In the field of digital commerce, it has been determined that only 10% of startups are successful, but the minimum viable product, or MVP, can turn this figure in favor of entrepreneurs. If you’re one of them, you should learn how to apply this concept to your business. Find out how in this article.
What is the minimum viable product?
The Minimum Viable Product (MVP) is an early version of a new product, used as a testing phase to assess public interest and acceptance, allowing europe cell phone number list for necessary improvements before its general market launch. The MVP has basic features to meet initial customer needs.
Examples of minimum viable product
There are several examples of minimum viable products (MVPs) that have been successfully launched. Here are some examples:
Dropbox
When Dropbox started, they launched a very simple MVP that allowed users to upload a file to the cloud and share it. As they gained users and feedback, they expanded the features and functionality.
Zappos
In its early days, Zappos didn’t stock inventory. Their MVP consisted of taking photos of shoes in physical stores and selling them online only if they received orders. Once they saw demand, they built their business model around it.
Buffer
Initially, Buffer was an MVP that only allowed phone list compliance basics users to schedule tweets. Over time, as its user base grew, they added more social media and scheduling features.
Airbnb
When Airbnb started, its MVP was renting air mattresses in your apartment. Then, as they gained traction and learned from their users, they evolved into what it is today: a property rental platform.
Groupon
Groupon’s MVP was a simple PDF coupon shared via email. Only after seeing user interest did it evolve into a platform offering daily deals across various categories.
These examples show how an MVP is a basic fanto data version of a product that allows companies to test their idea in the market, learn from users, and adapt based on feedback.
How to make a minimum viable product?
Build, measure, learn, and accelerate. This methodology allows you to develop your MVP quickly and effectively:
Build your ideas
Define the hypotheses to test and establish metrics to validate them. Make sure your MVP has the essential features to solve specific problems.