MVP? Doesn’t that stand for most valuable player? You’d be right if we were talking basketball but for a business it’s Minimum Viable Product, a stripped-back version of the full thing that lets you test out how consumers and investors might respond to your idea. Instead of the risk and expense of going straight for a full launch, you start with something a little simpler that gives you the chance to see if a small base of customers will engage with your product as you expected them to. This means that as you grow to the size of your initial vision, you can adjust to the response of the market. So, what do you need to get your MVP going?
Well, before you’re ready to launch your MVP you’re going to need a distinct and recognisable brand. That means you need a solid understanding of what your guidelines are: logo, colour palette, typography – they need to be professional and consistent. You’re also going to want a solid prototype design, whether that’s an app or physical packaging it needs to be branded and properly constructed for a satisfying user experience.
But there’s no use having a product without a way to market it. A social media plan will do the trick, over the course of an initial 3 months you can get a good idea of how people respond and what you can do to build a customer base further. For pitching to professionals, however, you’ll want a pitch deck. This will give potential investors or clients an idea of how you expect to grow your product from its current state to how you envision its future.
Be careful, though, because you have to time your launch right. Negative feedback to an MVP might end up damaging your company’s reputation, so you have to ensure the release is truly viable and not just minimum. You’ll also want to watch out for competitors who might imitate your ideas; if they get ahead of your product’s development, they might steal away your business!
Either way though, MVPs a great way to launch your idea and give you plenty of room to grow as a business. With good branding and insightful planning your minimum viable product is on its way to becoming a maximum viable product and there’s no telling what success that’ll bring…
If you want help with branding, product design, a social media plan or an enticing pitch deck don’t hesitate to get in contact with our team. Don’t forget to look through any of our other blogs either, as you’re bound to find even more helpful information!