You almost always encounter high risks when it comes to launching a new product. It is because starting a new product brings a lot of surprises and you never know if your new product will fully satisfy the users or not.
Therefore, it is quite essential to reduce the maximum possible risks associated with your new product. The best way to mitigate that 50 50 situation is to build an MVP.
Many of you might not be knowing what MVP is all about. Let’s deep dive to explore why businesses need MVP before launching its newly designed product.
What is the MVP?
MVP or minimum viable product entails a minimum set of features required to test your product in the preferred market before launching a full-fledged product.
MVP has no goal to gain profits; it is solely designed to help you learn more about your product while receiving the most relevant customer feedback to update necessary changes.
What Are the Benefits Of MVP?
Since MVP is not the complete version of the product; therefore, it contains a minimum set of features, and that’s why it takes less time to be developed and hence less development cost. Apart from saving your time and cost, MVP also provides various benefits like product testing, reducing investment risk, etc.
MVP also support businesses to reveal the first version of the product. This approach enables enterprises to understand their customer needs through which they can develop a product that perfectly meets the customer needs. Moreover, knowing your customers also help companies to get the most relevant feedback that can play a crucial role in further updating a new product.
Source: Growth Sandwich
Businesses can fully leverage an MVP only when they have complete knowledge about it. To help you get succeed, here are a few successful examples of MVP to help you get started.
1. Explainer Video
Explainer videos are short videos that help you convey your core message to the viewers. Through explainer videos, businesses can explain why users should use their product.
Dropbox used explainer video as an MVP and received a tremendous response. Dropbox initially used an explainer video to give users a hint about what it is. The 3m screencast published on Hacker news.
The Dropbox video reached to 2,000,000 viewers and bought 100,000 visitors to the website not only that, but Dropbox also received 70,000 new sign-ups to the Dropbox beta version.
Dropbox adopted a brilliant approach, and the company only spent fifty thousand dollars to produce a video, which in return earned $48,000,000 and, an ROI of more than 1,000%.
2. Landing Page
If you are a startup, then you can utilize a landing page as your MVP. A landing page is a web page that helps users to land on a specific product or website through an email, ad, or any other campaign.
Starting with an MVP will be an excellent approach for the startups since, it allows to rotate the product concept on the web, enables you to test the product’s value proposition and keeps a check to measure if your product is on the right track.
3. Concierge MVP
Concierge MVP could be an excellent option for the startups who are looking for a way to test users’ response for their new product.
Concierge MVP involves direct user interaction instead of building a product. For example, you are willing to design an automated couponing program that can automatically deliver coupons to users based on their favorite food, which they buy weekly.
Concierge MVP allows the business to ask users what they would like to buy through emails or surveys. Once, companies get complete users insights; then they can update their product accordingly.
It’s Time to Experiment Your MVP
Up to this point, we hope that you have clearly understood what MVP is, what are it's business benefits and some thriving examples of MVPs. You can select from any of the mentioned approaches to check how users are responding to your product plus, gather relevant feedback to make necessary changes. Before choosing your MVP approach, keep in mind that it should be matched with the product that you are about to launch.
Rameez Ramzan is an Assistant Manager – Digital Marketing at Cubix, a Washington based renowned software and product development company. He specializes in paid marketing, SEO and SMM and site audits to help sites perform better.