A minimal viable product (MVP) is a method for companies to work smarter, faster and more successfully. This method is one of the core components of the lean startup methodology originating from Silicon Valley. This way of working assumes that the simplest solution is usually the best.
But what exactly is a Minimal Viable Product? How does this work in practice and what are the benefits of an MVP? You can read the answers to these questions here.
What is a Minimal Viable Product (MVP)?
As the name actually says, a Minimal Viable Product (MVP) is a minimal version of your digital product. Basically, it is a basic working version of a digital product focusing on the main points of your idea, still without the possible additional options. To explain it a little more simply, you can think of an MVP as the first layer of a stack cake. An MVP can be either the basic version of a new website or a new app.
Because an MVP is a basic working version, it can be delivered very early in the development process. The moment an MVP is live, feedback can be collected from users. Based on this feedback, an MVP can then be further developed into the optimal website or app, without requiring a lot of time and money. This way you develop exactly the website or app that users really need.
How does an MVP work in practice?
So you can compare an MVP to the bottom layer of a stack cake, but how does that work in practice? The bottom line is that the development of an MVP focuses primarily on the development process, rather than the final product. The development of applications or a website after all, is never quite finished. After launching the product, you’re not done overnight. After all, just like your business, a digital product keeps moving. Therefore, it is important that your website or application continues to grow with you.
To arrive at a successful MVP, it is important for yourself to know exactly what the purpose of your new website or app is and why the end user wants to use it. In other words, what exactly do you want to achieve? This can be either a large and broad concept or a small-scale idea. For both situations, therefore, it is good to start with a simple foundation. This way you can develop from this point to the larger concept, or see what else is possible from the small-scale idea. So in practice, with an MVP, you always start with the basics, without extra features and fancy design. Purely focused on the purpose of the product.
The benefits of an MVP
Developing an MVP offers several benefits for your company. In addition to saving time, money and effort, there are other benefits to consider.
Test out your ideas without major risks
You may recognize this situation: you have a good and innovative idea, but you doubt its feasibility and success rate. So are you taking the risk by investing a lot of time and money in a project that may not turn out to be a success after all?
An MVP provides the solution to this. Indeed, one of the great advantages of an MVP is the ability to test out ideas without great risk. After all, you are launching a basic version of the idea, for a significantly lower cost than a fully developed version. The moment the idea proves a success, it can be developed further. Should it prove unsuccessful after all, it will not have an immediate major financial impact on your business.
Moreover, through user feedback, it is possible to make necessary adjustments early in the development process. The continuous process of testing and development allows you to even better optimize your idea to the needs of users. Without a large start-up budget, but with the desired results.
A faster release of your website or app
Thanks to an MVP, you can have your idea for a new website or app online in no time. That while the full development of a website or app can usually take weeks and sometimes even months. The rapid release of an MVP has everything to do with keeping the product simple. No unnecessary features but purely the implementation of your idea.
In addition, having your new website or app online quickly has the benefit of visibility and findability. After all, a website or application that has not yet been launched is not findable. With the findability of your new product, you are more likely to attract the attention of users and thus new customers. In addition, you will quickly have a physical product, which is important if investors are involved in your idea. In fact, thanks to an MVP, they do not have to wait long for visible results.
No wasted development hours
During the development of a new website or app, all sorts of new ideas and additional features often surface. This is fun and can certainly add value, but additional developments also cost additional time and thus more money. In addition, you can never be sure in advance whether the additional features will actually be a success.
The development process of an MVP focuses on idea testing and optimization based on user feedback. That way you avoid wasting development hours on additional features that are little used afterwards.
All room for new developments and innovations
So the moment an MVP is launched and online, it does not mean the product is finished. On the contrary, the development process is only now beginning. A development process with plenty of room for innovations and new ideas, optimized to the needs of end users.
These major platforms also once started with an MVP
To further illustrate how an MVP works, below are some real-life examples of major platforms that also once started this way.
Spotify
The well-known and global music platform of Spotify was launched in 2006 based on two simple assumptions. First, they assumed that users are fine with streaming music, rather than owning it. In addition, they felt that artists and record labels would be okay with their music being streamed.
Based on these assumptions, an MVP was built and launched. This was then tested by family and friends, then further optimized based on feedback. Eventually, Spotify was able to convince investors and record labels of their idea thanks to a well-performing MVP, which then grew into the largest music streaming service in the world.
Airbnb
Also Airbnb also launched as an MVP in 2008. The creators of the platform were in need of money and needed to come up with something to pay the rent for the next month. This gave them the idea to turn their living room into a bed and breakfast. When this proved to be a success, she set up a simple website, in the form of an MVP. Now, just over a decade later, Airbnb has grown into a billion-dollar company.
Amazon
Amazon, the most valuable company in the world today, also once started in the form of an MVP. Back in the early 1990s’ founder and CEO Jeff Bezos had plans to sell products online. He compiled a list consisting of videos, computer software, hardware and books. He concluded that selling books online was the most likely to succeed.
Somewhere in a garage in Washington, he developed this idea as an MVP. The idea proved a success and more products were added to the website, gradually growing into the largest retailer in the world.
A successful MVP completely tailored to your idea
Would you like a new app or website? So then this does not always have to be a big, time-consuming and expensive project. Using an MVP means you’ll have your new digital product online not only cheaper, but faster. We at Brthrs are happy to think with you about the development of your MVP. Please feel free to take contact us about the possibilities for your organization.
