Startups

Minimum Viable Product or MVP as is the term’s abbreviation is common terminology used in the web and development industry since the last decade. But what exactly is a Minimum Viable Product and its benefits in the business? Let us see them in detail in this article.

What is a Minimum Viable Product (MVP)?

The concept of MVP was introduced in 2009 as part of the Lean Startup. The first definition given to MVP was by Eric Ries. MVP is defined as a version of a newly launching product consisting of the major highlighting features for the team to know how well the product is accepted by its potential customers. This will in turn help in validating how the product is received and the changes or alterations and additional features that are to be incorporated into the final product. Hence, you can also consider a Minimum Viable Product as a testing sample of the final version of the product.

Minimum Viable Product need not be a physical close replication of a product but can also be a representation of a product or service. Like for example, the famous travel and accommodation booking platform, Airbnb began with a simple concept of Bed and Breakfast by laying down a few air mattresses in the apartment of its founders. All they did was to post an ad that eventually became a superhit!

Another example is Dropbox. Before its final introduction, the team published a video demonstrating what is Dropbox, how is it used and the advantages of using Dropbox. This video had a wide audience and the team could easily read through the figures of views, shares, and reactions of the audience on the reachability Dropbox will receive on launching. Let us have a look at the advantages of MVP in the next section.

Advantages of Using MVP in Business/ Development

More Focus on the Core Values of the Proposition

This step will help in correctly analyzing if your vision has come to reality. As the MVP consists of the major features of the proposed product, it can be used to test and validate whether the product fulfills the criteria of the customer’s needs. In case, the MVP fails in combating or compiling a certain requirement, you can add the particular feature in the final product. This will hence aid is reducing the number of bugs in the later stage.

Reduced Rework and Better Optimization

Minimum Viable Product aids in learning the important features required for the website and roll out the unwanted ones as it might become a contradiction and unused part of the proposed product. MVP will help in optimizing the main features thereby improving the products overall performance. This will help in reducing the rework and additional entities to be done as planned in the initial phase and will eventually result in lesser development costs and the price of the product.

Create an Initial Fan Base and Customer Relationships

If the MVP creates turns out to be successful and matches the customer’s needs, this will help in retaining those customers resulting in creating a healthy relationship with the customers. This can also aid in attracting new customers to purchase your product/ service proposed. Introducing MVP can also drive in good investors and stakeholders to take part and invest in the product’s development and release benefiting your company.

Focus on Critical Business Functionalities

As the prototype of your proposed product is released earlier as a Minimum Viable Product, you can also put in your sales and marketing strategies into the test at the same time. This will help in understanding the main concepts to be used to get better sales and revenue for the company.

Points to Remember Before Creating an MVP

Conduct A Detailed Market Research

Conducting detailed research on the market and your business is inevitable. Knowing the needs of the market will help in optimizing the product’s output to compile to the market’s requirements. This is essential as it is a long-term product apart from regular updations for bettering the product output.

Learn Your Customers

Prepare a clear understanding of the target and potential customers for the product under design. Apart from learning who are the potential customers, it is also ideal to learn the basic actions and interests of the customers. For example, if the MVP is created for a website, the most visited and least visited pages must be taken into consideration to understand the customer’s interests.

Prepare a Product Roadmap

The product’s roadmap will consist of the features, its uses, and the upgrading features to come along way in the near future. Planning a roadmap on how the product will be launched and brought into the public will guide in the proper functioning of the system.

Conduct User Testing

Conduct initial testing on the product among close peers to read and record their reactions for a first impression analysis. This will help in improving the appearance and initial looks of the product and can also improvise on them before the final product is released.

Prepare a Well-Designed Product Launch/ Landing Webpage

Once your MVP is ready to be introduced, building a landing page is ideal to promote the product or service online. The landing page must contain details on the product, its functions, and its features. Including illustrations such as images and videos will also aid in promoting the product better.

Now that you have a clear understanding of the concept of Minimum Viable Product (MVP) try adding that to your business timeline on the process of launching your new product into the market.

For the ones who are not familiar with the term MVP, let us start this article by describing what is an MVP and, its purpose and benefits. In short, MVP is the abbreviation for Minimum Viable Product. Minimum Viable Product in simple terms is a sample version of the final product consisting of the major features of the application or website for testing purposes. An MVP is the most equitable tool in terms of both time and finance to determine the product’s potential.

Importance of an MVP

A Minimum Viable Product or MVP is essential to learn on how well a the product or application serves in the market. This will include the customer reactions, the saleability of the product and the extent of reach the product receives in the market. If all these analyzed data shows a positive impact, it will be a green signal to go on with releasing the final product. It is a simple cycle of building, measure and learning the working and features of an application.

The MVP also serves the purpose of a hypothesis to minimize the possible errors that might occur in the final finished product. The people’s favorite apps like Facebook, Instagram, Snapchat and Dropbox are examples of the many applications that first began with a Minimum Viable Product.

Eric Ries is known to be the first who introduced the concept of MVP to the industry. The only purpose behind the concept where a real system is made without making it too elaborate. As the title of the article suggests let’s look into the major points of consideration for 10 startup ideas.

1. Create an E-commerce Store

Create a version of the website using any free zero-investment website building platforms such as Shopify and WordPress. The webshop just has to include the major characteristics of the application for analysis and testing purposes.

Web analytics

Install the analytics code to run on every page of the website to get a clear view of how well the website performs and how the users respond to different pages and products. This will help in analyzing the top-grossing and trending products to keep at the store and vice versa.

You can also get an idea on the interested pages and the way users exit from different pages and the website. Adding different goals regarding the clicks received on the page and for forms will also determine the major interests of the users.

Mobile Performance

Mobile eCommerce is increasing tremendously online making it the most sought after business option in the industry. As people tend to spend a lot of time over their smartphones, making your MVP mobile responsive will aid in attracting more customers to the website.

Referrals

Referrals basically refer to the recognition gained through social media pages and influencers. Social media platforms including popular names such as Facebook, Instagram, and Twitter all lead to a great way of building potential traffic to the website. Contacting social media influencers to showcase your products is another way to bring in attention to the brand.

Applying discount options and coupon codes is another option to invite in more customers via social media.

Advertisements

Using the majorly used online advertising applications such as Google Ads, Facebook Ads, Instagram Ads, Linkedin Ads, etc will be highly beneficial to drive in more traffic in the initial stage.

Homepage

When a user visits your website, the homepage should be such that it includes a simple yet engaging content to make the user stay on the page and browse through its contents.

2. On-Demand Service Platforms

To create an MVP for on-demand platforms that follow the business models similar to that of Uber and Airbnb, here are a few points to keep a check.

Identifying the core value or operation

This, in simple terms, is to identify the purpose served by the application. For example, Airbnb provides the listing of accommodations based upon the location selected whereas Uber shows a map marked with taxis nearby the selected pickup location.

Build the architecture of the application

Once the core value is finalized the next step is to determine how the application interacts with its users. Let us consider Facebook as an example. The architecture can be broken down into:

• The user registers on the website providing his/ her details.
• The user enters personal information.
• The user uploads photos and videos, edit and posts them.
• The user reacts to other posts (like share and comment).

These points are all taken into consideration by the application to share a customized feed for the user in the next usage.

Attracting Traffic

It can be easy to bring in customers who want to avail the service but it can difficult to attract service providers. Hence, more attention must be given to attract more service providers than on to the customers as the demand should be balanced with the availability of resources.  

3. Online Store Building Service Provider

This online webshop building script also follows similar protocols such as the on-demand service platforms.

Identify the core value

This phase not only involves the determination of the sole purpose of the software application but also includes the key features that are to be included in the website.

Create a feature list

List out all the key features to be included in the application in an order of the priorities to include the major features in the Minimum Viable Product.

Set Admin sections

Another important feature is to set admin panels for both the user and the vendor. Since this application is to create an online webshop it is ideal to keep such dedicated admin panel slots to ease the access provided and to manage the system efficiently.

Scope for Future Integrations

Keep note of the possibilities of future integrations that can be brought into the application while creating the MVP. Such bonus features must be highlighted on the homepage.

As we move on the steps to be followed in creating the MVP for different startups will contain similar steps with only the slightest of changes and suggestions acquired from their parent or initial business models.

4. Online Deal Platforms

Groupon is one best example to quote for online deals platforms. This platform works on providing the best in class offers, deals and coupon codes for different brands. Just as we saw in the previous three categories, the very first steps to follow will be:

• To determine the purpose of the application.
• To have a complete idea on the features to be included in the website or the application.
• Analyze the performance of the website and its reach in the public.

Once all these basic steps have been completed, we have the crucial step into inviting and attraction different brands and companies to collaborate with the platform to list their offers and deals. As mentioned in category 2, attracting traffic from the vendors or service providers is always the hectic task as users can be attracted far more easily when compared to them. Hence, just like any other startup a strong marketing strategy that includes the following can be beneficial.

Referrals from social media

• Online advertisements on social media platforms and search engines.
• Post different deals, offers, and coupon codes on your website like blogposts.

Extra info: The best online deals website, Groupon also began with posting its offers and deals as blogposts as an MVP.

5. Online Food-Court

The millennial community is nowadays drifted toward easily accessible food order and delivery systems due to lack of time to cook food at home. Hence, online food courts can be targeted to the millennial audience with its sole purpose of an online food court to be to easily order food from different restaurants online and be delivered at your doorstep. Online Food Court systems can be considered into two categories: an aggregate model and food delivery application with logistics.

The aggregate model works based on the traditional food delivery system. They act as a third party interface between the local restaurants and customers. A user once signup for the application will be able to browse through the various cuisines and prices and ratings of different restaurants encapsulated for the specific area. Once an order is confirmed the details are passed over to the respective restaurant which then takes up the order, processes the order and delivers the dish to the customer.

The second type, the food delivery application with logistics, is a better option for small restaurants and food courts as the application take care of picking and delivering the prepared orders.

Considering these two types of online food delivery model the major points of concern while creating the MVP are:

• Create a user and vendor account space to order dishes and track them and, to add dishes and their prices, respectively.
• Add a secured payment gateway including the major payment gateways.
• An order tracking feature must also be integrated.
• Selecting the right set of audience and targetting them online via social media ads and Google Ads.

6. Become A Social Media Consultant

The face and voice of social media marketing and strategical methods are governed by Social Media Consultants.  Starting from preparing creative content, deSigning creatives, campaign management, follower building and managing social media posts all come under the job description of a social media consultant.

The MVP for a social media consultant will include the following key points:

• Gain a clear understanding of the concepts and the working of different social media platforms.
• Learn skills to create more engagement to the social media posts and drive in sales.
• A deep understanding of the client and its area of work.
• Start with the easiest. Begin with finding local clients who work on a limited budget and their requirements might not be sophisticated.
• Determine the rates and financial policies you will be following.
• Determine your niche to work on with larger clients while freelancing.

7. Blogs

Every blogging website’s sole purpose is to create engaging content on a certain subject or a generalized topic. While creating an MVP, blogging websites are the easiest and best to easily upgrade to the finished product as blogging websites are less sophisticated as compared to the categories discussed in this article.

As found common in all the so far discussed topics, determining the niche of content to work on is the most important task. For example, we have many top-grossing blogging websites that are inclined to a single subject like health, beauty, fashion, automobiles, DIY, technology, etc.

The other features that can be enabled in the minimum viable product are the provision to like, share the post to external media (such as social media platforms and telecommunication software) and comment.

You can also incorporate provisions to add offers, sections to promote other brands and newcomers and inquiry forms depending on the requirement of the blogging website.

8. Forums

Similar to that of blogging websites, forums also follow a similar architecture of creating the minimum viable product. The extra features that come along way with the selected niche for discussion and the user reaction part, are:

• Create a user section for users to register, post questions for discussion and reply for forums.
• A system feature to start and end a discussion in a defined period of time.
• You can also add separate features to add media such as images, videos, and documents.

9. Build Mobile Apps

Minimum Viable Products have brought in a new wave of preparing the architecture of a product. For example, if you are planning on creating a car model, there was a time till a few years back, where each system was assembled constituting of the different features of the vehicle. With the introduction of MVPs, the architecture setup will start with the functionality of wheels, a cart, a bicycle, a two-wheeler and then a car. Similarly, when it comes to creating a mobile application, a similar system is to be followed.

When it comes to mobile applications, the app should look almost as a finished product to create a fulfilling impact. The major steps are just like the basic steps that include the selection of niche of the app functionality. Once that is done let’s make a short checklist on the main points to be covered.

• Deciding the features you will require in the mobile application.
• Decide on the app design and content.
• Addition of dedicated features that are required for the uninterrupted functioning of the application.
• Additional features such as chatbots, inquiry forms, comment options, social media sharing options, etc can also be included.
• Use AI-based analytical tools to measure the flow-in-and-out of user traffic.

10. Consulting Business

Similar to the concepts as discussed for the category of Social Media Consultants, your website for your Consulting Business also has similar features to be included.

• Select your main area of work. This will help in determining the major features and content that has to be included on your website.
• List your major achievements (without describing much) on the initial MVP website to stay appealing to the visitors.
• Promoting your MVP through social media and paid ads can help in generating ads to the target audience.
• Keep in the analytical tools to measure the potential traffic that comes into the website.

The new generation is now fully-fledged and involved in the latest technology and gadgets. You might have a startup idea in mind or already have an existing small scale or a medium scale business (SMB) running. This blog is the best choice to know how and where to apply some interesting newbie technologies in your business.

“Sales”, is the most important factor that equally stays along with “service”. When you have a company or business that provides some industry required products or services, you want the business to grow to the next level with a good amount of sales. Being an SMB or a startup revenue is essential to eventually get back your amount invested in it through quality sales.

Apart from enhancing the sales and profit for a business, regardless of the size of the company, the application of technology greatly improves the environment at the workplace making it more to the point and organized. Let’s learn more about them in the coming paragraphs.

Productive Workplace

For better sales, you need an exceedingly well-performing resource base, i.e.; the human resources. This is one important aspect that decides the quality and efficiency of the products or services offered by the company. Let us have a closer look at some key technological applications you must employ in your business.

Time Tracking Application

Punctuality is a quality habit we have been trained since childhood. This has great importance when it comes to timely serving your customers with your products/ services. A Time tracking application comes in helpful to analyse the time dedicated to each area of work and ideally rearrange the timings according to the priority of work. This will aid in saving more time in unwanted or least important sections and ideally use that time to work better on high priority areas of work. Some easy examples to know the working of time management applications is systems that track your in-and-out entries at the office or even the login-logout systems installed on your computer device.

Analytical Tools

When you have a website or a shop, installing an analytical tool helps in tracking insights on how well your website performs or the sales at your shop, respectively. These insights can be readily used in making changes to your business strategies to improve business productivity.

Task Management Application

When a small business and it’s just a small number of employees it is easy to manage the tasks. But as the business improves and it gets busy, you being the business owner might not have enough time to dedicate enough time to look into the tasks of the employees. A task management tool comes in handy here. You can easily get a hand over all the tasks and add tasks and tag the employees on the same platform. Some most trending task management platforms are Asana, Slack and Trello.

Last-mile delivery companies and warehouses can also install a delivery management software and logistics management software, respectively to manage their orders and stocks.

New Marketing Strategies

Whether you have a brick-and-mortar business or an online business or a combined one, you need a good marketing platform to reach your audience. Branding your product requires the public to be well informed about your products/ services. Marketing strategies for branding has come a long way from hoardings and banners to online ads and social media presence.

Yes, you heard that right! Social media platforms including the most popular ones like Facebook, Linkedin, Instagram and many more, is the best platform to easily get your brand out there to your targeted audience online. Online advertisements are another way to easily market or business online via search engines and social media websites.

Easier Communication

Communication has advanced a lot in recent years making it simple to connect anyone from any part of the world. Online applications such as Whatsapp, Skype, Zoom, etc all help in easily connecting to people online to charge up the spirit of teamwork. Nowadays such software, aid in easily managing meeting online for client calls or internal calls such as teleconferencing or video conferencing.

Improve Customer Service

Customer satisfaction is another factor that affects your business growth. Satisfied customers are directly proportional to greater revenue from them repurchasing/ reordering and even new customers coming from recommendations and the good reviews and ratings that your business has online. Hence, it is essential to always be closely acquainted with your customers via emails, notifications and chat support.

Replying to the comments on different platforms is another great way to engage customers and create the image that the company provides customer-oriented services.

Email Management

Sending out regular newsletters to subscribed customers is one way to keep your customers updated about the product updates or your newly launched products and services.

You can also send out notifications regarding the customer’s buy and asking them for feedback and keeping in touch to enquire the performance of the products to keep up a quality communication between the client and customer.

Chat Services/ Chatbots

Another most raging customer service application that you can employ on your website is a chat service application such as Tawk.to, LiveChat, Clickdesk, Zendesk, etc. The platform can be either managed manually by customer service representatives or even a pre-defined chatbot programmed to answer the frequently asked questions according to a pre-prepared script.

Safe and Secure Networks

Identity theft is increasing online which is why you must secure your network to keep up to the privacy of your customers. There are times where you get messages on your phone regarding a similar search or enquiry you did online. Those are signs where your contact details have been compromised for targeted marketing.

Apart from identity privacy, as part of the digitalization campaign going viral, cash transactions online must also be safe where your saved card details are secured to not be used by any stranger to drawing away finances. Such situations make it inevitable to secure your website with website security applications and safe payment gateway features.

Improve Website Quality

This is the age of “everything online” with hundreds and thousands of websites going live on the internet every day. This increases the competition on how your website will rank better than your competitors. Applying proper SEO strategies and increasing the quality of the content on the website will aid in creating a better result in search results compared to paid online advertisements. Hence, investing in a good content management software script that you can customize according to your business requirements must be considered.

Now that you have an idea on the areas to apply technology in your business, let us now look into a checklist of how to select the right software applications for your business or company.

Select the Right Technology for your Business

• Focus on the Issues: Focus on the problematic areas in your business using the insights generated by the time management software and analytical tools installed for the business.

• Apply Measures as per Business Requirements: Talk to the team and follow overall performance using the task management software installed. This will let you have an idea on what technologies that are to be installed including the suggestions provided by the employees and even the customers.

• Keep Note of your Budget: Another point to put into attention is your budget. Being a startup or an SMB might limit your financial assets to splurge on such technologies to improve the workplace and business. Look into the most important and unavoidable areas that require technology and give it a priority while purchasing.

• Understand the Skillset present or required: Always have an idea on the skill set of the employees before installing the software. It is a good habit to conduct short sessions or seminars introducing the software to the team and arrange sessions for portions that the team lack in skill.

Now, there you have a complete checklist on how and where to use technology in your business.