The key point of the MVP idea is that the company produces a real product, which then delivers to the market. It can be a one-page site or a seemingly fully automated service that is actually done manually. Developers https://www.softformance.com/services/mvp-development/ observe the behavior of people using the service for the first time. Based on the information obtained during the experiment, the team continues, corrects or cancels work on the product.
When an entrepreneur launches a startup, he can only guess whether consumers will appreciate his idea, whether they will use the products for their intended purpose. It assumes that customers have a need, and the product the team is working on satisfies that need. To know for sure, you need to introduce an MVP to customers and collect as much verified information as possible about their experience with the product.
Why MVP is important for successful business development?
Startups offer a product or service to meet specific needs of the target audience. The higher the significance of the problem for the consumer, the more valuable the proposed solution. The implementation of MVP allows you to establish at the initial stages of business development how the product meets the expectations and needs of the client. Accordingly, the company's management and investors receive the data necessary to make a decision about the future of the startup.
According to statistics, about 70% of startups fail. Some of the failures are due to the release of useless or untimely products. Recall, for example, the legendary story of the appearance of sugar sticker bags. Their inventor wanted to make life easier for users. He assumed that cafe patrons would be able to break the bags in the middle and empty the contents without spilling a single crumb. However, cafe customers continued to tear off the corner of the bag out of habit. Brilliant, at first glance, the idea turned out to be completely useless in practice. And although stickers later gained popularity due to their ease of transportation, they did not bring profit to their inventor.
