Why Should You Build an MVP?
Uppdaterad: jan 12
Do you know that there are already more than 5 million apps available in the app stores? App development is not an easy feat and it is costly to build and maintain. Before investing your time and resources into a fully-fledged product, you have to test and validate your product concepts. In our previous blog post, we discussed prototyping, which comes as the first stage in product development. After you read the top 5 reasons why prototyping is important, you are one step closer to realize your business idea. Now it is time to think about your Minimum Viable Product.
What is an MVP?
A Minimum Viable Product (MVP) is the version of the intended product covering only the fundamental features that must be validated with users to ensure the product-market fit before incurring unnecessary development and thus ultimately saving time and costs. According to CB Insights, 42% of startups fail because there is no market need for the proposed new product. When building a product, you might have assumptions about your product design, problem and solution, market needs, and customer behavior. But throughout the process, you will find out that not all your assumptions come to be true. You would not wish to gamble with app development. By building an MVP, you can validate your product potential, launch onto the market, test with the end-users, and collect feedback.
What are Patterns of Successful MVPs?
As you have learned about not to do’ s in creating an MVP, now it is time to discuss how to build a successful MVP. Below there is a list of patterns to consider:
1. Not for all
A successful MVP is not developed for all but rather focused on a clear persona.
2. Do less for more
An MVP is not your final product, thus overdoing MVP would do more harm than benefit. The premise underlying MVP is to understand the least that would create value for your customers.
3. Continuous testing plan
Developing MVP is not a static but continuous process. Testing, iterating, and refining are essential parts of the development process.
4. Find mistakes & collect feedbacks
The launch of the MVP should be limited to target customers, who can provide end-user feedback. The aim is to understand customer needs and act accordingly.
What are the Anti-patterns of MVPs?
Although MVP helps to minimize potential pitfalls, it can lead you in the wrong direction if misused. Avoid these common mistakes to optimize your product development efforts:
1. Multiple platforms
Most startups assume that if they develop MVP for all the platforms, they are more likely to succeed in the end. But in practice, it usually makes the process more complicated. There is a risk that MVP fails and the team does not have the budget left to start over after investing in building for multiple platforms.
2. Overbuilding your MVP
Keep in mind that MVP is NOT your final product. Adding many features and overbuilding your MVP might end up investing in the wrong solutions. Even all these features are good, you can add them at a later stage. Building MVP requires prioritization of the features to achieve the best result with minimum chances of failure.
3. Product vision and product strategy
Products that lack a clear vision or strategy often turn out to be a waste of time and resources. In product development, it is of the utmost importance to set the vision and plan well in advance.
4. Feedback system
One of the primary aims of MVP is to collect feedback from early adopters. The companies often fail to set a clear feedback system about how to retrieve data and how to make use of it to improve the product in development.
What were the MVPs of global giants such as Facebook and Twitter?
The story of Facebook, known as “TheFacebook” began in 2004. But back then, Facebook did not have all the advanced functions and was available exclusively to Harvard students. MVP of Facebook was innovative, simple, and user-friendly. Soon Facebook proved popular amongst other American schools, and today it is one of the most influential social media platforms in the world.
Twitter, initially named “Twttr”, was launched in 2006. The MVP version of Twitter did not have today’s favorite features such as replies, direct messages, retweets, or hashtags but only SMS communication. The initial product idea evolved during the development process. Now Twitter has more than 340 million users and is one of the most popular platforms to share thoughts, news, jokes, and all other kinds of content. Thanks to the successful MVP, Twitter founders could iterate their idea, test the market, and receive user feedback.
When Instagram was launched in 2010, it only offered a photo filtering feature. The MVP was a simple solution but managed to receive the attention of the early users. After adding the feature of photo sharing, the number of users has grown rapidly.
If you want to learn how we can help you with building an MVP, request a demo today!