Start-ups, a synonym for enthusiasm, new ideas and of course, lack of funds…
Sounded a little weird right? But it’s true, most of the start-up’s owners have a bundle of ideas with the sporting spirit to make those things happen.
But the only thing that leads them back is money that is needed to be invested to make those fined and polished end products.
Here the only survival option that comes to their rescue is the minimum viable products. Yes creating MVP cuts many costs that come from the market in the form of feedback and changes once the final product is launched in the market.
You might be getting confused about what this actual scenario is all about, so before we jump into the benefits of creating MVP, let’s know what MVP is all about. Read more about MVP for startups.
Minimum Viable Product – Definition
MVP is the first version of the final product, which is created with the minimum number of features just enough to satisfy the customer usage and get feedback from them for further development.
This MVP’s are the basic version of the final product which is launched to identify the potential or chances of the product to get success.
Based on the market response the changes are made in this pre-launched product to get the better and a full-proofed workable version.
As the sole purpose of creating MVP’s is the initial testing, no more than necessary or important features are added into it. This is the strategy adopted by most of the developers and team leaders to validate their idea and know its market acceptance.
So now when we are aware of what these products are and the purpose behind creating it, let’s get straight to the point and know-how can these first versions benefit the start-up owners.
How creating an MVP is beneficial for start-up owners?
1. Helps to attract investors earlier
Creating the final product might take a longer time, your investors might not wait for you to complete your task of getting successful in executing the ideas.
Showing them your MVP versions can help you get their interest as you can pitch them in a way that even if it’s not the final work, your product can lead the market with its preview.
2. Saves money and time
The most crucial advantage of creating MVP’s is it saves money, as I told you at the very start of the article, money is the pain point of every start-up owner.
Launching the first versions of the final products will help the developers know about the loopholes from the user end and also give them an idea of whether it could catch the attention of potential customers and investors. This saves their time and the money that is to be invested to create the final version.
3. Know the trend
Pre-launching the first version of the product will help the leaders and the team understand whether they are up to the moving trend and if not what can be changed in the first version to match it to the ongoing customer preferences.
4. You will get your audience
Not everyone will like your product. As every product has its specific audience, there would be people out there who will not like your product even in its final form. Don’t worry they are not your audience.
Giving the first version in the hands of the end-user you will create a great customer base with the people who would like it and you will already have your potential buyers ready to purchase your end products.
Being a start-up you will always have a fear of things not working out well. By launching the first version that is MVP you will get to learn the areas that you as well as your team needs to make the improvement.
But don’t rush to get things out in the market. Proper planning before the launch of the MVP could help you gain greater benefits.
Want to know how? Read further.
Things every start-up need to do before launching MVP
1. In-depth market research
You have a great idea, but that doesn’t mean it’s going to be a hit in the market, bringing the innovation you think it would make. There are many more start-ups out there who think the same way and do have something different to give to the audience.
Study them before you plan your application features, know the trend, make changes in your work plans accordingly. You might come across some amazing things that can complement your existing idea once you go through your research.
2. Customer interest
The in-depth research done before will help you get to know the audience and their likings. There are many competitors out there who are providing the same services as you do.
Study their loopholes, know what the customers don’t like about their services and how can you overcome their drawback in your product to satisfy them.
3. Product workflow
After you are clear with the research and the customer definition and need, you are ready to make the work-plan about how you want your product to be.
Decide the features, write it down on paper, make a rough sketch of the final product and set your army to get started with the implementation.
4. User testing
After the completion of at least one version of your final product, it’s time you do the necessary testing before launching it in the market.
The first phase should include the technical testing where the app tester using his software would validate if the app needs any specific change, while during the second phase the app is given to the normal user (a non-tech person) to get the experience of its usage from the customers perspective.
5. Landing Page
The final and the most important thing that comes after the app gets ready where is the user going to land once he/she clicks the app link.
Yes, here I am talking about the landing page which gives your customer an idea about what the application is all about and how it could benefit them to build their interest.
MVP’s are the safest option for any app and website development start-up to get into the market to launch its ideas.
Launching its own product or app is a very big thing when you have just entered the industry, as there might be many factors that could affect including the companies reputation and future work.
MVP’s are thus a part of startup growth strategy and acts as a great saviour option for the newbie in the industry.