How MVP Helps You Develop a Successful Digital Product?
Premature scaling, lack of knowledge of the target market, failure to meet the needs of the target user, poor product quality… These are the reasons why startups wonder if something could have been done to avoid failure.
“How can I learn faster what works and eliminate what doesn’t?”
The answer is: developing an MVP. Creating a minimum viable product helps you learn and discover product problems before it’s too late.
In this article, the experts of your Vietnam offshore development center, guide you on the usefulness of an MVP for the success of your digital project.
What is an MVP?
A minimum viable product (MVP) is a product designed to contain only the minimum set of features, which require the least amount of development effort. The MVP gives a simplified view of what the final product containing all the features will look like.
Looking at the image below, I realize that with the “skateboard” MVP, I can move around. This is also the primary use of the final product “car”, with which I could also move.
The features of an MVP are carefully selected to represent the essence of the product and test its marketability. The idea behind the MVP is to gather user feedback to modify existing software features and implement new features.
MVP is an interesting solution to consider for any type of product development. However, this approach is particularly beneficial for developing startup applications. This is mainly because they are based on ideas that have yet to be tested for commercialization.
You can either develop your MVP in-house, or you can outsource this crucial step to professionals like Bocasay, your Vietnam offshore development center.
Why use the MVP concept?
Following a step-by-step development process by creating an MVP helps companies achieve sustainable success. Most startups spend little time gathering market information or ignore it in favor of their assumptions. That’s where they go wrong. In fact, they create products that they think are relevant to their audience, but are not relevant every time because they lack real data analysis.
The MVP process effectively solves this problem because it allows the team to gather as much real-world information from real users as possible. This way, you develop products that your customers really want and need, which leads to increased sales and business growth.
Newcomers may doubt the need and feasibility of this concept and prefer to skip the MVP phase. But, this is a risky decision and the product brought to market may fail.
Startups need MVPs to validate their opportunity hypotheses and get the green light to develop a full-fledged product. This is because, via the MVP, you ask the end user, if the product helps them solve their problem. It has limited functionality and seems to be of poor quality, yet an MVP is about providing fundamental value and receiving feedback to move forward.
Does your company need an MVP?
The MVP concept is designed to deliver rapid value with minimal time and effort. By creating an MVP, you will be guaranteed a product with enough initial capabilities to generate interest and attract early adopters.
These early adopters are the key to understanding whether or not the product is worthwhile. If the early adopters validate the MVP, it would be wise to pursue improvements. On the other hand, if the reviews are not inspiring, abandoning the project would avoid wasting a lot of time, effort and resources.
While an MVP is probably the ideal way to take a concept from ideation to launch, it may not be the right strategy for everyone.
MVPs should be limited to product concepts that are innovative, unique, and likely to surprise customers. Don’t try to create an MVP if your customer wants something similar to what you already do.
Some tips for building your MVP
Let’s say you start developing an MVP with basic functionality. How “minimal” should your MVP be? Here are some tips to help you design the right MVP.
1. Define a timeline
An ideal MVP simply slices, iterates, and refines the end result. Set up clear and concise terminology for MVP development. Set clear deadlines. It takes two to three months to launch the first minimum value product.
2. Attract the first users
Your main goal in the MVP phase is to get your first customers. Let the product or application remain online and accessible, no matter how many users you have. Now you can test your MVP. It is faster and cheaper to target a small number of users.
3. Focus on basic functionality
Try to focus on solving the user’s underlying problem. Keep only a few features that prove your idea is unique and valuable. Remove unnecessary features as a first step.
4. Create robust, reliable and engaging products
MVPs should be attractive and engaging. Your main goal is to draw users’ attention to your great digital product and new brand.
Why the “finished product” is not an end in itself
When creating a digital product, the work never ends.
Let’s take famous examples such as applications like Facebook, Instagram and Twitter. These applications undergo continuous development. They are modified and updated as the product evolves and new generations of users use the app.
Choose Bocasay to realize your MVP!
Bocasay, your Vietnam offshore development center, develops digital products that meet user needs and business objectives.