Article by: Matt Donahue
What is an “MVP”
Have you ever become immersed in a new hobby and thrown a ton of money into it for a week or two before losing interest almost immediately afterwards? That’s what a Minimum Viable Product (MVP) helps to avoid for your business. It is a development technique that tests a rapidly-formed prototype of a website in the market to collect user feedback, examine usage trends, and make changes in order to improve the user’s overall experience. Rather than throwing massive amounts of money towards intricate builds of a website that may not even be what you’re looking for, MVPs are focused bursts of development that get your website to an interactive state through cost-effective means.
How Does an MVP work?
MVPs are built quickly and at a low cost in order to obtain feedback and data on the performance of the site. Once out in the market, comments, feedback, and data will be collected to see what works and what doesn’t. This helps you decide what needs improvement, what doesn’t appeal to the user, and what mechanics and designs work in the current build. The easiest way to figure out what works and what doesn’t work is by split testing, where aspects of a website are changed and sent to different users for testing to see how users respond to each of these changes. Through this process, you are giving your product a higher chance of success to reach market by lowering the time and budget thresholds found in full development periods.
Benefits to an MVP
- Save money to put back into product or use elsewhere within the company
- Faster development period so the product reaches the market sooner
- Obtain organic user feedback earlier in the development process of the product
- Increase the odds of having your product reach market successfully by lowering cost thresholds
Do you need help starting your own MVP?
Contact us to get started on building a MVP for your company.