MVP (minimum viable product) is the simplest working prototype of a product that tests demand before full-scale development. Such an approach insures the business owner from the lack of demand for the final product and the loss of resources spent on the development.
As a rule, MVP has only one function that solves a specific consumer problem. This is such a version of a future project that allows you to collect maximum practical data on how customers interact with it at minimal cost.
In order to succeed with minimal risks and costs under the conditions where 92% of launched startups close, each project should be started with the launch of a minimally viable product.
Tasks That MVP Solves
Minimum Viable Product is created not for technologies testing, but to check in practice whether users need such a product, or whether the hypotheses underlying the business model are true. The main goal of MVP is to minimize the time and effort spent testing the market reaction to the idea.
MVP allows you to attract real users to the project as guides that will help you adjust the future product business model and basic characteristics, outline development directions and plan the roadmap for updates. Positive results at the MVP stage give green light for the development of the product’s full version.
It is worth remembering that: it’s not the lack of money that underlies MVP, it is rationality. This approach allows you to test a business hypothesis that affects the number of users, their engagement or profit. Therefore, you need to perceive it not as the consequences of a lack of budget for a “normal” product, but as a way to quickly check what the market really needs and save money.
Thus, a minimally viable product allows you to solve the following tasks:
- confirm the idea’s viability and test the product hypotheses using real data;
- reduce large financial losses risks in case of the product launch failure;
- reduce development costs by prioritizing important functions and identifying non-demanded ones;
- speed up the errors search and internal product testing;
- build a user base before full launch;
- occupy a market niche and attract investors earlier than business competitors.
During the MVP development process, it is crucial to use one of the iterative development approaches. Lean, Scrum, Kanban, extreme programming - all of them allow you to establish a regular release of updates, improve the product "on the go" as feedback is received.
Tips to Note
Now that you understand what MVP is and why you need it, here are a few tips that you will find useful in the process of such work.
1. You must remember that in a minimum viable product, there is always tested only one theory which satisfies a want of the future consumer.
Therefore, you need to highlight one key advantage in the product, which will meet the needs, and which You will try to “sell”.
2. You must draw up a clear plan of what needs to be finalized in the product if it shows positive results after testing.
That is, what features you have to refine, and what additional features you need to introduce into the product. In addition, you should have an understanding of their priority when creating the product.
3. To think over the tools that you will use to create and test your product’s prototype.
It goes without saying, MVP = minimalism. And this means that a minimum amount of money and time must be required both for creating the prototype itself and for testing it.
4. Determine the testing criteria, after studying which You will be able to clearly answer the question: “Is it worth continuing to work on the product?”.
To make it possible, you must have clear criteria of success, based on which you can decide whether to continue or wind down the work and go look for another idea.
An E-scooter sharing company named bird becomes a $2 Billion company in just 14 months of its launch.
Additionally, the following graph clearly depicts that the popularity growth of E-scooter sharing business.
Thus, it is observed that not only young people and students but some older people prefer to commute on E-scooters.
Lime An insight into the company Lime is the E-scooter and bike sharing company which was founded in June 2017.
If you are still not satisfied with the detail of Lime success, then go through the following graph!
Bird app features: A user can check the all nearby E-scooter in a map.The user can select any one E-scooter and by scanning the QR code which is there on the E-scooter, it will unlock and the user can access it.When the user reaches his destination, the user can drop it anywhere.
Do you want your product-market fit to hit the target market uniquely and effectively, accruing customers who value your solution the most.
You need a solid Go-To-Market strategy.
It’s a comprehensive plan that records every action and its expected results with acquisition channels.
It’s a formula to your successful marketing campaign.
Learn more about how to create this strategy with simple steps in the blog linked below.
Gojek has been in the news way too many times in the recent past.
The company essentially started out in the year 2015 providing a ride-hailing service for motorbike taxis, a mode of transport very well liked for moving about capital city Jakarta’s super choked traffic laden streets, but it has since developed within itself four-wheeled transportation, on-demand services and payments.
Apart from all the ride business, the Gojek enterprise has under its wing, tie ups with 125,000 merchants with over 100 million transactions processed on its platform per month.
The company is very close to raising over $1.2 billion in new funding, which will consist of money from Chinese companies JD.com and Tencent.
There are too many stakes involved for a limited market.
According to the CEO of Go-Jek , Nadiem Makarim, the have plans that ensure that retail can be covered using Go-Pay even in the Offline mode apart from the online mode.
Here this blog delivered information about the Uber auto clone app and why one should get it. This blog also spotlights on the features of this app.
This piece of information is about why one should try Gojek app clone. Also spotlights the different services provided by Gojek clone, one of them is for a security guard. Make your concept clear about the benefits of a security guard in today's world. Know More...https://www.esiteworld.com/gojek-clone/
