MVP (Minimum Viable Product)
MVP is a starting point for the breakthrough ideas and the progression for market challenger ideas. A minimum viable product is a working prototype that delivers the core value without refinement, complementary services, and in-depth development.
It’s the best way to verify the interest of the market. It’s a must-have if you are planning to apply for external funding of your startup.
Who needs an MVP?
Any business that wants to check the market interest before investing big time.
What will I learn if the product I launch is not ideal?
There’s no such thing as an ideal product. The pitfall of a waterfall or traditional development process is the possibility to develop something that the owner loves, and the market doesn’t need. At the same time, it’s essential to ensure that your MVP is indeed viable. It must actually do its core function and solve the core pain point of the target audience.
What is the process?
It will vary significantly based on the project details and availability of previous research. The high-level plan:
- Customers’ needs analysis
- Development of user flows
- UX and UI design
- Building the solution
- Bringing traffic
- Analysis of the users’ behavior
- Recommendations for further improvements
- Next round of MVP or full-scale development
What if someone steals my idea?
There will be enough space for everybody if the product or service you are offering fits the market. If you believe there are just a few potential customers, and quick competitors may capture them – probably you’re entering the wrong market. Moreover, if somebody launches a few months earlier than you do – they will do you a great favor of letting to learn from their mistakes instead of making your own.
Is it applicable only to tech startups?
As a concept, the MVP approach can work for the majority of businesses. For example, you consider opening a co-working space in a new trade center. Before signing the contract with the landlord and invest in stationary, it would be wise to make a simple landing page and run ads for a few days. Doing so, you will check if there’s any interest among potential customers. Based on the questions they will ask, you might come with great ideas for your future co-working space at the stage when it’s not too late to implement them.
Branding
1- Analyze
Through your choice of qualitative and/or quantitative marketing research, discover how your brand values and assets compare to those of your competitors’. The result: clear and concise best practices to position your firm, business and brand for online and offline efficacy.
2- Interview
Glean insights from your organization’s internal as well as external stakeholders. MVP has decades of experience in conducting VOC opinion surveys and obtaining operational insights—and testimonials—from those who may know more than you think.
3- Position
Go from good to great when you differentiate your brand from others. We help you express your story authentically and pinpoint the unique deliverables that set your brand and organization apart.
4- Construct
Take your mission, vision and brand to the next level when you distill your value proposition into a few choice words and phrases. Create messaging that amplifies your organization’s vision, values and culture, not only for today but for tomorrow.
5- Express
Find your tone of voice and make your communications consistent across all channels. From print to web―including social media―we’ll craft a comprehensive brand style guide that will lay the groundwork for every marketing message and brand usage.
6- Execute
Create a road map for achieving your goals with the help of our digital marketing and design professionals. Our marketing plans, budget estimates and timetables will put you back in control and save you time, effort and resources.