The Benefits of a Minimum Viable Product (MVP)

The Benefits of a Minimum Viable Product (MVP)

The MVP is what helps beginning entrepreneurs test their product’s hypothesis with minimal resources. Instead of asking a user what they would do with a theoretical product, an MVP allows users to directly interact or make assessments based on a concrete example. Having a minimal viable product minimizes large failures while checking marketing trends to see where they land. It’s information that not a lot of businesses can get their hands on.

This blog will go over who needs a minimum viable product and why, along with examples to start a digital business and what to consider while developing an MVP.

Who Needs an MVP and Why?

A common scenario where having an MVP is crucial is when a new startup needs to try out their concept and get user feedback. An MVP allows entrepreneurs to try out marketing trends and get a feel for the competition. Underestimating the market is where a lot of businesses can end up failing, and an MVP can have minimal risk attached to it.

Here are three considerations when development an MVP.

Benefits of an MVP

Gathering Information

One of the most important steps in developing an MVP should be gathering as much feedback you can from users in a short period of time (without spending too much money). This is a fact-finding mission with an emphasis on learning. It’s good to have some ideas in mind for what you want answers to, such as what problems your MVP will address or whether users will like your idea.

Testing Your MVP

To receive customer feedback on your business MVP, testing is a must. There are many different usability testing methods you can try depending on what results you’re looking for and the type of MVP you have. Testing is a necessary step in developing an MVP because this is where you get the bulk of your data.

Refining the Product

Once you receive the results from the testing, you can refine and edit the MVP. This feedback helps as you further develop the MVP. In order to have a successful product, you need to have something that customers not only are able to use but also like.

What Is the First Step to Start an MVP Successfully?

Building an MVP can seem like a daunting task if you don’t know where to start. The best place to begin is with the basics, which are fairly easy to tackle.

The first steps are planning. This may be easy to overlook, but it is incredibly important to have a starting point. Dive into analyzing your resources and performing research before jumping forward. Research your competition, define your short and long-term goals, and find out what you need to make your product successful.

After you have the blueprint of your MVP down, it’s time to find an MVP development company to build your product. This also takes some research. Not only do you want to find what you need to build a product but who can do it for you. Whether you want to go with someone local or an outsourcing development company, this is the time to figure it out.

An Example of a Successful MVP

Code Authority (and CodeLaunch!) has seen many startups over the years successfully launch and flourish. KidStrong is an example of what a successful MVP can do for your startup.

KidStrong

KidStrong

KidStrong, founded by Matt and Megin Sharp, was the 2018 CodeLaunch 6 Overall Winner. The idea behind KidStrong came when they couldn’t find a program dedicated to kids’ physical and social growth for their daughter. With Megin’s background in education and coaching and Matt’s entrepreneurship, KidStrong was meant to be.

KidStrong started in 2015 as self-funded prototype held in a gym’s warehouse. Even though the building didn’t have a working AC, they had 20 children attend. It quickly gained popularity around their community, attracting immediate interest from investors.

In 2018, the CodeLaunch hackathon team helped them build their MVP. Working closely with the development team, the overall solution came together so quickly that the team cut the scope to a two-day deliverable and provided the Sharps and the KidStrong team just what they needed.

KidStrong has since open numerous locations with more on the way. They were able to build out a robust MVP by leveraging their contacts in the gaming industry. Finishing their MVP was crucial to the growth of their startup.

Contact Us Today!

Code Authority has a demonstrated history of working in the startup ecosystem. Each year, a team of our developers works as a hackathon team to develop an MVP for CodeLaunch finalists. Let us help you build your MVP! Contact us today for a free project estimate!