For startups or in a period of limited resources, a minimum viable product, such as an MVP (Minimum Viable Product), is considered a method of not only saving but also potentially achieving opportunities for business. Learn about the latest MVP development strategies in 2023 with Twendee.
MVP: What is the Minimum Available Product?
The MVP, or minimum viable product, is the starting point for a business’s new product. An MVP product can answer three big questions for businesses:
- Is this product viable for development?
- Is this product suitable to solve the problems of the target market?
- Is this product commercially viable?
The term “minimum viable product” was coined in the 2001s of the last century. At the time, Frank Robinson, CEO of SyncDev, along with entrepreneurs Steve Blank and Eric Ries, worked on client authentication and development, eventually coining such a term. MVP is the best description of a potential product to test how the market reacts to the solution.
MVP is considered a test in the context of validating business hypotheses. The MVP product allows entrepreneurs to know if a business idea is viable and profitable by testing assumptions.
To read more about the concept of MVP, check out the article: All About MVP: What Is MVP? Answering The Meaning Of MVP In Each Area.
Benefits of an MVP product for businesses
Before jumping into MVP development tactics, let’s learn about the benefits of this product. A very common situation for many small businesses or startups is that the product stops developing or even the project goes bankrupt even before consumers can get their hands on the finished product. There are many reasons leading to this situation: lack of development costs, failure to convince investors, lack of working staff, insufficient funding to settle the backlog, etc.
Because of that, an MVP product is extremely important, not only helping businesses save huge resources but also improving the success rate of products or projects.
Get investors’ attention
MVP is the simplest way to bring your ideas to life. An MVP product will allow you to express your concept more clearly instead of talking about it for hours. Furthermore, if the business gets people to use the product and find value in it, the chances of getting investments are greatly increased.
Survey and assess market demand
Startup MVP acknowledges that your launch should be targeted at the selected market. Also, developers should differentiate it from similar projects by focusing on developing special application features that they want to present to the public.
Implement goals and ideas quickly
Minimum viable product development requires minimum features to validate ideas and, thus, minimum time to build. You only invest time and resources in the important parts of the product. This is the cheapest form of product that shows you how real users will react to it.
Save time, cost, and human resource
This is generally referred to as a low risk ratio. Developing an MVP product through a third party like Twendee will not require the business to raise a team to build it and is supported with new technologies. Moreover, you have the opportunity to investigate the needs of the market to ensure that your original idea is attractive. Depending on user feedback, you will know exactly what next features are right for the resource, which makes the overall development time significantly shorter.
Top 5 best MVP development strategies (updated 2023)
MVP product development is not much different from software development in general, with more or less the same steps, but different in speed and goals. And to get the most optimal and quality MVP product, businesses cannot ignore the following five tactics:
Capture users and target markets
Before you start building and growing your MVP, you must have a clear understanding of your customers and the market you’re trying to enter. Sure you’ve got some solutions, but does the idea you’re drawing really have potential?
It’s important that you sit down and take a close look at your target audience , what problems they’re having and how you can effectively address them. To do this, you need to conduct user interviews and research . Users here are understood to be the ones most likely to buy your product. You can choose from a variety of user research methods such as face-to-face interviews, online surveys, market research, or using data collected from social networking platforms through Social Listening.
Concentration is key
When developing your MVP, you need to focus on what it should be. Don’t try to do anything too complicated or try to solve too many problems at once, instead, focus on each unique use case and build a product that can solve the problem. effectively solve the problem.
Think of MVP like a science experiment and when this happens, what is the hypothesis you are testing? What exactly do you want to find out about? Or what do you need to do to test this hypothesis? By focusing, you can ensure that you’re building something the market really needs.
Let’s build and develop MVP from the most basic things
After all, an MVP is just a minimally viable product and you will most likely have to continually improve it throughout your journey.
When building and developing MVP, you need to start with the simplest things, what you are testing with MVP is the solutions (Solutions) not the detailed functions (Functions) it needs. Have.
The key here is to focus on the (initial) hypotheses.
Gojek is a prime example of this approach. When it first started, Gojek didn’t have an app – it was just a call center with a handful of drivers. However, these simple things are enough to prove that there is a need for a service that allows users to call Gojek instead of a traditional Taxi or motorbike taxi.
Success is rarely guaranteed, and that should be the norm
So far, even though you’ve done thorough user research, applied a variety of proven successful tactics when building and growing your MVP , the results you get after launching it to market. could still be a failure.
The truth is, the MVP is just an experiment and in many cases, the tests will fail.
However, even if your MVP doesn’t turn out as expected, you can still gain a lot from the tests you already have. What works and what doesn’t? What did people say about it? They weren’t happy about it at all and more.
Product development is an ongoing journey and MVP is just the first step. Even if you have successfully launched your MVP and acquired your first customers, you still need to continuously improve and develop new products to exploit more opportunities.
Choosing a trusted companion
Finally, the MVP development tactic that businesses need to pay attention to is to choose a reliable MVP product development service provider. A unit with experience in information technology and a long-term working process with many Startups is an option you should consider.
Twendee is an information technology enterprise in Vietnam, owning a team of programmers specialized in technology platforms, especially blockchain. Twendee has extensive experience working with small business units.
For detail of MVP services, you can read in this following link: https://startup.twendeesoft.com/
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