A vast number of startups worldwide launch their product based on an excellent idea. However, only a few of them become successful.
There are many reasons behind any startup’s failure. This includes poor marketing, a product without a business model, etc. Out of which, no market demand is the primary reason startups fail based on CBInsights. Around 42% of startups fail because there is no demand for the product.
Thus, moving with the classic method of putting all effort and then waiting for a product to succeed is not worth it.
To tackle this, Eric Ries and Steve Blenck introduced the concept of MVP. Here, MVP stands for Minimal Viable Product. It is the core version of the product meant for getting feedback from the early adopters. Later, updating it as per the feedback.
However, there are different types of MVP available in the market. So, the question arises, which type of MVP is best suited for startup?
To help you with this regard, here we will explain the types of MVP. Also, we will explain how to choose the right type of MVP for your startup.
So, let’s get started:
Types of MVP for your Startup
Here we will walk you through some different types of MVPs. These MVPs fall under three categories: no product MVPs, product imitation MVPs, and minimal product.
1. Fake landing page
It is one of the straightforward ways to validate any of the product ideas. In this method, you have to create a landing page. Then, you need to run a few ad campaigns on this landing page. And check the response of the people. Hence, it falls under the non-product MVPs category.
On the landing page, you should include appropriate graphics, visuals, signup form, etc. In short, you should market your product like it is already available to users.
Moreover, you can track and learn about the user’s interest by running one or more landing pages. By doing this, you will get the list of early adopters who are ready to use your product.
2. Fundraise to build
In this method, you pre-sell your product to customers and develop your product based on the investment you raise. This type of MVP also falls under non-product MVP.
The primary goal here is to convenience users to pay for a product that hasn’t yet been developed.
You can achieve this by launching crowdfunding on platforms such as Kickstarter or Indiegogo. Here, you need to register on this platform, mention in detail about the product, your skills to develop it, and how you will utilize the funds that you have obtained.
If you obtained funding about a certain level, you should develop the product or else leave it. This method works well where you want a particular amount of audience and funding.
Here, you have to conduct the process manually for each customer to get ideas from them. Also, you have to check their willingness to buy. It enables you to identify whether the customer needs such a product or not. This type of MVP falls under product imitation MVPs.
The primary purpose of this method is to remove automation from the process. Rather than developing a prototype, you will have to work with a small group of users to resolve their issues. Lastly, you have to visualize the kind of service you offer in your final product.
4. Wizard of OZ
Even though Wizard of OZ MVP looks similar to a finished product, it is not in reality. Wizard of OZ falls under the product imitation MVPs.
Here, the startups use a fake system as a fully automated system to showcase the product. However, they are using manual workers for the same thing.
The model is popular among the startup community as it allows startups to display a workable business model. Due to this workable model, things can be made automatic in the future.
This MVP type is most suitable for businesses that would need high-end technology for their product to function well.
5. Single-feature product
In this method, you have to focus on the core functionality. Here, you have to create an MVP with one feature or minimal functionality to obtain instant nod from the users.
Even though you are developing a product with a single feature, you should make sure that it is working absolutely fine.
How to choose your MVP type?
The selection of an MVP is based on what you desire to learn.
The core purpose of MVP for startups is learning. Here, learning regarding the target customers and the type of product they adore.
Tristan Kromer, the author of “The real startup book”, stated that MVP is useful to fulfill two core objectives. Firstly to generate ideas and secondly to test product hypotheses.
Here, if you want to generate ideas for your product, you can go with Concierge MVP. However, if you plan to test the hypothesis of your product, choose any other MVP type.
It doesn’t matter what MVP type you go with; the main thing to remember is what you want to achieve with a specific MVP type.
Lastly, mobile apps have become an integral part of our life. Moreover, various startups launch their business through your mobile app.
Therefore, if you are not sure about your idea, you can go with MVP mobile app development as it is a cost-effective method to validate your idea from a potential audience. Also, you will save a lot of your time and develop a successful MVP for your startup.