The Structured Process Behind Developing A Successful MVP

Many startup founders struggle to get funding for their ideas. Venture and angel capital firms are the usual source of funding. these ventures generally only fund companies and ideas with a certain level of traction with a structured process behind successful MVP.

Successful MVP

Benefits

Low risk with very high return on investment

One of the advantages of building MVPs is that they are often low-risk. the results can be exponential. Companies like Uber and Dropbox grew their companies to what they are today by creating MVPs to test their ideas. release MVP and only add features that your users want.

MVP saves you time and money

Time and money you would otherwise spend on product development and marketing can be saved and reinvested in customer development. The app, which was designed to help travelers plan and share travel itineraries, has invested a lot of time and energy into it.

Opportunity to acquire early adopter customers

For your MVP to gain steam, you’ll need to target the right people. These people are most likely to be passionate about your product and more likely to provide feedback and promote others within the niche.

Fake door MVP

False MVP doors are used to answer the question of whether people are willing to buy a product by driving traffic to a landing page that includes the features and benefits of the product and checking whether a purchase has occurred. Although in the end with a false door MVP it would be good to see how potential customers perceive your product, evaluate small features that you may want to include and prevent you from developing features or products that your consumer wants without spending too much money.

Gymlisted

The idea was simple: create an online private gym finder and membership management center. Tom’s idea came from his cousin, a gym owner, who said he would definitely try such an idea.

Ask tina

While Tom created the MVP, he didn’t put enough work into the market research phase. He interviewed customers to identify their needs, problems and desires, but there just weren’t enough of them.

Airbnb

Out of desperation, they realized a design conference was happening in their city of San Francisco and decided to rent a room in their apartment for cheap to attendees of the event coming in that couldn’t find a hotel. They used the concierge MVP, or minimum viable experience, to get input that concluded their idea was good enough from three participants who booked their apartment.

Uber

Uber used the rate and comment feature that can be accessed through the iPhone store to gather information from customers on how they could make it better. Uber used the rate and comment feature that can be accessed through the iPhone store to gather information from customers on how they could make it better.

Conclusion

An MVP is the most widely accepted option when it comes to testing a product idea as quickly as possible. Once you create your MVP, driving traffic to it and asking for feedback is the next logical step.