6 min. reading
Author: Aneta
Discover the MVP strategy (Minimum Viable Product) and other approaches to product development. Learn about various product development and launch strategies, including MMF (Minimum Marketable Feature) and Maximum Value Product.
⧠What is MVP? Definition of Minimum Viable Product
The MVP strategy involves launching a prototype of a new product to quickly test the market â with minimal risk and without significant financial investment. This business model was popularized by Eric Ries in his book âLean Startup.â
The MVP concept enables rapid user feedback, which is the cornerstone of effective product development! It ensures that the next features are developed based on actual customer needs.
MVP product development can be applied to digital products (mobile and desktop applications) as well as other products and services.
⧠Launching a Product with Minimal Functionality â How Does It Work?
MVP: how to avoid wasting millions and discover if your brother-in-law's business idea is really as good as he says!
The key aspect of MVP is verifying whether the product is appealing enough to customers. This strategy is popular among digital agencies. It involves creating a minimal yet functional and useful version of the product to test market demand and gather feedback. Startups and companies can use this feedback to better tailor future product features.
⧠What Are the Benefits of Building an MVP? Pros and Cons
This strategy allows you to test marketing hypotheses and determine if a product is profitable. MVP development has numerous advantages but also some drawbacks.
The key benefits include lower workload and resource requirements (especially in the early stages when the product is not yet generating revenue) and the ability to create a solution that perfectly aligns with the target audience's needs. For startups, presenting a product in the MVP model and receiving positive feedback can also facilitate the process of securing funding.
However, the MVP approach also carries certain risksâsimilar to those found in MMF. A user who is discouraged by limited functionality may never return.
⧠The Opposite of MVP: Maximum Awesome Product (MAP)
The opposite of Minimum Viable Product (MVP) is Maximum Awesome Product (MAP) or Full Featured Product (FFP).
MAP is like getting all dressed up in a glamorous evening gown đ, hiring a limo, and going to McDonaldâs for a cheeseburger đ⊠in the drive-thru. Huge investment, hours spent in front of the mirror, and whatâs the outcome? The burgerâs gone in 2 minutes, and to top it off, youâve got onion stuck in your teeth⊠đ§
MAP is a product that includes the full range of features needed for market success. Itâs fully ready for launch but requires significantly more time, work, and costs compared to MVP.
Building a MAP or FFP typically involves a long process of planning, development, testing, and deployment, which carries more business and financial risk than MVP. On the other hand, MAP or FFP has greater market potential and can generate higher profits, but thereâs a risk of lower customer interest, leading to financial losses.
The project team should carefully consider which product type best suits their business goals and market conditions to achieve success.
⧠Characteristics of MMF â Minimum Marketable Feature
MMF involves launching a product with the smallest feature set required for users to start using it.
However, thereâs a risk â if users' first impressions are negative, they may never return to the app/tool/product.
⧠Traditional Product Development Approach
The traditional approach is based on long-term planning and delivering a complete product version before launching it on the market.
This strategy is less flexible and less responsive to market needs, leading to higher costs. It also involves a longer product development cycle and fewer opportunities for testing with real users.
⧠Prototypes of Apps and Products and Their Role in Business
Digital agencies can use MVP, MMF, or other strategies to tailor products to market needs and consumer expectations.
They can also help clients test marketing hypotheses and choose the best solutions for their business, considering the available budget. These actions increase the chances of gaining a competitive advantage and building a strong market position.
Itâs worth noting that MVP is just one of many tools in the arsenal of digital agencies that contribute to business success.
⧠Major Companies That Have Used the Minimum Viable Product Strategy
Some of the companies that adopted the MVP strategy early on include:
- Amazon
- Airbnb
- Groupon
This allowed them to quickly and effectively test their business hypotheses and validate product attractiveness. They also gathered valuable user feedback, helping them grow their businesses on a massive scale.
Who doesnât have a Facebook account? Let them cast the first stone! MVP is all about saving time and money, which is crucial for startups with limited budgets.
⧠What Else Should You Know About Developing an MVP? Customer Feedback
Staying close to the customer, continuously testing, and validating hypotheses is crucial regardless of the chosen strategy.
This helps verify whether products meet potential customers' needs and create a âWOWâ effect, or if itâs better to move on to avoid business failure.
Support from a digital agency in implementing MVP, MMF, or other strategies will optimize the process and shorten its duration. After all, every startup's goal is to create a sustainable business based on real market needs.
⧠How to Determine the Right Approach for Creating an MVP App or Product?
Choosing the right strategy requires a detailed analysis of the projectâs goals and a good understanding of the competition and potential customersâ needs.
With a flexible approach and the ability to choose the right strategy, digital agencies can create effective and profitable e-commerce products tailored to market demand. These actions help gain a competitive edge and build a strong market position.
Donât try to figure it out on your own.
Organizing product design workshops can also be beneficial. These sessions allow for prototyping and testing products under the guidance of experts, enabling quick product adjustments and reducing the risk of potential mistakes.
Let the specialists take care of your business and watch it capture customers' hearts as your bank account balance skyrockets! đ€