With 4.95 billion users by 2022, internet penetration is now at 62.5 percent. There has never been a better time to start an online business! Plus, there are also numerous marketing, sales, and research tools available to help grow your business.
But there’s a catch.
Up to 90% of new businesses fail. Seventy-five percent of venture-backed startups fail. Only about half of all businesses survive to the fifth year. Only a small number of new businesses achieve long-term success.
Ultimately, using the minimum viable product approach has the fewest features that solve the problem. This means fewer moving parts, support staff, and code lines (developers) to help your business grow.
Learn how our UX design methodology can boost your product’s chances of success through adopting the lean UX MVP development technique in action.
According to Techopedia, the formal definition of an MVP is:
“The development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users.”
The minimum viable product assists in starting the process of learning as quickly as possible, testing on customers, and making changes as needed. Here’s some below:
Quicker Release
Why is a quick launch so critical?
Hundreds of thousands of Android and iOS apps are released each month in a fast-paced marketplace. By releasing your MVP quickly, you establish an early stake in the ground for your solution and its unique selling point. Allowing you to appropriately scale your firm.
Instead of waiting for years to make a product, a lean UX MVP can help you get the most value for your business in a shorter amount of time.
Customer Relationship Development
By targeting early adopters, you can build customer relationships faster. This helps you validate your value proposition quicker because early adopters are more likely to provide feedback.
This feedback can also help you build a better product roadmap. So they can help build a 100% customer-focused solution that meets your target audience’s needs.
Market Demand Analysis
An MVP is designed to conduct initial testing. Companies may mistakenly believe their product will be in high demand because it addresses critical issues and provides a solution. They start with an innovative idea without first analyzing the market need.
An MVP allows companies to test market demand for their product without having to spend a lot of money.
Minimizing costs while also reducing the risk of errors
Product development can take a long time and may need a whole team of people, including developers, technology experts, UI/UX experts, managers, and many more. This adds to the total cost of launching the product.
When it comes to a lean UX MVP, you will only need to build in basic functionality. This way, the product doesn’t get too complicated and needs more complicated coding and solutions, so taking a “minimum” approach is the best way to go.
With this method, a minimum viable product will help save money and cut down on risks that come with making software.
“Less is more!”
Most product managers and entrepreneurs overestimate the value of their initial product release. This is typically due to a fear of underbuilding – they want to ensure that their product is attractive enough for their users, not wanting competitors to surpass them.
However, overbuilding does not ensure that you will have a good product that people want, and it just postpones potential failure whether than recognizing and combating it. Even if it goes against our instincts, starting with an lean UX MVP increases a product’s chances of success.