MVP (Minimum Viable Product) Services
MVP is a starting point for the breakthrough ideas and the progression for market challenger ideas. A minimum viable product is a working prototype that delivers the core value without refinement, complementary services, and in-depth development.
It’s the best way to verify the interest of the market. It’s a must-have if you are planning to apply for external funding of your startup.
Who needs an MVP?
Any business that wants to check the market interest before investing big time.
What will I learn if the product I launch is not ideal?
There’s no such thing as an ideal product. The pitfall of a waterfall or traditional development process is the possibility to develop something that the owner loves, and the market doesn’t need. At the same time, it’s essential to ensure that your MVP is indeed viable. It must actually do its core function and solve the core pain point of the target audience.
What is the process?
It will vary significantly based on the project details and availability of previous research. The high-level plan:
- Customers' needs analysis
- Development of user flows
- UX and UI design
- Building the solution
- Bringing traffic
- Analysis of the users' behavior
- Recommendations for further improvements
- Next round of MVP or full-scale development
The client
Facts2Go is a marketplace where investors can find reports and data to help them make smart decisions, and research firms and investment banks sell their analytical reports.
The objective
Invite vendors to the platform without making full-scale investments in the platform development.
What we did
We developed a fully working prototype using WordPress instead of Ruby or React Native.
We created a marketing website communicating the core ideas. It can be used to attract customers and show the idea to the vendors.
The results
The MVP saved our client approximately three months and $16,000 of investment. The solution is fully operational for the launch of the company. It will require an update only at the stage of scaling up.
What if someone steals my idea?
There will be enough space for everybody if the product or service you are offering fits the market. If you believe there are just a few potential customers, and quick competitors may capture them – probably you’re entering the wrong market. Moreover, if somebody launches a few months earlier than you do – they will do you a great favor of letting to learn from their mistakes instead of making your own.
Is it applicable only to tech startups?
As a concept, the MVP approach can work for the majority of businesses. For example, you consider opening a co-working space in a new trade center. Before signing the contract with the landlord and invest in stationary, it would be wise to make a simple landing page and run ads for a few days. Doing so, you will check if there’s any interest among potential customers. Based on the questions they will ask, you might come with great ideas for your future co-working space at the stage when it’s not too late to implement them.
The outcome
A fully operational toolbox to test your idea and get hands-on feedback for future development.
Timing and cost
Starting with only $2’500. Timing depends on the complexity and quality of inputs, starting with ten working days.
Get the FREE initial analysis before you place an order