MVP: the essence, benefits, common traps

Creating an MVP helps startups bring new products to the market. How can effective MPV implementation bring real benefits to your business? Our guide will discuss everything you need to know about MVP (Minimum Viable Product). We will also tell you what approach will help you effectively plan the development of an MVP.

What is MVP?

As you already know, MVP is an acronym for Minimum Viable Product. This expression means a very basic version of your product (for example, a mobile application). If your product does not yet have any additional functions but has fully developed basic functionality, we are dealing with MVP. This product version contains all the functions necessary for the user, thanks to which it carries value.

Developing an MVP is a great way to show potential customers or investors the core value of your product. MVP development for startups is what you should consider at the very beginning.

Why do you need an MVP?

As long as your product works properly, there is no point in postponing its release. Some experts say that the constant delay in releasing the product to refine all the application details is pointless. Instead of focusing on sanding details for an excellent version, you can immediately bring the basic product to market. This will allow you to reap much more benefits. Developing a good MVP can become the key to the success of your product on the market.

The development of MVP enables:

• faster introduction of the product to the market;
• acquiring the first clients;
• immediate adaptation to the expectations of recipients;
• obtaining valuable feedback (which allows you to adapt the product faster to customer expectations).

In software development, the MVP process is extremely important because it allows you to deliver a new product with basic functionalities to the target audience. This allows the world to see how your product works in practice without spending too much on making it perfect.

MVP vs. PoC vs. Prototype: how are they different?

What is MVP, and what is not? There are many definitions of MVP, but some of them are not clear enough. As a result, we often confuse MVP with a prototype or Proof of Concept, which is obviously a mistake. These terms are completely different. So let’s explain them:

• PoC, which is short for Proof of Concept, is a method used when developing software to show customers the basic assumptions of the product. PoC is a way to visualize the idea behind the product and present it in a nice form. Usually, PoC takes the form of a clickable mockup.
• The prototype is a demonstration of a product that does not yet exist. Its purpose is to show what it may look like in the future. When building a prototype of an application or website, you should focus on aspects such as design and UI (User Interface). Prototypes are needed when you develop complex projects – they are rarely used for simple applications.

So, MVP is a process that requires commitment. Feedback from the so-called early adopters plays an extremely important role here. These are the first users of your product to share suggestions about how your product works. On this basis, you can make iterations, catch and fix errors and develop new functionalities.

Don’t be fooled, and remember that MVP is NOT:

• Prototype;
• POC;
• Demo;
• Product sample;
• Unfinished product without fully developed basic functionality.

There are different options for MVP creation: for example, there are many companies using Node js for this purpose.

The top most common traps when entering MVP

Building a Minimum Viable Product is a challenging task. Sometimes it comes with some risk because there are a lot of things that can go wrong. Here are some common pitfalls that lurk for you when planning to release an MVP on the market:

Focus on delivering the final product

Many product owners believe that MVP should be flawless. However, that’s not the point. The most important rule is to provide a functional product that carries some value to users.

Ignoring feedback

Once the MVP is running, getting initial feedback from the first users is very useful. This allows the company to fix bugs or introduce new, desirable functions quickly. Far easier to make changes at the beginning than after the release of the final version of the product.

Hiring inexperienced teams

Creating an MVP with teams with little experience can result in many bad decisions. The most common mistakes include overestimating skills or, vice versa – underestimating the effort that is needed to create a successful MVP. This leads to working in a hurry to complete the final product or exceeding the budget allocated to the project.

How to plan a successful MVP start in 3 steps?

There are a few things we think every startup needs to do before launching an MVP. Here are the actions you can take at every stage of creating an MVP:

Verify market demand

You may believe your idea is great, but what about your target audience? Issuing an MVP to receive potential customers will help you adapt it to their expectations. Doing good research and gathering feedback is key to successfully bringing the product to market.

Test UX efficiency

UX (user experience) is an integral part of any great product. When you release an MVP, you should take your product’s UX to the highest level. Continuous testing and building new functionalities will allow you to gradually improve your product.

Educate

MVP gives people time to get acquainted with your product. This is how you educate them about your product and brand. The ability to provide feedback that affects your product generates interest and commitment. Therefore, releasing an MVP is a better solution than launching a revolutionary product that does not quite meet users’ expectations.

Conclusion

Finding the right development company is one of the most important things in MVP creation. SECL professionals have years of experience in this field, so contacting them will result in an excellent product that will meet all your expectations.