What does MVP mean?
The Minimal Viable Product (MVP) is a term used in the software world. It’s the first, basic version of a software product and is built from a minimal set of features.
This basic version helps you gain access to client insights and test the market. When you’re just starting out, time and budgets are limited, so MVP is a great solution for start-ups. You shouldn’t need to spend months working on a project that may never be successful which is why MVP is the key to your new idea.
Minimal features help MVP get up and running, making it cost-effective, simple, and agile. Are you missing out on an agile product testing solution that could save your business a great deal of money and time?
Here are a just a few reasons MVP is the most viable step to creating a new business.
Low costs
The MVP is a basic function built from a minimal set of features and is low in cost. By keeping it simple, it keeps the costs low, making it value effective for your business. It also cuts out spending unnecessary money by not having to add all the features at once that may aren’t required in the final project.
Agile
As the MVP is a basic function and your idea at its simplest form, it has the ability to get going fast, making it an agile solution. This will help to get your idea set up and launched to customers in the shortest time possible.
Learn what customers want
We have a tendency to use something or ask for things, but never actually use them. MVP will help you to see who wants to use your product and if there is a viable market for it.
It will also help you understand and gather your customer’s feedback, so you know what features you need to build on and develop.
After gaining customer insights, if there are features you need to add, it’s simple to go through a creative journey. This step will help you build a customer-centric product, rather than what you think they want.
Budgets
The MVP t will help you stick to any budgets you have and set aside the worry of funds. You can work on small pieces at once, and all components can be tested independently.
Keeping on track
Having the core features needed and your insights from customers will help you keep track of what you are developing and why. There isn’t much room to get lost or sidetracked. You can focus on the core features and not waste time on features you won’t end up needing or using. Always remember your goals and what you set out to achieve.
Reducing complexity
We all know the more tasks we have to perform, the more complex the tasks become, and the more room for error. With the MVP, there are fewer tasks and simplified forms: meaning less room for glitches. It’s already complex enough creating something new without having to deal with this. By reducing complex features, you’ll keep it simple, and watch the progress.
Less is more
We believe creatives and managers overbuild from a fear of not giving their customers enough, but again, this can cost you and be unnecessary. By under building, you bring focus to the core of the product, reducing workload, with time to focus on the important aspects. As you you learn more about your product and customers, you can add onto MVP features.
Relationships
Launching your new development at its simplest and agile form, you have the opportunity to develop relationships with your customers early on. You can achieve engagement with your customers, build relationships, and base your product around customer feedback.
Disadvantages
The MVP may need more work upfront, a lot of experimenting and learning along the way, and it can be a challenge defining what initially will go into the first minimal features. But advantages far outweigh the disadvantages for a new business.
Buffer as an example
Buffer was launched in late 2010 by CEO and co-founder Joel Gascoigne.
Gascoigne created the idea because he was trying to save his own time. He found he was consistently sharing on social media and wanted to find a way to work around this by building up and scheduling posts. It was first launched as a two-page MVP.
This two-page MVP was simply tweeted to clients and potential customers. This was the first version of Buffer and was kept minimal to gain feedback and see if anyone would even consider using the app.
After learning from the feedback that there were people interested in using it, Gascoigne examined if people were willing to pay for it. This step was simple and just required another page placed between the existing two-page MVP.
From this Minimal viable product testing, Buffer now has 73,000 customers, is in 15 countries, and has 85 employees.
Conclusion
In summary, there are more advantages than disadvantages to using a Minimal Viable Product to launch a start-up. They are low in cost, agile, help build early relationships with the customer while you learn their needs, and tehy reduce complexity and workload. The MVP is a great solution for any start-up.
To find out more information, contact the BSpoke Software team by clicking here.
