- What is an MVP?
- What types of MVP tests exist?
- Which one of them is best for my product?
All these questions constantly arise from those who are going to launch a new product on the market. Today we will try to answer each of them.
At first, here is a bit of statistics that will help you to understand why it is essential to choose a wise approach when developing a new product.
For example, did you know that each year not less than half a million businesses are established only in the United States? The timeline below shows that in recent years this number reaches almost 750 thousand.
According to statistics nearly 9 of 10 startups, regardless of their size and amount of money invested in their development, drown. There are different reasons for such failures. Just get a closer look at the most frequent of them:
You might want to ask what to do to save your investments and make your idea turn into a prospering business. In most cases, here and there you will hear the same answer to this question, namely, “First, develop a Minimum Viable Product.”
An MVP is nothing more than a test for your product and its relevance, as well as a way to confirm or deny numerous hypotheses regarding it. The main point here is to correctly form a concept for the test and present it to the users in one of a dozen ways.
Types of MVP tests
To better understand the types of Minimum Viable Product Tests and to choose the one that fits your project best we advise to use the classification suggested by Dan Olsen, that explains each of these tests in simple words.
First, you need to decide whether you need to test your marketing campaign ideas or the product itself.
Marketing MVP tests can be used before you have made even the first batch of work on your project. By creating a landing page with the description of the future product and a subscription form you can check if your prospective customers find your idea and its presentation attractive enough.
Product MVP tests are aimed at validation of your product. No matter if you show the working prototype of your product or describe its functionality with the help of the wireframes, in both cases you get the valuable feedback and can decide on the further development or changes.
The second way to differentiate the MVP tests is to divide them into qualitative and quantitative ones.
Qualitative tests require the direct talk with some customers to find out the detailed information regarding your product or landing page mockup. In this case, your attention is directed not on the statistical significance, but on the details of each user feedback.
Quantitative MVP tests are applied when you need the aggregate results. This test, usually, involves thousands of respondents and customers and gives you the opportunity to analyze the actions your customers take but does not describe the reasons why they do that way.
If you want your tests to perform well, both these tests must be conducted complementing one another, first – qualitative, and then - quantitative.
The categories explained above are interdependent. It means that if you, for example, decide that you need to run marketing MVP tests first, then you also need to determine whether to run the qualitative marketing tests or quantitative marketing ones.
Thus, we’ve identified 4 general categories of MVP tests:
Each of these categories includes a series of tests, which, with a reasonable approach, will give numerous benefits instead of bouncing between the perfect picture of your product and a limited stack of features you can afford to present to your audience.
We hope that this information was helpful for you, and if you still have any questions concerning your product value or seeking somebody who might help in developing the minimum viable product for your idea, we are always here to help you.