In the realm of development of a product, companies must work on what is the best possible approach to breathe life into their pioneering ideas. To succeed you must be able to fabricate your ideas with correct mapping, matrices and parameters.
For most start-ups, creating the first version of their product sounds like a mighty task to deliver in a short duration. In 2011, when Eric Ries popularized the concept of “MVP (Minimum viable Product) in his book “The Lean Startup”, companies looked at Product Development in very different ways and became aware of faster ways of delivery.
The MVP concept is simple and clear: “Creating a product with all fundamental features that satisfies all core requirements and end users’ needs, at minimal cost and effort.”
Sometimes it creates confusion as MVP is about basic functionality that captures the essence of the product. This can not be done in haste, as capturing the essence is often misunderstood aspect, while ‘basic’ resonates easily and often to the detriment of companies.
Understanding MVP: Cutting the Clutter
The word “Minimum” is commonly misunderstood, and companies aim at creating a minimum product. MVP takes a lot of initial learning and deep understanding during the production cycle.
MVP is about building something that focuses on solving the core problem of customers in a particular direction. This can take from a few months to a year which is completely acceptable. Your initial customers will be highly forgiving for any drawbacks and that’s where you learn how to accomplish the final product.
The Difference Between MVP Vs. PoC Vs. Prototype:
MVP V/s Beta Version:
MVP: Needs customer reviews before validation.
BETA VERSION: Customers validate the quality under real conditions.
MVP V/s PoC:
MVP: Not a final product. Already contains all usable features.
PoC or proof of concepts: Early model of final product. Features are under test.
MVP V/s Prototype:
MVP: Intended for users. Work done on one idea.
Prototype: Early sample of final product, consisting of all fundamental features and designs, which is used for testing prior launch.
Re-defining the development stages for successful MVP
Re- structuring the product development according to changing time is the efficient way towards a successful beginning. Companies must start prioritizing essential features while developing MVPs.
MVPs have been used by some exemplary businesses such as Amazon which started from selling online books, Adwords Express that generated relevant copy of ads, Dropbox showing online storage of data and many more. The basic theory to understand about MVP is, it’s not a product but a process that envisions creating lovable products.
The following are steps of MVP which all business and startups need to follow:
- Market Research: : Conduct surveys to know what are the recent trends and problems faced by customers, their inclination towards certain approaches etc. Be more precise in information, that will be more useful.
“According to CB Insights most of the start-ups (around 42 %) fail because they create something that is not required.”
- Define user flow: This step describes how users will interact with your product. While defining user flow make sure you don’t miss any user interaction stage. Keep check on 3 basic parameters;
- Usual path to complete the task
- What happens when user don’t follow usual path
- Alternative path in above case
- Exit point/ path.
- Define Main features & prioritize them: When you are building the minimum viable product, it must include basic features, which is also quick to solve the problem. Know which feature is important to solve the problem.
No need to include “nice features” or additional features, only “must have” features must be included. Check whether adding or removing features will affect functionality of the product. This way you can know what is an essential feature & which is not.
- Launch MVP: When all the above steps are accomplished, MVP is ready to launch.
Moving Beyond MVP
- MMP: The term MMP was given by Mark Denne & Jane Cleland-Huang in their book Software by number in 2003. MMP not only fulfills customers’ immediate needs but also adds value to business.
If you plan to make major changes in products, service design models, pricing, and delivery methods, then MMP is the smart approach. The experience and training of MVP can provide you with the best guidance to train existing customers to new areas and you will find MMP that meets desirable results and expands your revenue.
- MLP: MLP or Minimum Lovable Product is a lesser known term which needs to be highlighted among startups for better vision to grow. This term was first used by Brian de Haaff, co- founder of Aha!, U.S software company (one of the fastest growing companies). He explained that this can be a way to stand out in the crowd of competitors.
As customers give a positive response, try seeking what they want more from your side. When customers see more values, they not only purchase from you but also recommend it to others.
- MDP: Minimum Delightful Product or MDP implies customers’ emotions. This checks their cooperation with the product & especially comes into play when your MVP is successful.
Top Trend of 2021: Moving From MVP to MLP
Now you know how to create successful MVPs, you must also explore the new concept of MMP, MLP & MDP. Once you are recognised for solving the customers’ problem, you must think to shift towards minimum lovable products (MLP). To attract investors, as well as customers, you need a MVP that is also loveable, you need an MLP, and that will be the future.
Startups should work more towards innovative methods to add value to their service to capture the market. They must also know that it’s not only about cost cutting but what lovable things they can provide.
To move forward from MVP to MLP you must keep your work rational, keeping focus on the central hypothesis of the project. For successful movement towards MMP, MLP & MDP, uncovering the high potential of product & developing high customer Value is crucial.
On a difficult map you may seek and consult with experts. Techment Technology is one such company that offers a solution on how to develop MVP.
Also, for any technology consultation make use of our free consultation offering