All our products are MVP. Building MVP Products –
Minimum Viable Product – Put in simple terms, an MVP:
Is the simplest working prototype of your product.
Is the earliest version of your product which your team uses to gather and validate learnings about customers with the least effort
Purpose of MVP
The main purpose of MVP is to understand your audience better, do a comprehensive market research, learn the expectations of your audiences and improve your initial version of the product which is launched into the market.
Here is yet another take on the significance of MVP. Software typically encompasses a few lakhs of lines of code. Designing software is expensive. The number of man hours invested by programmers can cost startups thousands of dollars. Moreover, not all startups have costs apportioned for research and development. What’s worse, the solution / product may not go well with the market. Even if the product wins the trust of audience, it may fail to gain sufficient traction. When the ethos of entrepreneurs at ground level reeks of risk aversion and uncertainty, it’s absolutely critical to build MVPs.
Classification of MVPs
Here is a table throwing insights on the classification of MVPs:
|Concierge||This approach is all about giving users a walkthrough of the whole problem / solution lifecycle. The opinions of the users are taken at each and every stage of the lifecycle. There is little role of technology involved||Food on the Table|
|Wizard of Oz||The foundational tenet of this approach is to build a functional product by using manpower to deliver finished solutions. From the outside, your solution seems complete. When you dive into the insides, you will realize that it is yet to be fully programmed||Groupon|
|Piecemeal||Piecemeal approach is a street smart way of presenting your solution to your audiences / customers by using existing tools / software. Components from multiple sources are combined and a viable solution is presented||BJ Fogg|
|Single Feature||It’s all about incorporating that killer feature which makes your solution / product topnotch and absolutely unique. For instance, Facebook incorporated timelines and newsfeeds. Killer features become the soul of viable products|
Nothing would please startups to see their solutions / products straddle the 7 continents in excellence and achievement. It’s imperative that you come up with hypotheses. A few maybe wrong. A few may yield valuable assumptions. You can test the merit of assumptions through an MVP. In other words, you can learn only through practice and execution.
But all viable solutions and products are consequences of projects executed with utmost diligence. For all intents and purposes, any project starts with an idea. Ideas entail the necessary concomitant of brainstorming. When you brainstorm, you introduce a function. Gradually, you keep adding functions. The list of functions keeps getting bigger and better. It is important to categorize functions as primary and secondary.
Primary function refers to the core job of the product / solution. Secondary function is anything but primary.
Here is an explainer with an example. For the past 2 decades, we have been in the business of making feature-rich and cost effective adult turnkey software.
Primary Function: Help adult webmasters build different types of adult websites – tube, membership, webcam etc.
Secondary Functions: An adult website build by using adult turnkey software
Accepts payments through payment gateways such as CCBill and Epoch
Supports multiple languages thereby allowing webmasters to tap global audiences
Assists webmasters to monetize using a plethora of options such as ads, banners, membership-based payments, sponsorships, affiliate marketing etc.
Now, if you were to hire web developers, programmers, website architects and testers for adult website development, you own the risk of losing BIG money. Moreover, it may take five to six months to build an adult website (with all the afore-stated features) from scratch.
So, the best approach is to bank on Piecemeal MVP approach. Let me state here again – Piecemeal MVP approach is all about using existing solutions / products / software and intelligently presenting them before your audience after making necessary modifications to the existing solution. In other words, you may use our adult turnkey software, make necessary changes to customizable templates, tweak the settings, launch your adult niche site and monitor the response of audience.
Tips to Create a Good MVP
Tip #1: Do a thorough market analysis. Identify the rate at which it is growing. Observe the trends and phenomena. Find similar products and features, figure out their market value
Tip #2: State the core objective of your project. Identify all the secondary functions. Make a note to define both primary and secondary functions. But focus extensively on primary function. Secondary functions can be added in multiple phases
Tip #3: Set a timeline. Prioritize your actions.
Tip #4: Align yourself with the fastest ways such as Hypothesis testing to carry out tasks
Tip #5: Iteration is mandatory. Feedback from users in inevitable. After every iteration, incorporate the feedback solicited from your audience.
Tip #6: Acquaint yourself with agile flexible methodologies such as Scrum, Kanban, etc. Incorporate such flexible methodologies in your technique to build a good MVP
An MVP is built to find out what exactly you need in your product to differentiate it from that of your competitors after getting feedback from your users. An MVP helps you identify all the errors in your assumptions. It also assists you in removing redundant functionalities. It’s a cost-effective way to optimally leverage available resources. I would like to conclude this with an assertion- It is worth using MVP as an effective way to test your idea.