WHY IT MAKES SENSE TO DEVELOP AN EFFECTIVE MVP How do you, as a developer, prioritize development planning for your startup? The best way to do it is to create an MVP. A minimum viable product (MVP) is a product that provides core features to a limited group - the initial users of the product. At Wikipedia you will find detailed explanations about what exactly an MVP is. We've created a guide that explains in 10 steps how to launch your startup within a month. MVPs can be physical products as well as digital products - such as a mobile app or a website that allows users to interact with your business. Here you can find our article about mobile app development
In the context of MVP , two main approaches can be identified. Followers of the first approach see the MVP as the first product to be delivered to users. The Amazon.com Startup Program, Kickstarter, Indiegogo and similar platforms include numerous prototypes created by developers. Many believe that the early release of a product to first-time users is an efficient way of estimating the product's future reception. Others, in turn, believe that MVPs can be used to validate the existence of a demand for a product, or in some cases, the product itself. They help generate interest in a particular product even before the final version of the product reaches market maturity.
Setting up a sales portal where interested visitors can log in can potentially generate revenue even before the product is ready for launch in the full version. Besides these two schools of thought, there are a number of hybrid ideas that you should take a look at. Since there is not one way to leverage MVP, much of the MVP discussion addresses a variety of examples. Some interpretations of MVP have moved away from the traditional meaning of the word "product". For example, Dropbox used a video - which, to the best of its ability, would not fall under the traditional product definition - to measure demand. Contact applaunch.io via Contact@applaunch.io with the subject "MVP" for a free roadmap to your MVP and go live in a month.
An early release allows validation One of the biggest benefits of developing an MVP is that it helps to quickly validate your product, service or idea. On this basis, you can decide whether you continue to pursue the product idea, and if so, whether and what can be improved. MVPs are only effective if you listen to the market and take feedback seriously. In the words of Eric Ries:
One of the most important lean startup methods is called Minimum Viable Product. Her strength is just like the confusion she creates because she is quite difficult to implement. At least I took some years to penetrate this method. In most cases, startups are based on a vision that revolves around a new product or service. A vision that is believed to be accepted by the market, because it helps solving an urgent issue that this market faces. Like many established companies, some startups choose to create a fullfledged product based on their original vision and then publish it on the market. Often this works, but often you will find less approval than originally thought. This may either be because the market was not chosen correctly or the product was not convincing enough. Precisely because of this, the development of a fully fledged product, which one then tries out on the market, entails an enormously high risk. The great uncertainty that goes along with startups anyway, is additionally increased because the product or service are still completely untested. This leads us to the obvious question of how to test a product that is not yet fully developed or implemented. Although established companies and startups generally operate on the same management fundamentals, established companies usually supply a well-
known, established customer base, while startups do not enjoy such certainty. Therefore, it is advisable that startups operate in a way that gives them the chance to learn while making sure their vision is viable. MVPs act as an effective way of replacing uncertainty with certainty, with minimal risk in a relatively short period of time. The most efficient learning method for a startup is to experiment with different versions of a product based on different metrics. Such experiments help to find out if the original idea is good or bad and what changes can increase the chances of success of the product. Develop your mobile app with our bonus program at no cost.
Review your assumptions about MVP development One of the biggest problems startups face is that each startup is based on two key assumptions: the value assumption (to create a product that adds value) and the growth assumption (with the product growth in the market too to reach). By testing their product, founders of startups can move into a better position to solve people's problems in their target market. For a startup, it is essential to check your own growth and value hypotheses as early as possible. For this to happen, the startup needs to develop a version of its product that has a sufficient level of completeness to demonstrate the added value it offers customers in the target market. Because MVPs have only the bare minimum core features of a product, development takes less time than a full product. To be effective as a test tool, an MVP must nevertheless be equipped to capture market traction.
Developers may find it difficult to incorporate features they want in the early stages of development, but they should resist this temptation and focus instead on the experiments that measure the impact of the MVP. It should be noted that the metrics for measuring the effectiveness of an MVP should not be designed to discouraging results, but should measure the actual business impact of the core product. So-called vanity metrics focus only on growth and track only the number of new customers won. While it may seem encouraging that such a metric shows steady growth, this does not necessarily mean that the startup will actually develop positively when, for example, customers leave the product at the same or even higher levels than new customers. The term startup is usually applied to small new companies, but it can also be extended to already established companies seeking a breakthrough in a new area to increase their growth. Regardless of whether the startup is a group of inexperienced people or an established business, it can benefit from the insights and ideas involved in testing different versions of the MVP based on relevant metrics. This allows companies to tailor their products to customers in a particular market with greater efficiency and accuracy.
Lean startup as a concept for development Lean startups need to focus on increasing the efficiency with which they develop products, and the speed with which they can reach their target market with the right products to benefit from the critical first-party benefit. It's imperative that startups reduce the waste of development resources by releasing an MVP at the earliest opportunity. A Lean Startup uses MVP to bind customers and validate its growth and value hypotheses using relevant metrics. The initial focus of development should be on clarifying basic questions about growth and value
hypotheses. Only then should the focus shift to the real engine of growth. Sometimes more than one kind of engine is responsible for growth, but most successful startups focus on just one engine. The concept of a Lean Startup is that the actual product consists of one or more experiments that allow to reduce the great uncertainty associated with the initial phase of a startup. Startups can monitor their progress based on the results of such experiments. The higher the acceleration rate, the higher the likelihood for startup to release a product that meets customer expectations in the target market.