Why MVP Will Benefit Your Business

Grand ideas are the bread and butter of any business. But the reality is that there’s a huge difference between learning how to start your idea and how to launch your first product version. So many factors go into making a concept successful, ranging from digital marketing to building the actual product to ensuring that it’s offering a user experience that encourages people to buy, and ultimately leading your business or brand to succeed.

Would you simply start taking a massive idea and begin working on it with little research or feedback? Of course not! That’s why we suggest considering Minimum Viable Product (MVP). If you’re super excited about a new idea but need some guidance on how to bring it to the masses in a way that most benefits your business, let’s take a look at three reasons why Minimum Viable product is the approach for you, from any point of view you look at it: design, marketing and last but not least, financially.

The bigger the idea, the more complex development becomes (and the more muddled the vision can become over time as you get excited about building more and more onto your initial concept). Don’t worry about packing everything you’re excited about into the product. Instead, focus on MVP. Start the development with the most important features of your product first. Instead of making a product with 20 or more features, reduce it to the core and start with the 3 most important!

For example, if you’re building a collaborative product development platform, you might be focused on the actual look and feel of the product, the messaging features. Once you narrow down the main features, it makes it easier to figure out what the next steps are so that you’re not so worried about mapping out the process of packing hundreds of ideas and features into a singular product.

You only need to look to products like video games and blockbuster movies to see why tight development schedules and big ideas don’t always mix well. The larger your idea, the more time it takes to finish. Additionally, a new idea won’t have the same potential level of success or backing as you’re not sure how it will resonate with your target audience. If you’re focused on optimizing resources, this presents numerous challenges. It’s time-intensive to fully create your product, it will take a lot of people working on your product to get it done, and you can expect to invest a great deal of both time and money to see the project through. If you try to rush it, you’re typically setting yourself up for failure.

Focusing on Minimum Viable Product helps you circumvent these issues by doing the bare minimum necessary to create a finished product that only focuses on the main features, those which are the most important to make you unique to the eyes of your audience. This substantially reduces the time it takes to develop your product, makes it easier on your whole team, and reduces the investment of time and money required to make your vision a reality. Even better, you’re not actually rushing the process. You’re just making a simpler product that still demonstrates exactly what kind of value you’re looking to bring to consumers.

Money is involved in every aspect of your business: as previously stated, good things take time, and time is money! This includes product research, product development, marketing, and beyond. Not only will trying to create a massive product waste time and money, but you might be trying to spend your time marketing a product that very few people want or that is far too complex for your target audience to use.

If you want to avoid marketing mistakes and save your money, it’s best to work on a product that fills a need and gives users a taste of what that product will be like once it hits the market. This translates to less risk and development time as well as a more convenient marketing strategy that costs you less as you’re seeing whether or not your product has the desired impact.

Even though it seems like you’re investing less into your product, which is a perceived downside to many entrepreneurs, the reality is that you’re playing it safe and smart. The last thing you want to do is create something no one actually wants. Should consumers respond well to some of the ideas you wanted to initially incorporate into your product, you can always test these and add them as updates later.

Spending too much time, money, and brainpower on a product that’s not a sure thing can put a major strain on you and your business. No matter what you’re excited to create, optimize your resources, and help yourself and your idea thrive by going the MVP route.

So, are you convinced of what you have read? Instead of building the greatest idea ever, which would cost you lots of time, money, and a huge workload, make a simplified version of what you have in mind, get to the core of what makes your thing magical, then figure out the best features that allow you to test the reaction of the market and users towards the product.

Looking for consultancy on your next product launch? Contact us through the form below and let’s start!