Are you planning to move into the world of technology and innovation? Then you need to understand a key concept: the MVP (Minimum Viable Product) if you want the success of your project.
The MVP is a smart strategy for bringing a solution to market with essential functionality while keeping costs down. In this guide to discovering an MVP, we'll introduce you to its characteristics, objectives, and stages of development. By the end, you'll have a better understanding of why an MVP is indispensable for turning your wildest ideas into reality.
MVP definitions
The concept of MVP (Minimum Viable Product) is a fundamental one for anyone wishing to develop and run a start-up one day.
The MVP, or Minimum Viable Product, is the first version of a product that requires minimum investment. It is characterized by essential functionalities that meet the primary needs of end-users. It's also a strategy for teasing out the release of a film and letting the public experience it.
To put the MVP concept into practice, we assume that you want to launch an application that will use messaging like WhatsApp to communicate. The minimum this solution can do is to send a text or voice message, send photos and documents, and confirm whether receipt has been acknowledged.
Characteristics and Objectives of an MVP
To begin with, a minimum viable product is built around a core functionality that meets the main demand of real users. In other words, it's a minimal version of the final product.
To do this, it must be simple and offer a better, memorable user experience. Indeed, if the product is packed with features from the outset, users will find it too complex to use and will give up. However, the aim here is to ensure the product's viability, so that it is adopted by a large number of people.
Finally, an MVP is characterized by real user feedback. It's imperative to collect as many opinions and suggestions as possible. This will be decisive in improving the product to meet consumer expectations and anticipate their next needs. In addition to these features, here are the real reasons why you should use a minimum-viable product.
MVP objectives
The first objective of an MVP is to limit financial risk. We have often witnessed enthusiastic project initiators whose product has not been accepted by the public. The MVP allows you to save your capital and launch your solution more serenely and rapidly. What's more, it helps you find financing while you wait for final development.
The next objective is to test the market. At first, you're sure you know your target market, but sometimes things don't go as planned. Market testing reveals whether your idea has been well received and whether it meets demand. Sometimes, a product has been designed for just such a need, but then you realize that it covers other problems.
Finally, an MVP is an important indicator for validating an idea. Several studies, such as that by Professor Clayton Christensen of Harvard Business School, have shown that 90% of products fail as soon as they are launched. For an idea to be validated, gather feedback from individuals. This information is essential to better guide development research.
MVP stages of Development
How do you create an MVP? We're going to answer that question with a few simple, easy-to-follow steps.
MVP development cases
Identify a need: Without a problem to solve, there's no point in developing an MVP. When you're at the ideation stage, you need to conduct market research to find out whether your solution will meet the key needs of your target audience. To do this, you need to ask yourself the right questions and do thorough research.
Add value: as we've said from the outset, an MVP is a product that highlights a core functionality. Your product's functionality should directly attract the interest of your target users. 50% of an application's functionality is rarely exploited by users.
Development and testing: in this stage, you'll start developing the product idea. You'll need to consider all the workflows involved to ensure that the application is as user-friendly as possible. Once the application is ready, you'll carry out a beta test with your users. Pay close attention to compatibility and usability tests.
Record feedback: during the testing phase, you need to be on the lookout for both positive and negative comments. Above all, don't hesitate to interact directly with them to ask specific questions that will help you better understand their expectations. The way your software is used varies from one user to another. The functionality you've added may help solve other problems you hadn't thought of.
Fine-tune the product: it's time to make changes suggested by your users that will improve the quality of the first version of the MVP. During this process, you can add other minor features that will increase the value of your digital product.
Building your MVP: The Airbnb example
Many mobile and web applications have been successful because they were able to develop a minimum viable product at the outset. There are hundreds of examples, not least Airbnb. The idea behind the creation of Airbnb, formerly known as Airbed and breakfast, is simple. It aims to develop a site on which to publish photos of apartments, including benefits such as comfort.
Then things evolved, and today the platform connects real estate companies with travelers. Millions of nights have been observed on Airbnb. You can also create a platform of this scale with no-code tools like Bubble, which offers the template free of charge. This template can be customized with much more advanced functionality for an enhanced version.
Advantages and limitations of an MVP
The advantages
- It gives you a competitive edge by entering the market earlier,
- Saves resources and development time,
- An MVP provides real data on how users interact with the product.
- Creating traction to build a user base and generate interest in the complete product.
The limitations
- An MVP may omit additional features that, while optional, could bring more value to users.
- Risk of bad first impressions, which can be difficult to overcome.
- Users may be less inclined to provide feedback on a minimal version of the product.
Conclusion
MVP (Minimum Viable Product), also known as POC (Proof of Concept), is a comprehensive strategy for the development of no-code applications. MVP focuses on creating an initial version of the product, emphasizing the user experience, gathering feedback, and validating the idea while limiting the financial risks.
This approach is vital for optimizing products before they are fully developed, reducing financial risk, and accelerating the time-to-market. By working judiciously with the MVP, developers can optimize their no-code application creation process and maximize their success in the market.
Why trust us?
If you're ready to start developing no-code applications, we may have just what you need. We've been in the no-code business for a decade now, harnessing powerful tools and resources to build sites and applications. What's in it for you? We offer you expert advice, valuable support, and tailor-made solutions for your projects.
