The Main Reasons Why Startups Close (Data from CB Insights) The release of a minimum viable product answers these questions: is there a demand for the product and is the business model correct. That is, the MVP tool can be useful when launching startups, at the initial stage of project development. The MVP concept can also be us in an existing business: when launching a fundamentally new product or service, opening a new sales channel; when expanding or changing the current product line.
For example, a company work offline
Decid to sell online: go to the web and launch an online store. Before nepal phone number library investing in a full-flg and large-scale new site, you can create its minimum viable version. This will help quickly test the idea, study the audience in the online channel, see how the entire purchase cycle goes and establish all business processes.
Pros and Cons of MVP There
Advantages to creating and launching a simplifi product model, namely: Saving time, money and effort. Direct interaction with a real audience. Prompt feback these tools often include email verificatio from the market about the pros, cons and demand for the product. But the MVP concept also has a number of disadvantages. Here are the main ones: Reputational risks.
If the product is unpopular or of low quality
Users may develop a negative perception of the company as a whole. Sometimes buy lead this is critical for large businesses. It is difficult to define the composition of the MVP. Developers may argue about which function should be consider the most important. Sometimes it is simply impossible to cut the functions that are the basis of the project.
In addition, the MVP method
Always compatible with innovative high-tech solutions . It takes time to collect user feback and figure out what exactly people lik and didn’t like about the product. Sometimes it takes several successive MVPs to collect all the data ne for development. Types of MVP There are several approaches to developing a minimum viable product. Here are the main ones. Monofunctional product Such an MVP has one main function, but it does it well.