Going big and going global is what lots of businesses want. Some spend lots of time, money, and brainpower building finished products full of great functionality but don’t realize that users may not even want them.
Scaling is a long process that requires plenty of experiments. The secret of product scale is a good start, which often means building a minimum viable product, or MVP. Many world-famous companies like Dropbox and Uber started as MVPs and made it big avoiding unnecessary costs and saving precious time. Today, they are great minimum viable product examples of how to validate a startup idea and create a product people love.
If you’re planning to launch a product but are still hesitating, our advice is this: 一 Don’t wait for the perfect product. Create an MVP. Why? Read this article to find out why MVP development is necessary for a business and how renowned companies have succeeded with MVPs.
Myth or fact? The truth behind MVPs
To understand what a minimum viable product really is, it’s essential to realize what it’s not. An MVP is a powerful tool only if used in the right way. So you don’t kill your startup before it’s even launched, let’s walk through common misconceptions that can drive your MVP in the wrong direction.
Myth #1: An MVP is a product, only a small one
Many times, startups get the wrong idea about what the goal of an MVP is. As a result, they invest time and effort in getting a half-baked product out the door sooner.
Fact: In reality, an MVP is not about the product at all. Eric Ries says that an “MVP is a process and not a product.” A minimum viable product is a learning tool. It’s a process of crafting the best solution to solve the problem of your target market, not an end product itself. An MVP in business is vital since you share an idea of what the product might be and test it on your audience.
Myth #2: An MVP is a product with more features than the competition
Some businesses believe that their MVPs should be full of functionality. They think that a large number of features will separate them from the competition.
Fact: You shouldn’t wait till your product is full and complete before you release it. Stick to limited functionality and test it. Multiple features take more time to develop, and you never know whether they’ll be a hit with users or go to waste. Eric Ries suggests building software that has 20% of the features that 80% of your customers will use. Remember that you aren’t building a great product; you’re getting customer feedback.
Myth #3: An MVP is a low-quality version of a product
A minimum viable product should indeed include a minimum set of features. But to deliver it faster, some businesses sacrifice quality.
Fact: In no way should an MVP be poor quality. An MVP should be a fully functional product, even though it may include only one feature. Who will want to use your platform if it’s full of bugs and crashes? Steve McConnell says “if you want to go fast, start with a quality focus.”
What is a real MVP?
Eric Ries gives a generally accepted MVP definition: “A 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.” With an MVP, you validate your idea, collect data, and learn.
An MVP has the following characteristics:
- Serves a particular audience
- Deals with one key issue
- Gives a better understanding of what to build so you spend less money on development
- Can be built quickly
Successful businesses that started as MVPs
MVPs are subjective. A minimum viable product looks different in every company. To choose your own path, let’s have a look at how famous companies succeeded with MVP development.
Zappos
Before Zappos became what it is today 一 the biggest online shoe store that generates more than $1 billion in revenue annually 一 Nick Swinmurn had just an assumption that people might want to buy shoes online. To check if people were interested, Nick went to local shoe stores and photographed every pair of shoes. He didn’t invest a great deal of money in shoes and a complex software project. Instead, Nick uploaded the pictures he had taken to a simple website to check his theory. Once someone clicked on the button to buy a pair, he went to the store, purchased them, shipped them, and handled payments. One person with one idea, and a great MVP got started at almost no cost.
To read full article press the link MVP Examples and Best Practices
