Anybody who is launching the project for the first time naturally comes to the question of what is the minimum viable product and how it can be used as a part of a smart business strategy.
Every company starts with a basic working model and then its basic product with limited features. Even Google launched its search engine with a basic HTML page just to test how their users were reacting to it. Amazon updates their products every 11 seconds to get the quickest customer feedback.
These MVPs let startups understand the direction to take by making them realize the problems, and coming up with efficient and effective solutions. Multinational Corporations (MNC) are trying to learn the best practices of MVP.
What is MVP?
The first version of a product is often called Minimum Viable Product (MVP). You ask, what is MVP? Well, it is the product that has only the core features that make the product work. The simplest example here:
MVP is a minimum viable product usually developed to test an idea with early users and get truthful feedback. Based on the received thoughts, bugs and suggestions on what to change, product owners and developers can improve their project or renovate the whole concept.
MVP is better to develop with the basic feature set and minimum resources spent to test your hypothesis safely and with no extra expenses. Thus, the creation of MVP implies not only technical feasibility check but also understanding of the future product's viability on the market.
Why does your project need MVP first?
MVP allows you to market the concept without spending a lot of money and time. It may become a perfect solution for startups to test their ideas in practice. You can also use MVP strategy when implementing a new feature, even if it is a long-lasted complex project.
Development of MVP helps you to:
-Release your product faster than your competitors
-Introduce users to your product and find your target audience
-Get response about functionality and what you need to develop or change
-Validate your project idea
-Increase users’ knowledge about your brand and its recognizability
If your MVP fails, then unlike the development of a full-fledged product and high costs, you can understand what your user really wants and correct his CJM and increase conversions.
How to build an MVP?
MVP development process usually includes the following steps: research, user map creation, Project Decomposition, building and analysis.
Starting from week 5, Product Design Sprint of the full-stack development bootcamp at Le Wagon, our students will start to learn how to build MVP within a team. It is the ultimate experience of the course and where you can grab the core concept of MVP: invent, pitch, design, code and deploy an original project in teams of 3 or 4 people during the two final weeks. You will have to go through all the process from the idea to the live app in production on a real domain name, ready to be tested on the market!
What will you learn through these challenges:
-Define the Product's target users and the unique value proposition
-Build an interactive prototype with Figma to validate the UX
-Split the work into your teams by defining and assigning user stories
-Code the web application from scratch: from the back-end to the user interface
-Deploy your app on a production environment
-Pitch your product during the Demo Day!
How can MVP help your company?
We have had the pleasure of working with numerous such innovators and industry trailblazers as IKEA Group, Decathlon China 迪卡侬中国, Bayer Pharmaceuticals Asia-Pacific, AXA, American Airlines to deliver corporate training that helps upskill their existing workforce.
This year, we were so excited to have had Scania Group Digital Business Lab and Innovation Center teams join our newly launched 5-day intensive Innovation and Entrepreneurship Bootcamp co-created by Le Wagon and XNode team!
In these 5 days, participants learned ideation, UI and UX design, pitching and blew our mind away with their final product demos using the MVP mindset! ✨ MVP provides businesses with an opportunity for immediate benefits. You will receive a valuable and quick result whereas minimizing expenses. It lets you test the received results as well as helps to plan the next steps thoughtfully.
Have an idea and want to test it in real market conditions? We are here to help! Contact us and learn more about the full-stack coding bootcamp, where you can experience the whole process of implementing MVP mindset in your growth.