WebBY RabIT software engineering · September 11, 2018

Minimum Viable Products (MVPs) help you gather important feedback and estimate market interest. The MVP is the initial version of your product that only has the core features that are essential to solving an existing problem for your prospective customers. This first version needs very little investment of resources into product development. MVPs can be immensely useful if you want to validate your product on the market as early as possible.

A few weeks ago, we talked about ways to validate your business idea, and why it is important to do so.

This model has contributed to the development of various tools and methods that can function as MVPs. Examining the pros and cons of each solution for your business will help you select the right type of MVP.

MVP
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Landing Page

A landing page can help you acquire early followers, tell people about your product idea and even collect revenue for future product development. You can tell about your project in detail, present its advantages and ask people to support your project. If they like your product idea, they might become your first subscribers.

You can also get users’ feedback with the help of a landing page. This will help you to know your target audience and their opinion. You may also get suggestions that will help you make your product better.

Pros

  • Can be set up cheaply and quickly
  • Can easily be matched with online ads
  • Can be tested and optimized easily

Cons

  • The conversion rate is low (about 1-3% of people sign up)
  • Hard to fit all vital information into one page
  • Cheap looking landing pages can hurt your brand

 

Explainer Video

Explainer videos explain what your product does, and why people should purchase it. It is a good option for making a presentation about your service or product to users without even creating it.

Pros

  • Explains your product in a simple and easy way
  • People are more interested in watching a short video than reading
  • You can share the video on social media
  • Good for branding

Cons

  • You may have to spend a lot of money to make an explainer video
  • You need to devote a significant amount of time to get the message right
  • You may find difficulty in explaining a complex product or service in a few minutes

 

Concierge MVP

With a concierge MVP, you will have to perform each and every function of your service or product manually. To resolve the problems of each customer, you will have to work with them directly. By completing each step of customer orders yourself and collecting direct feedback, you can determine how your end product should look like.

Pros

  • You do not have to spend time and money on development
  • You can communicate face-to-face with real customers
  • You can collect information with the help of a few subscribers

Cons

  • You have to spend a lot of time and effort to manually finish the service
  • Good salesmanship is required to persuade people to try your new solution
  • This only helps optimize the core service, UI/UX optimization comes later

 

Wizard of Oz MVP

Wizard of Oz MVP creates an illusion of a fully functional product, but secretly depends on manpower to deliver the solution. On the front end, you deliver the impression of a completely functional product; however, on the back end of the product, you have to execute all orders manually.

With this approach, you can quickly create effective prototypes. You can also test the market response to your service or product without really creating anything.

Pros

  • You can set it up cheaply and quickly
  • You can use online advertising and social media to generate interest

Cons

  • You have to spend a lot of time and effort to manually finish the service
  • People can feel cheated if they come to know that there is no real product

 

Piecemeal MVP

With a piecemeal MVP, you can deliver the new service or product by using already existing solutions. The utility of existing products is combined to deliver additional value to the initial customers.

Pros

  • You don’t have to invest much money
  • You need not spend time on MVP development

Cons

  • You may find difficulty in coordinating many products
  • You may have to spend money on subscription fees

 

Single-Feature MVP

To create this type of product, you need to determine what should be the core functionality. Understand that while you are creating a single-feature product, that one feature has to work extremely well.

Pros

  • Focused on solving one specific problem for a specific audience
  • You can get your product to market fast with relatively low costs
  • You can expand it later without much difficulty

Cons

  • You have to invest some money into development
  • You may struggle to determine which feature you should focus on

 

Choose the solution that best fits your available resources (personnel, money, time). Take into account the requirements and characteristics of delivering your solution, and select the type of MVP that suits them the most.

The minimalist nature of your initial offering should not bother you. Don’t rush into launching a polished product that nobody wants.

 

If you need help planning and launching your MVP, feel free to tell us something about your project at info@rabit.hu, or sign up for a free consultation. We can help you test your concept and turn it into a profitable software product fast. In a few weeks, you can already launch the initial product version on the market and start collecting valuable customer feedback.

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RabIT software engineering

RabIT is a dynamic & innovative software engineering company in Santa Monica, California. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

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