We often hear that despite being the best in the category, a startup failed. One of the prime reasons why companies fail to achieve their potential is that they fail to understand what their customers want. Everyone focuses on the larger picture, leaving the small steps behind. This is where developing a Minimum Viable Product (MVP) comes into the picture.
To understand it in a nutshell, MVP is a cupcake version of a grand cake. Through MVP product development, businesses can give the same taste to their customers with minimal investments. This process helps them in 1) understand the needs of the target audience clearly and 2) understand what are the shortcomings of a product at an early stage.
Developing an MVP leaves very little room for assumptions and this can be a masterstroke for the businesses. Moreover, it allows the businesses to test their ideas and decide if the product has a sizable future or not.
Therefore in this blog, we will understand what are the top 11 MVP examples that have changed the face of the business realm. In addition, we will also see the difference between minimum viable product vs minimum valuable product.
MVP vs MVP: Minimum Viable Product Vs Minimum Valuable Product
When someone hears the acronym MVP, the thing that comes to their mind is the epic rivalries between Larry Bird vs Magic Johnson, Lionel Messi vs Cristiano Ronaldo, etc. But in software development, MVP relates to 1) Minimum Viable Product 2) Minimum Valuable Product.
Minimum viable product is the art of avoiding all the clutter that the customers don’t need. Through the MVP iterations, it is easier to develop a lean product in the quickest way possible and with minimum effort.
On the other hand, there is another MVP that is making its mark in the market. Most Valuable Product (MVP) is a process of product development that is more fluid. Here, the businesses operate at maximum efficiency to keep themselves ahead of their competitors. To make sure that the most valuable product is doing good, organizations have to implement continuous improvement principles.
Therefore, it is necessary for firms to understand between minimum viable product vs minimum valuable product to make the most of both practices.
What is MVP used for?
The concept of MVP can help businesses on multiple levels. For starters, minimum viable product examples allow companies to see whether the target customers are interested in their product or not. In addition, it helps in generating early feedback so that the companies can do required changes at the early stages.
MVPs can also assist in enhancing the overall revenue whether it is a product or a service.
Different types of Minimum Viable Products (MVP)
To understand what MVPs can do, it is also important to know their different types. In total, there are six different ways to use this concept. We will see them one by one.
There is a myriad of ways of using product design as an MVP. Each of these ways is useful for either mobile apps, software, or any other tech tools. The usage begins from drawing a simple sketch. After that, it can be used to design a wireframe. This will enhance the overall user experience and app navigation. Moreover, with product design, businesses will build a mockup that will help them to demonstrate how their product will exactly work.
When people are willing to pay for a subscription service that sends them selected personalized products, it is known as concierge MVP. Businesses can begin selecting the products for the individuals manually. Moreover, if the MVP product development proves to be successful, business houses can build that helps in analyzing the user response.
This type of MVP is built from the tools that already exist. The entrepreneurs will bring such kind of tools and components together with a view to show how the product will work.
The demo videos will show and explain how the product will actually work. Business organizations can use the video to make their target audience understand the solution they are providing. Through the videos, it becomes easier to analyze the likes and dislikes of the market.
It is one of the most common minimum viable product examples. This process uses agile development to build the software with just the core components. As agile development is a flexible project, it involves product development through continuous improvement. One of the best examples of the agile development process is the scrum framework.
The landing page MVP helps businesses in multiple ways. Through this, the business houses can gauge the interest of their target audience. Also, through their personal data like email addresses, the company will have the required information and it will be easier for them to generate the leads from it.
Top 11 superlative Minimum Viable Product (MVP) examples
After understanding the basics of minimum viable products, it is time to look at the examples that have made their mark in the market. There might be many examples in this list that you may know as big companies today, but remember, all these were MVPs one day.
In its nascent stage, the AdWords Express seemed like an automating advertisement copy. It is a simplified version of AdWords and right from its beginning, it had a strong back-end comprising a group of students. These students were instrumental in quickly writing the copies.
When the MVP product example became successful, AdWords Express was developed and is now a fully automated process.
After the release of iTunes by Apple in 2001, Odeo knew that their entire business model was under threat. While the other podcast business organizations wasted their money in building a market share, Odeo focussed on running hackathons.
These hackathons were used to generate new and innovative ideas. And one such new idea was the SMS service ‘Twttr’. In the beginning, this messaging service was used internally by Odeo employees. But the service was not free as many Odeo employees had to pay a significant amount for it. Odeo realized that and this gave birth to “Twitter’. This project began as an MVP and now over the years has grown into a phenomenon we all love.
The founders of Uber Travis Kalanick and Garret Camp were in a quest of building an affordable alternative to the high-priced cabs. But they also knew that if they went on to scale their idea too quickly, it would die a premature death.
Here MVP product development helped them as they launched the UberCab app that worked on iPhone or through SMS. During the MVP trial, this service was only available in San Francisco. Also, this process helped the founders to understand that their cab app actually had a market that they could explore. From that point onwards, Uber scaled swiftly and became one of the most profitable companies of Silicon Valley.
Did you know, Groupon began as a piecemeal MVP as it was promoting services to local businesses in the initial stage. The main aim of Groupon was to simplify the coupons and discount vouchers and render the best deal to the customers.Groupon didn’t beat around the bush and launched a simple website to make it easier for customers to understand. In addition, this WordPress website was so good that it amassed a huge email list from the customers. It will be safe enough to say that the website of Groupon was one of the best MVP product examples.
Jeff Bezos, an investment banker saw the initial rise of the internet and thought of selling books online. But, unlike the fellow ecommerce stores that were going all-out with their platform, Bezos played it smart. He decided to operate frugally to test his idea and understand whether his targeted audience was ready for it.
Although the original Amazon website had a rudimentary design, its idea of selling books online was a winning one. In the early stage, this minimum viable product had a buzzer that would ring after every order. But as the sales became frequent, the company had to disconnect the buzzer. The MVP example became a super hit and now has become one of the leading business organizations.
Dropbox is another successful example of demonstrative video MVP. Its founders Drew Houston and Arash Ferdowsi came up with an idea of a cloud-based file synchronization service. But they realized that it is immensely expensive and time-consuming to build the entire thing at once.
The MVP product development of Dropbox was a simple video that explained how the process would work. The service got a brilliant response as there were over 70000 signups from people. Therefore, the MVP video helped the founders to have a reality check and that too at a very affordable rate.
Joe Gebbia and Brian Chesky, the founders of Airbnb, were finding it difficult to afford a rent. So, in October 2007, they came up with an idea: an air mattress in their living room and rendering bed and breakfast services.
The primary aim was to make extra money but soon the founders realized that this idea could be a goldmine. They quickly put up a website, but struggled to find customers in the initial phase. Then they developed a minimum viable product and just targeted the audience of Craigslist. Then, gradually, it became clear that the customers were willing to stay in someone else’s room to save money on accommodation. And since then, there has been no looking back for the business organization.
Almost 19 years back in 2003, two Harvard students named Eduardo Saverin and Mark Zuckerburg had a simple concept: they wanted to build a platform where people can connect and share experiences with their friends and family. ‘The Facebook’ was launched in 2004 and it was exclusive for just the Harvard students in the initial stages.
Therefore, this MVP example assisted both the founders to scale their website gradually and grow at a great pace. After analyzing the need at the college level, Facebook moved out of the college campus to other cities in the US and then to the world. It has now become a dominant social network of the world.
The music industry was facing a huge roadblock due to piracy issues in file sharing in 2006. Martin Lorentzon and Daniel Ek realized that to counter the piracy problem there is a need to develop free music live streaming services. This service could use advertisements and other in-app purchases for generating revenue.
Here you might ask the question that many such live music services were launched during this time, then why did Spotify make it big. The answer to this lies in strategic MVP product development. Instead of wasting cash in creating flashy apps and websites, the founders of Spotify created a desktop app with one core feature: music streaming. This MVP was later adopted by the users as they paid some monthly fees to experience music streaming services ad-free.
Moreover, Spotify’s initial MVP product was run as a closed beta to test its functionality. And now, we know it as a leading live music streaming platform with a myriad of other services as well.
If you are looking for the answer to what is a minimum viable product, the MVP of AngelList can be a good fit. This job and investment platform in the beginning just had basic features. The users could have just the contacts of their team and the first connections that took place via email. This model helped the founders to understand that their product really had the market. Thus, they were able to grow the product at a rapid rate and made it a larger and more comprehensive platform.
The decade-long journey of Buffer has been fantastic. In 2010, Joel Gasgcoine had an idea. He wanted to amalgamate the scheduling feature of Twitter clients and apps into a single feature. Thus, to analyze his vision, he created a landing page to make the product accessible and interesting. The MVP was so brilliant that the application scaled and had 100000 users in no time.
The initial MVP product development of Buffer had features that allowed access to only Twitter. After that, it gradually expanded and became the giant that it is today.
Along with the above-mentioned, there are many minimum viable product examples that have made it big in the market. Thus, for business organizations to succeed and scale ahead, it is necessary for them to indulge in MVP product development. At Third Rock Techkno, we boost a superlative team of developers and designers that are experienced enough to develop a path-breaking MVP for your product. So, if you have any product ideas, contact us and we will render the best minimum viable product development services.