Minimum Viable Products (MVP)
A new product is introduced using the MVP development technique with just enough features or fundamental capabilities to draw users. Your business can learn how customers and potential investors react by releasing the basic version. The term “minimum viable product,” or “MVP,” refers to a product with just enough features to draw in early adopters and validate a product concept. In sectors like software, the MVP can assist the product team in gathering customer input as soon as possible so that they can iterate and enhance the product.
An excellent video explaining five various real-world business examples, such as Dropbox and Zappos, may be found below. In the video, five types of MVP are mentioned:
- The Explainer video MVP describes how your product or service will work.
- With the explainer video MVP, you don’t need to actually develop your product or service idea. You only need to create a video that demonstrates what your product or service is and how it will work. This allows you to measure interest and gather feedback before you spend anything at all on product development.
- The Wizard of Oz MVP
- The customer is made to assume that everything is automated with a Wizard of Oz MVP. However, everything is done manually on the back end. In this manner, you can quickly design a prototype of how your service or product would function using a fully established product.
- The Landing page MVP. Without ever having constructed a product or service, an MVP is merely a landing page that allows you to test your product or service ideas and marketing.
- Touchdown page MVPs usually consist of one to two pages of landing pages. Your product or service should be explained on the first page, and on the second page, you should offer users the chance to sign up for further information or even to try to “purchase” your product or service.
- The Concierge MVP is comparable to the Wizard of Oz MVP, where all work is done manually, but there is frequently no pretense of automation with the concierge MVP.
- The opportunity to interact with clients as they use your product or service is one of the main advantages of the concierge MVP.
- Crowdfunding MVP
- Before investing more time and resources in developing the whole product or service, this MVP type is an excellent approach to attract financial interest for your idea. when clients make a financial purchase in exchange for a product that has not yet been released. Pre-order sales might provide funding for the creation and release of the product.