Building a product that users will appreciate is an intricate process. There are many tight turns that can influence the overall success of the project, especially if you decide to go big. However, there’s no strict rule stating that building a full-scale product version is the only way out. Hence, many startups and businesses opt for building a Minimum Viable Product (MVP).
The MVP approach involves working on an early yet working product version that only has basic features that can address user needs. This product gets released quickly to test market demand and prove various hypotheses the team had. This way, they can collect data, get feedback, and make decisions based on facts, thus leaping over many risks like heavy investment in a feature-rich large project that no one might even need. The MVP mindset implies iterations and flexibility, both bringing visible time and money savings in the long run.
Here are 10 potential MVP benefits for startups worth noting:
1️⃣ Mitigating many risks and cutting costs
2️⃣ Hypotheses testing and idea validation
3️⃣ Releasing a simple yet working product
4️⃣ Faster product launch (a possible competitive advantage)
5️⃣ Iterative, step-by-step product development
6️⃣ Feedback-based and data-backed decisions
7️⃣ Visibly improving product quality
8️⃣ Better usage of team effort resources
9️⃣ Getting sales early on
🔟 A higher chance to convince investors
Keep reading the full guide to learn the details of each of the pros noted above and to get many valuable insights 👇