Minimum Viable Product (MVP) types and how to build one

2023-06-02 11:47:35

MVPs are new products that allow teams to capture the maximum amount of customer data with the least amount of effort. They include only the core functions of a product, primarily for testing and validating a startup idea.

MVPs include prototypes, or an early model of a product, but they also come in the form of videos, landing pages, and even emails.

An MVP may or may not lead to a full-fledged business. In many cases, entrepreneurs dismiss ideas based on research collected from their MVPs. On the other hand, founders often grow their MVPs into a startup based on positive feedback.

Either way, developing an MVP first helps entrepreneurs know if a product will fail or thrive before investing.

For example, if you hire a software engineer to code an app and fail to attract an audience, you could potentially lose thousands of dollars. Instead, you could create a video MVP that shows what the app would look like, allowing you to gauge interest from potential customers before spending any money.

But, like most aspects of entrepreneurship, there is no single method for MVPs. Here are the different types of MVPs. See how each one fits into your product idea and the data you want to collect.

MVP Minimum Viable Product Types

Depending on the stage of your startup, you can develop two types of MVP: from lo-fi and of high Fidelity. Fidelity is the extent to which a product reflects its final version. The higher the fidelity, the more it will resemble the intended finish.

Startup entrepreneurs often use low-fidelity MVPs, which are cheaper to create and help founders get a general idea of ​​their idea. While high fidelity MVPs typically require a higher investment, they offer more specific data for later-stage startups.

Some lo-fi MVPs include:

• MVP de landing page: Instead of developing software or an app, first create a landing page that promotes the expected features of your product. For example, you could create a “coming soon” page and collect emails from interested users, who can provide feedback. To make the process easier, you can even use an Artificial Intelligence content writer.
• MVP de marketing: use social media to find your audience and connect with them for free. For example, you could create an Instagram account highlighting a theoretical product. Then reach out to influencers and see how the idea resonates with them. You could even encourage them to share the idea with their audience.
• Explainer Video MVP: creating a video demonstrating the benefits of your product could help build traction. You can upload it to YouTube and share it with potential customers on social media. You can show off an early, not-yet-ready version of your concept or just highlight what you plan to create, depending on your budget and research goals. Collect feedback on the direction in which the product should move.
• Email MVP: you can also use an MVP to test new features, rather than brand new products. If you already have an audience, an email could work as your MVP. For example, you can send an email to early adopters to collect feedback on new features.

On the more intensive side, some hi-fi MVPs include:

• Single Feature MVP: it only contains the core functionality of the product to see how an audience responds, for example a task management app that makes to-do lists. Over time, the company can expand beyond the first product feature.
• MVP de software manual: Most applications or software have some level of automation, but this requires time and money to develop. You can create a landing page that advertises automated software, but operate it manually temporarily. As an example, you could start an app that matches users to restaurants, but manually select them during the MVP stage.
• MVP de crowdfunding: Through crowdfunding, you basically get pre-orders for your product, which also helps fund your startup. Crowdfunding MVPs typically submit a prototype, video presentation, or visual design that showcases your intended product. For example, if you plan to make a fitness tracker, you can apply for funding in exchange for a free product.

Keep in mind that MVPs can come from any platform or methodology. Entrepreneurs can use whatever resources they have as long as they stick to the profitable principles behind MVPs.

How to build a minimum viable product

MVPs don’t need to follow a specific set of rules or formulas. In fact, creating an optimal MVP depends on the context, such as what you hope to learn and how much you can invest.

1. Conduct market research

More than 40% of start-ups they fail because they misinterpret the demand. Even if you have an idea that feasibly solves a problem, consumers may not want to pay for it.

Before fully building an MVP, research the market. Conduct surveys or conduct focus groups to better understand the needs of your target audience. See what your competitors are doing. Use that data as the backbone of your MVP.

2. Define the problem and your solution

A product must provide a viable solution to a real problem. Before building an MVP, clearly define the problem you want to solve. Consider addressing the following questions:

• What is the problem?
• How does the problem affect your target audience?
• Would you pay to mitigate or solve this problem?
• What solutions does your product bring?
• How does your product add value to the lives of your audience?

You can summarize your idea by creating a value proposition statement, a short statement that conveys the value of your product. For example, Slack promises “make work life simpler, more enjoyable and more productive”. By identifying the why behind your product, you can center your MVP around it.

3. Identify your main feature

Instead of launching a product with a bunch of bullshit, focus on one core feature. What does the product absolutely need to solve the identified problem? For example, a social media management app could benefit from 24/7 customer support and post recommendations. But the MVP of the app should focus on its core functionality: social media management.

Start by coming up with a list of must-haves and nice-to-haves, then refine the ones your MVP needs.

4. Build your MVP

In the early stages of developing a product idea, start with a low-fidelity MVP so you can minimize costs while gathering feedback. High-fidelity MVPs arrive once your startup has enough data and validation to justify spending money to create prototypes or working software.

To select a type of MVP to build, consider the following:

• How can you best represent the core feature of your idea?
• How much are you willing to invest to create an MVP?
• What will your audience respond to?
• Where can you reach your audience?

For example, if your idea has a lot of technical jargon, an MVP explainer video could help customers better understand the product. Or, if your audience uses social media, you can connect with them through a marketing MVP.

5. Start the MVP, evaluate and update

Once you start the MVP, try to get as many users as possible to interact with it. The more users you have, the more data you’ll collect, which can help improve your idea and future MVPs. Share your MVP with your professional network or publicize it on social media.

If your MVP gets a lot of positive feedback, you might consider moving the MVP from low fidelity to high fidelity. For example, if a demo video drives thousands of signups to your email list, you might move forward with a single feature prototype. Add more features incrementally, based on feedback you receive.

Alternatively, if you’re getting less than positive feedback, you don’t have to scrap the idea. It doesn’t mean you have to pivot completely; the idea is to learn.

More information