MVP options are divided into two types according to their degree of reliability – high and low:
High reliability
Suitable for larger projects with large capital investments. A viable product of this type gives a fairly accurate forecast of performance. The most well-known types of MVP of this concept are:
"The Wizard of Oz" (Flintstone's MVP). This figurative name quite accurately describes the operating principle of this type of MVP. Flintstone, the hero of the cartoon of the same name, and "The Wizard of Oz" used only an imitation of the real state of affairs. In reality, this minimum viable product, although declared fully functional, is all its maintenance is carried out manually. In case of successful testing, it already receives automated options.
The success of this approach facebook database was illustrated by Nick Swinmurn, co-founder of an online shoe store. By posting photos of the product online, taken in various stores, Nick would track responses, purchase a pair, and ship it to the buyer. In the eyes of the customer, the entire process seemed completely automated, although Swinmurn had virtually no upfront costs to start.
Types of MVP
"Concierge MVP". The principle is similar to the previous method, but unlike it, users know that the service they receive is provided by specific people, not an automated system. This approach was used by the founders of the clothing rental service Rent the Runway. Having launched "Concierge MVP", the entrepreneurs were convinced of the demand for rental services and created an online business.
The point of a disparate minimum viable product is to demonstrate the elements of the toolkit separately, although the project looks like a comprehensive solution. Based on the analysis of the target audience's response, this entire option is combined into a single complex, a system.
Single-functional minimum viable product. Redundancy of MVP functions is one of the most common mistakes. In this case, testing and analysis are greatly complicated. It becomes more difficult to understand which of the proposed functions resonated with users. The goal of a product with one parameter should be to demonstrate the main feature, the approval of which by the target audience will guarantee the success and demand for the entire project.
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Another MVP option that is in demand among startups is fundraising. Organizing it will allow you to evaluate the prospects of the idea - if users pay for the future product, then you can safely implement the project. Fundraising is carried out in two main ways:
Crowdfunding. After publishing information about a potential product on the platforms, the developer announces a fundraising campaign for its implementation. In case of a positive reaction to the idea and sufficient funds, the process of creating the product is launched.
Pre-sale. The essence of this strategy is that a product that exists only as an idea is presented, for which (if interested) customers pay part of the cost or the entire amount in order to receive the product immediately after it goes on sale.