Did you know that no successful product has ever started with its final version? Tech products do not have a final version; they are always in a constant feedback loop. For example, many apps have to be "refreshed" and adapted due to user needs and trending behaviors.
The goal of an MVP is to enter the learning loop as soon as possible and in the least expensive way, designing first with a focus on a core value for a particular niche. The sooner you launch, the sooner you will be validating your hypotheses, and the sooner you will be adapting the product to the feedback that your users will provide.
Sometimes you will have to face the expectations you had about your idea. You want users to like your product as much as you do, but this doesn't always happen. You will probably have to adapt it to the feedback you get from the first versions. How can an MVP help you in this way? Let’s see.
Building an MVP will help you in the following:
Concept Testing: This is the most effective way to test your business concept. It will allow you to discover valuable insights that will be key to building your success and may take you in a different direction than initially thought. That's the point. It happens to a lot of companies! For this reason, MVPs should be as simple as possible. If they are flexible, they can adapt asap to user feedback and insights.
Demand Testing: It’s more important to understand market demands than to focus on the MVP’s sales. While an MVP may not reach the expected traction, uncovering more needs/pain points will mean the ability to tailor the product and business and gain more significant opportunities.
Usability Testing: You can have a great idea and solve an immense pain. However, if there is no understanding of how you should use the product, you will not have good results. It’s critical to test usability to make sure that the products are intuitive and that business validation is not biased by poor usability. An MVP will also give you feedback on this.
Monetization Testing: Products must be profitable. There are many ways to monetize a tech product. An MVP is an excellent way to evaluate which one is the most suitable. A survey or a landing page is useless if, ultimately, no one is willing to pay for your product/service.
Product Testing: An MVP is the most efficient experiment to know the features the user will want next and exclude those that do not add value. A feature may be considered essential by the founders when building an MVP. However, after testing with real users, you might realize that it was dispensable. For this reason, the fewer features to validate the concept of your product, the better.
In short, an MVP is a process focused on testing and validation. In the process, you will identify the most relevant hypotheses, find the most efficient ways to validate them and use the insights to guide product and business development.
Having an MVP approach allows entrepreneurs and early-stage startups to escalate, focusing each iteration on what really matters to the user. With each new release, you should maximize ROI, moving towards a more solid product and an increasingly mature business.
If you have a business idea in mind and wish to discuss a possible MVP solution, contact us!