That especially can be a deciding factor for startups and nascent companies that have little budget to eliminate significant inconsistencies. But when ensuring a product to be profitable at the initial stages, things may light up for them. That’s why MVP & Proof of Concept design can be available assets to have.
Essentially, MVP or a minimal viable product implies a test version of a product, enhanced with minimal functionality. It works as an acid test, allowing business owners to determine the attitude of consumers toward it. And with that information in mind, they can leave the product as they’ve intended or change some of the features to fit the needs and the environment. Thus, the MVP development technique provides a clear and viable direction to move further. Moreover, feedback from customers makes it clear whether the product needs improvement in terms of its quality and sales characteristics.
While MVP helps in testing product viability, Proof of Concept design is more of a confirmation of the articulated concept correctness. In other words, the primary function of a PoC is to demonstrate the functionality, verifying a concept or an idea that can be achieved in development. That is especially vital for investors and stakeholders so they can be sure to invest in viable and profitable ideas.
It’s critical to differentiate between the MVP and Proof of Concept design to choose the best option for your business. The point is that MVP offers a foundation to work upon as it states viable functionalities. PoC, in its turn, is a confirmation of a general idea that your product can be successful in the market and grow.
There is a list of advantages of an MVP and PoC:
- MVP saves time and optimizes costs, and PoC can be a time-saving decision as well.
- While MVP is aimed to attract customers after they test its version, PoC attracts potential investors, reassuring them the product can be successful.
- PoC helps you to choose the right technology, while MVP is focused on enhancing the product itself.
Once the difference between these two concepts is clear to you, you can proceed to the processes. Let’s consider the process of an MVP:
- Create a business model
Everything starts with an idea, and your task here is to build a clear business model to work upon. That won’t let you get off the plane.
- Define target market and target audience
Without knowing your market and the audience, it’s impossible to create a viable solution. Your product needs to be compatible with the market trends and the needs of your target consumers. That is the only way to escape wasting your money and time in vain.
- Generate a plan for technologies, releases, and other specifications
As has been mentioned, planning is essential when wanting to get a viable product. Thus, it’s critical to plan out the technology you will use and specify other additional techniques so you know what to do next. That can also help you choose the best option for your product.
- Reiterate the testing
Although this step can be time- and effort-consuming, it ensures your solution is right and viable. It’s better to know for sure than rely on hypothetical facilitation concepts and data, and that is what this step implies.
All in all, MVP is critical for successful product launches. And if you neglect it at the initial stage, you can face many problems in the future:
- inconsistency between the intended value of your product with the real one (how the audience perceives it), which results in low demand
- staggering costs for improving a product
- time and effort spent in vain because of lack of a clear direction to move
- poor development because of lack of testing at the initial stage
So, if you want to escape that, you will need MVP. First, you can’t create an ideal product from scratch without testing a version of it in a real environment. Also, without a clear understanding of what can be valuable for the potential customers and investors in your product, which is given by MVP, you will focus on small modifications and spot changes, spending much of the budget in vain. It’s reasonable to launch MVP to get feedback and get to know your product’s pain points, eliminating them from the very beginning.