Before diving into the mass information let’s understand the meaning of minimum viable product also known as “MVP” and its types.
What Is MVP?
MVP stands for “minimum viable product.” It is a product development technique in which a new product is developed with just enough features to allow users to experience the core functionality of the product. The MVP approach allows a team to collect valuable feedback from early users, which can be used to improve the product and optimize future development efforts.
The MVP approach is often used in the startup and tech industries, as it allows a company to quickly test the market demand for a product without investing a lot of time and resources into development. This approach helps to minimize risk and allows the company to pivot and make changes based on user feedback.
The MVP is not a fully featured product but rather a stripped-down version that provides just enough value to early adopters. This allows the team to gather data and feedback from real users, which can be used to improve the product and guide future development efforts.
There are several benefits to using the MVP approach. It allows a team to quickly test the market demand for a product, gather valuable feedback from early users, and minimize development costs. It also allows a team to iterate and improve the product based on real user feedback, rather than relying on assumptions or guesses about what users want. Overall, the MVP approach is a useful tool for companies looking to bring a new product to market in a cost-effective and risk-averse manner.
Read: What are the Top Funding Options for Startup Ventures?
Types of minimum viable products
Several types of MVPs can be used in product development and they are:
1. Concierge MVP
The concierge MVP is a development technique in which a new product is developed with just enough features to allow early users to experience the core functionality of the product. However, rather than building out the full product, the team manually performs the core functionality for each user. This allows the team to gather valuable feedback and validate the concept before investing in full product development.
The concierge MVP approach is often used when the core functionality of the product requires a high level of customization or personalization for each user. This approach allows the team to get a sense of what users want and need and gather valuable feedback that can be used to guide future development efforts.
One example of a company that uses the concierge MVP approach is Zappos, the online shoe and clothing retailer. When Zappos first launched, the company didn’t have a fully functional e-commerce website. Instead, the team manually took orders over the phone and then sourced the products from other retailers. This allowed the team to validate the demand for their product and gather valuable feedback from early users, which helped guide the development of their full e-commerce platform.
Overall, the concierge MVP approach is a useful tool for companies looking to bring a new product to market in a cost-effective and risk-averse manner. By manually performing the core functionality for early users, the team can validate the concept and gather valuable feedback to guide future development efforts.
2. Wizard of Oz MVP
The “Wizard of Oz MVP” (Minimum Viable Product) is a product development approach that involves creating a simulated version of a product in order to test its feasibility and gather feedback from users before building out the full version.
The concept is named after the story of “The Wizard of Oz,” in which the main character, Dorothy, travels to the Land of Oz and encounters a wizard who is actually an ordinary man behind a curtain who appears to have magical powers. In the same way, the Wizard of Oz MVP involves creating a simulated version of a product that appears to be fully functional but, behind the scenes, is actually being manually controlled in order to test its viability and gather user feedback.
The goal of the Wizard of Oz MVP is to gather as much information as possible about the product and its potential users before committing significant resources to build out the full version. This can help reduce the risk of developing a product that ultimately fails to meet the needs or interests of its intended users.
In order to create a Wizard of Oz MVP, a company may create a simple prototype of their product, such as a landing page or a basic version of the product, and then manually fulfill requests or simulate the desired functionality in order to gather user feedback and data. This approach allows companies to quickly and cheaply test the viability of a product and gather valuable user insights before committing significant resources to build out the full version.
Read: How to Build a Minimum Viable Product (MVP) for a Startup?
3. Landing page MVP
A landing page MVP (minimum viable product) is a type of MVP that is specifically designed to test the viability of a product or service through a simple landing page website. A landing page MVP is a fast and cost-effective way to gather feedback and data about a product or service before investing significant time and resources into building out a full version.
To create a landing page MVP, a company will create a simple one-page website that provides information about the product or service, including its features and benefits. The landing page may also include a sign-up form or a call-to-action (CTA) button that allows users to express interest in the product or service.
The goal of a landing page MVP is to test market demand for the product or service, as well as gather feedback about its features and benefits. By measuring the number of visitors to the landing page and the number of sign-ups or CTAs, a company can gain valuable insights into the product’s potential market and how it might be improved.
A landing page MVP can be a particularly useful tool for companies that are just starting out, as it allows them to test their product or service quickly and cheaply before committing significant resources to build out a full version. It is also an effective way to gather user feedback and data that can be used to refine the product or service before it is launched.
4. Single feature MVP
A single feature MVP, or the “minimum viable product,” is a product that has only one core feature or functionality. The purpose of a single-feature MVP is to quickly test a product idea with a small group of users to gather feedback and validate the product concept. This approach allows a business to gather valuable data about the product’s market fit and demand and make informed decisions about whether to continue development and investment in the product.
The key advantage of a single-feature MVP is that it allows a business to get a product to market faster and at a lower cost than building a full-featured product. This approach also minimizes risk, as the business can gather data and make decisions based on real user feedback rather than assumptions.
However, there are some limitations to single-feature MVPs. Because the product has only one core feature, it may not be fully functional or solve all of the user’s needs. Additionally, users may not fully understand the product’s potential or value without experiencing multiple features. As a result, it may be more difficult to generate significant traction or revenue with a single-feature MVP.
Overall, a single-feature MVP is a useful tool for businesses looking to test the viability of a product idea with a minimal investment of time and resources. It can provide valuable insights and help a business make informed decisions about the future development of the product.
5. Customer development MVP
Customer development MVP, or the “minimum viable product,” is a product that is designed specifically to gather feedback and validate a product concept with customers. The goal of a customer development MVP is to quickly test a product idea with a small group of users and gather data about the product’s market fit and demand.
One key aspect of customer development MVP is that it is focused on the customer and their needs. This approach involves actively seeking out and engaging with potential customers to understand their pain points and needs, and using that information to inform the development of the product. This approach helps a business validate its product concept and ensure that the product meets the needs of the target market.
Customer development MVPs can take a number of different forms, including prototypes, demos, and functional MVPs. The specific form of the MVP will depend on the product and the needs of the target market.
There are several advantages to using a customer development MVP approach. First, it allows a business to gather valuable feedback and data from potential customers early in the product development process. This can help a business make informed decisions about the product’s direction and potential market fit. Additionally, a customer development MVP can help a business build relationships with its target market, which can be valuable for future product development and marketing efforts.
Overall, a customer development MVP is a useful tool for businesses looking to validate their product concept with customers and gather data about the product’s market fit and demand. It can help a business make informed decisions about the product’s development and potential success on the market.
Later we would make a post on the many examples of MVP and its importance to startups and tech companies, turn on your notifications so you don’t miss them.
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