When Is Building A Minimum Viable Product (MVP) Useless?
The concept of a minimum viable product (MVP) is often touted as essential for startups.
The idea is to develop a product with just enough features to test your core assumptions and get feedback from early adopters.
However, there are some situations where building an MVP may not be the best approach.
Here are a few signs that building an MVP may be a waste of time:
1. You are in a highly competitive industry with established players.
If you are entering a market with a lot of competition, it is important to make a strong first impression.
Launching a product that is missing key features or that is not polished may not be enough to attract users away from your competitors.
The Minimum Admirable Product in Action:
Let’s take the example of a new e-learning platform entering a market dominated by established players like Linkedin Learning, Coursera, Skillshare and Udemy.
Instead of simply offering basic course content, the MDP approach would involve incorporating cutting-edge interactive features, personalized learning paths, and a visually stunning interface.
By doing so, the product becomes not just viable but truly admirable, enticing users to choose it over its competitors.
2. Your product has a complex value proposition.
If your product is solving a complex problem or has a unique value proposition, it may be difficult to communicate this effectively with an MVP.
In these cases, it may be better to invest in developing a more fully-featured product that can better showcase your product’s capabilities.
The Minimum Admirable Product in Action:
Let’s say your product is designed to revolutionize project management by seamlessly integrating artificial intelligence for predictive analytics, resource optimization, and real-time risk assessment.
Communicating the intricacies of this advanced functionality can be a daunting task to present with a traditional MVP, therefore you must build a MDP.
3. You need to build trust with your customers.
In some industries, such as healthcare or finance, trust is essential.
Launching a product that is not fully functional or that has bugs may damage your credibility and make it difficult to gain the trust of your customers.
In these situations, it may be more beneficial to focus on developing a Minimum Desirable Product (MDP) or Minimum Admirable Product (MAP).
What Are The Necessary Features Of A Minimum Desirable Product?
1. It is functional and reliable
A Minimum Desirable Product (MDP) is a product that has all of the features that are essential for users to get value from it.
It may not have all of the bells and whistles, but it is functional and reliable.
2. The Design Reflects Standard & Brand
A Minimum Admirable Product (MAP) is a product that not only meets the basic needs of users but also impresses them with its design, quality, and features.
It is a product that users are proud to use and that reflects well on your brand.
If you are considering building an MDP or MAP, here are a few things to keep in mind:
1. Focus on the core features.
Don’t try to cram too many features into your product. It is better to have a few features that are well-executed than a lot of features that are not fully functional.
2. Bug-Free Product
Make sure the product is polished and bug-free. A product that is full of bugs or that has a poor user experience will not be well-received by users.
3. Invest in design.
A well-designed product will make a good first impression and will make users more likely to stick with it.
4. Test your product with real users.
Get feedback from potential customers early and often to make sure you are on the right track.
By following these tips, you can develop a product that is more likely to be successful in a competitive market.
Ultimately, the best approach is to choose the strategy that is best suited for your specific product and market.