5 Not Obvious Reasons Why You Should Start Your Project With MVP
Think that giant apps like Uber or Instagram have captured the market and the hearts of a multimillion audience from scratch? Of course, they haven't! These services are currently associated with excellent design and functionality, but in the beginning, it was completely different. Unconvincing? Then remember Twitter, which was an ordinary site with a minimum quantity of visitors in 2006. Gradual improvement and development of these services allowed them to achieve a capitalization of billions of dollars.
In 2013, the famous entrepreneur Eric Ries proposed a progressive model for the successful startup launch. According to his ideas, the best way to minimize errors is to optimize development cycles to meet the needs of the initial audience and reduce both financial and reputational risks. That's why every startup can' t do without developing an MVP (minimum viable product).
What is an MVP?
MVP business term is a functional version of the product with minimal features. However, it must solve certain problems of the targeted audience. Still do not understand is the minimal viable product important? The answer is YES! It allows you to see the audience's reaction to the product, thus minimizing risks.
Do not think that MVP product is a primitive or incomplete version. The spectrum of its capabilities is extremely important. Thanks to MVP startups can not only estimate the needs and reactions of potential users but also finish the product, successfully demonstrating it to the public.
The advantages of MVP development
The main reason to start the creation of MVP startup is the possibility to test the product on the market and also to conduct troubleshooting. Also, there are at least 5 other important reasons to start an MVP development. Typically, successful high-income startups have taken these not quite obvious reasons into account at first.
1. MVP is an opportunity to enter the market long before competitors
You should not wait for the product to be perfect, because it is impossible. User feedback is the best way to improve the weaknesses of a project. In this way, you not only get an opinion from the targeted audience but also outperform the competitors.
Usually, customers use the services provided by those companies that can meet their needs in advance. The important fact is that if the seller provides an answer in the first hour of the client's request, the chances of a successful deal increase by 7 times. Similarly with defining MVP business: the winner is the one who creates the fastest quality offer meeting market demand.
2. MVP is a time saver
Complete project planning with all the details taken into account requires even more time than MVP development. You should remember that the development process includes not only months of painstaking developers’ work but also gathering and analyzing information, technical and visual designing, modeling all possible functions down to the smallest detail. Isn't it better to refine the product gradually? This is why to build MVP is the best way to enter the market.
Don't think that it is easy to reduce the time for development, because some "specialists" just "know" how to do it (especially if it is not quite a trivial product). Probably, such a quantity of the documentation will damage the further project`s implementation. Remember: the battle is won not by the one who invented the battle plan, but by the one who took responsibility for its execution - Napoleon.
3. MVP is a tool to make oneself known to investors
Do you think investors are willing to pay for an idea? Then why do 90% of startups "die" before the investment stage? Business sharks know how to count their money and will only invest it in a convincing, working project.
One more advantage of MVP product development! With it, you can demonstrate a working product, not just words and promises. Investors will not risk their capital having only an "idea" in their hands. In this way, your investment chances will increase multiple times!
4. MVP is about optimizing your efforts
With MVP, you can test the idea thanks to the evaluation of live users, gradually improving the product up to the "Ready" stage.
Anyway, the development of any software always takes stages. That's why you shouldn't delay the demonstration of the project to a wider audience. Reinsurance and choose the best stage to show it. Think it makes no sense and it is better to improve the product after it’s finished? Then you risk spending a lot of time and money without any guarantees regarding the product's success.
It takes less time and money to create an MVP than to create a complete product. Moreover, feedback from users and possible investments will minimize your risks making it easier to develop the project in the right direction!
5. MVP is about facts, not assumptions
No one sees the future and your team is no exception. That's why you shouldn't try to anticipate all the problems and needs of users from the very beginning. Forecasts are unreliable because the market, trends, and users are volatile. Only practical testing with MVP will help you to obtain the information necessary for a complete product development meeting the users' needs at maximum. It is also important to remember that the market, trends, users and their interests may change while the project is being developed.
This material provides answers to the most important questions about MVP: benefits of creating, time and effort savings for the team, as well as the guarantees provided by MVP. In other words, MVP is essential for the success of your startup. This way you can control each stage of development in detail and scale the project in time with minimal risks.
Still, thinking about the advantages and disadvantages of a minimum viable product? Be sure that its benefits far outweigh the risks and efforts to adopt a fully developed product. Want to achieve success? So, why not use the optimal way proven by others?