Here you can find out in more detail what an MVP is, why startups need it, and whether it makes sense to release it for your business.
Can a Minimum viable product prevent initial risks?
Thanks to the development of different technologies and the combination of certain circumstances, more things in our lives are flowing into the digital space. There are more sites, applications, games, and opportunities on the Internet and on our phones. Therefore, people who want to open their own business and master the basic information about it understand the importance of IT technologies in this process. By developing business plans and strategies, they become familiar with the concept of a minimum viable product. MVP development for startups is one of the most critical stages at the beginning of the project launch. It is done to get clients’ feedback, understand their needs, and find gaps in the program. Let’s take a closer look at what exactly this is for, what pros and cons you will encounter, and what this process looks like.
What is it for?
MVP is a trial version of the product that has several goals. The developer is provided with the following information:
- You can find out what client interests currently exist;
- Which ones can satisfy your product;
- What structures, functions, and capabilities the audience needs;
- What kind of reaction can be expected from the market in which the product will be launched?
The MVP is almost a finished product with several functions, already having a design and capabilities. It covers all types and stages of development, so in the improvement process, you will not focus on only one side but develop the qualities of the entire project.
Profit center forms
Depending on your business idea and type of activity, the form of your minimum viable product may also differ. Consider the basic types that a startup may encounter.
Single function form
It’s a one-feature app that lets you see your target audience for that particular product or problem. Its advantage is that you only need to develop something beyond the resources and time to find out if people need it.
Email remains the easiest and fastest way to reach many contacts. If you have mail ща potential buyers, you can ask whether they are interested in such a service. So, without much effort, you will find out the relevance of your idea.
This form can be called an advanced form of mailing since you do not just get the audience’s opinion but are already gaining buyers without having the product itself. This option is ideal for those who need a pre-design investment and an established client base.
It is a form of practical provision of services, that is, direct work with the client. You provide services without creating your service. The difference of this MVP is that your services are written by hand, and after the audience confirms the demand, only then the development of the project begins.
This type is very similar to the previous form. Still, if, in the case of a concierge MVP, the actions are performed manually, and the clients know about it, then in the case of a puppeteer, the audience should think that the services are provided automatically. Thanks to this, customers believe that the product already exists, and you can easily collect data.
Staged Profit Center
You merge already existing product versions here, but this still needs to be a ready-made option. Expanding your project with new features or trying out new services is a great option. It won’t take away your past achievements but will bring something new.
You can create a one-page website where you will sell the product. Its advantages are that you will find genuine interest in the service without delving into the development and wasting extra resources and time.
All these forms are interconnected and can intersect since services do not focus on one thing and can affect several areas. Therefore, you need to get acquainted with each of them for better data collection and customer base.
Advantages of such a stage as a profit center
The minimum viable product opens up many opportunities and saves you from reckless spending. Success depends on the idea, and the MVP does a quick check.
- The creation process does not take much time and effort, so your plans and releases will not be infringed;
- With the MVP, you test the value of your idea;
- You can also find out how developed the market is and whether it is worth realizing yourself in this area;
- It spends fewer resources and money than creating a full-fledged project in the early stages;
- Reduces the risk of loss;
- Thanks to this, you constantly receive feedback and feedback.
Different forms bring different pros and risks, so it is worth consulting with specialists.
Support for your project
If you doubt that you can handle everything independently, you can turn to professionals. SECLgroup is ready to help you and provide its services. Their range includes unique methodologies that will secure your project and make the process as painless as possible. The company uses a dedicated discovery step to save resources and time for a perfect approach and no-code solution. And SaaS platforms and specialized teams will make your project come true.
At the end
The MVP is a necessary base for any project that supports the idea and tests its possibilities. When using it, you do not lose resources, time, and money; you also check the stability of the platform of the market of interest. So if you want to be successful and take smart steps, start with the development MVP.