback on whether they understand the purpose of the product, whether they are interested in the product’s solutions and value, whether they are satisfied with the product’s core features, and whether they have suggestions or criticisms for improving the product.
6. Analyze feedback from potential customers and iterate if necessary
After getting feedback from potential customers, you should analyze the feedback objectively and determine what should be changed or added to the product to make it better. If necessary, make iterations or changes to the prototype or mock-up according to the feedback and test it back on potential customers until optimal results are obtained.
What Are the Alternatives to the Minimum Viable Product Concept?
The MVP concept isn’t perfect and doesn’t always work for all types of products or markets. Therefore, there are several alternatives to the MVP concept that you can consider for testing and launching your product, including:
1. Minimum Lovable Product
Brian de Haaff, founder of Aha!, proposed the minimum lovable product or MLP concept as an alternative to MVP. According to him, MVP is too focused on minimal features without considering customer emotions and satisfaction. MLP is a product that has minimal features that can make customers fall in love and be loyal to the product.
MLP (minimum lovable product), is a product that has minimal features that can make customers fall in love and be loyal to the product. This concept emphasizes the importance of customer emotion and satisfaction in determining product success.
An example of a product using the MLP concept is Instagram, which only has basic features for taking, editing, and sharing photos online, but is able to attract millions of users with an attractive appearance and experience.
2. Minimum Viable Experiment
Ash Maurya, the author of Running Lean, proposes the concept of a minimum viable experiment or MVE as an alternative to MVP. According to him, MVP is too focused on the product without considering the hypotheses and experiments needed to validate the product. MVE is an experiment that can test critical hypotheses about products and markets in a scientific and measurable way.
MVE (minimum viable experiment), namely experiments that can test critical hypotheses about products and markets in a scientific and measurable way. This concept emphasizes the importance of learning and validation in developing products.
An example of a product using the MVE concept is Dropbox, which simply creates a three-minute video explaining its product and offering customers to sign up for a beta version of the product. With these videos, Dropbox can gauge market interest and increase brand awareness without having to build a real product first.
3. Minimum Viable Prototype
David Aycan, manager of IDEO Ventures, proposed the minimum viable prototype or MVPt concept as an alternative to MVP. According to him, MVP is too focused on product launches without considering the learning and iteration process needed to improve the product.
MVPt (minimum viable prototype), which is a prototype that can help teams learn from customers and make improvements or changes to products quickly and inexpensively. This concept emphasizes the importance of prototyping and iteration in developing products.
An example of a product that uses the MVPt concept is Figma, which is simply a web-based prototype that has the basic features for creating and sharing designs online. With this prototype, Figma can get feedback from professional designers and test the product’s technical capabilities.
What are the Common Problems When Making a Minimum Viable Product?
Creating an MVP doesn’t always go smoothly without a hitch. There are several problems that often occur when creating an MVP, including:
1. Lack of market research before creating an MVP
Some startups are too confident about their business idea without doing market research first to determine whether there is a demand for their product in the market and who their target customers are.
2. Too many features on MVP
Some startups are too ambitious by wanting to include all the features they have in mind in an MVP without considering whether those features are really needed by the customer or not. This can lead to MVPs being too complex, expensive, and slow to build.
3. Lack of validation from potential customers when creating MVP
Some startups focus too much on the technical development of the MVP without involving potential customers in the MVP creation process. This can cause the MVP to not match the needs and expectations of customers.
4. Lack of iteration based on feedback from potential customers after creating MVP
Some startups are too satisfied with MVP results without iterating based on feedback from potential customers to improve product quality and value.
How to Solve These Problems?
To overcome these problems, there are several things startups can do, including:
- Look for information about market size, market trends, market competitors, market needs, and target market for your business idea.
- Create customer personas to describe the characteristics, behaviors, motivations, and challenges of your potential customers.
- Prioritize those features that are most relevant to your solution and product value and most needed by your potential customers. Avoid extra features that are not essential or just cosmetic.
- Look for ways to get feedback from potential customers from the beginning of the MVP creation process to the end of the MVP creation process.
- Use methods such as surveys, interviews, observations, or experiments to gather data about potential customers’ behaviors, preferences, satisfactions, and problems related to your business idea or product prototype.
- Do iterations based on feedback from potential customers after creating an MVP.
What Are Real Examples of Startups Using Minimum Viable Products?
There are many successful startups using MVP as their product launch strategy. Here are some concrete examples of startups using MVP:
1. Uber
Uber is a startup that provides app-based transportation services that connect drivers and passengers. Uber’s first MVP was a simple app that only allowed users to order premium black luxury cars in San Francisco. With this MVP, Uber can test market demand and get feedback from early adopters. After getting market validation, Uber started adding new features such as vehicle selection, online payments, driver ratings, and more.
2. Dropbox
Dropbox is a startup that provides a cloud storage service that allows users to store and share files online. Dropbox’s first MVP was a three-minute video showing how the product works and how it benefits users. The video was posted on the Hacker News website and managed to attract thousands of registrants for the beta version of the product. With this MVP, Dropbox can measure market interest and increase brand awareness without having to build a real product first.
3. Figma
Figma is a startup that provides a collaborative design platform that allows users to create and share designs online. Figma’s first MVP was a web-based prototype that only had basic features like creating shapes, changing colors, and adding text. With this MVP, Figma can get feedback from professional designers and test the product’s technical capabilities. After getting positive feedback, Figma started adding advanced features like comments, versions, and integrations.
Key Takeaway From MVP
MVP is a very useful tool for startups who want to test their business idea quickly and cheaply. By creating an MVP, startups can validate their assumptions about customer needs and interest in their products with the least amount of effort.
To create an effective and beneficial MVP for your business, you need to take the following steps:
- Define the problem you want to solve with your product
- Define the solution you want to offer with your product
- Determine the core features that must be in your product
- Create a prototype or mockup of your product
- Test prototypes or mockups on potential customers
- Analyze feedback from potential customers and carry out iterations if necessary
You also need to avoid the problems that often occur when creating an MVP, such as:
- Lack of market research before creating an MVP
- Too many features on MVP
- Lack of validation from potential customers when creating MVP
- Lack of iteration based on feedback from potential customers after creating MVP
You can solve these problems by doing the following:
- Do thorough market research before creating an MVP
- Focus on the most important core features of MVP
- Involve potential customers in the MVP creation process
- Do iterations based on feedback from potential customers after creating an MVP
This way, you can create an MVP that can help you develop products that match your customers’ needs and expectations and increase your chances of business success.
Free MVP Consultation Today
If you need help creating an MVP that fits your business, we’ve got you covered. Our team has experience in helping startups to design, develop and launch effective and rewarding MVPs. We can also provide suggestions and feedback to improve your product based on customer feedback.
Feel free to contact us via email or phone. We’d love to hear about your business idea and help you turn it into a real product.
