Why do you need a Minimum Value Product service for business success?

 

Most startups fail because of the lack of understanding between what they offer and what the target market actually wants. To fully understand your target market, developing an MVP is one of the best ways to start with. 

A Minimum Value Product (shortly known as MVP) is a version with enough features to be released to an early set of users. The product is then undergoes improvisation based on the feedback received. In an MVP, the bare minimum number of features is added so that the core functionality of the product is met. 

An MVP is needed to check whether your product solves the problem it was built for. When choosing the features that can be added to an MVP, it is important to remember whether the feature contributes to problem-solving as naturally as possible. 

If a product feature does not contribute to solving a problem, then it shouldn’t be part of the MVP. 

Problem-solving is a contributing factor in a product’s success or failure. There are thousands of products and services on the market which fail miserably because they can’t solve the problem they were created for. 

One of the greatest things about MVP development is that it allows startups to make changes to their product at an early stage, which in turn saves a considerable amount of money. It’s always a good thing to fail early rather than later, and MVP allows this. 

Startups can choose to build their own MVP, or they can choose to use MVP and prototype development services, which will save startups some time and money.

Popular Minimal Value Product types:

1. Landing Page MVP

Landing pages are easy to create and provide lots of valuable insights that are useful for idea validation. Creating a landing page is quite simple. All you need to do is create a single web page that describes your product’s features, benefits, and value proposition. The landing will also do the job of promoting your product. 

2. Explanatory video MVP

Just as landing page MVP, explanatory MVP, acts as a smokescreen for your product. But instead of textual information, a video will demonstrate how your product will solve the problem.

3. Crowdfunding MVP product

The idea of selling a product before it is even created may sound like a myth, but some companies have done this. The company Pebble, which sells smartwatches, is one such example. 

4. Wizard of Oz MVP

This MVP creates an illusion that it is a real product with automated features, but in reality, it is operated manually by real people. The main purpose here is to test the hypothesis of your product with no or minimal use of technology. The idea here is to test whether there is demand for the solution you’re providing before spending huge sums of money building it.

5. Piecemeal Minimum Viable Product

Here, the idea is to build an MVP with the use of existing services and tools and combine them together to support the necessary features and functionalities of your product. Thus, you can introduce your product to the market without making any investment. 

To sum up, it doesn’t matter what type of MVP product you use, but it does matter to gather user feedback and use it to make something that people want, rather than spending money on building something that users don’t want. Also, you can choose to build an MVP on your own, or you can choose the MVP and prototype development service.