13 Types of Minimum Viable Products to Test Your Market Assumptions
A specific type of MVP, or Minimum Viable Product, can be developed and launched depending on the goals of the MVP development. Despite having an overall aim of testing market assumptions, there are various market assumptions as well. Hence, companies must determine which type of MVP would suit the goals and needs.
Different types of MVPs can be narrowed down into three specific testing goals:
- Testing the market need
- Testing the market’s receptiveness to the solution to be offered
- Testing the market’s willingness to pay
Let’s look into the different types of MVPs in accordance with such testing goals.
Testing the market need
1. Customer Survey MVP
Surveys are established tools that are used to gather data from the public. By conducting a survey to the target market, companies may validate whether there is truly a market need. The generated data may help in deciding on the product to develop and the problem to solve. In order to gain an in-depth understanding of the market, the survey may include questions about the 4Ps of marketing:
- Price
- Product
- Promotion
- Purchase behavior.
2. Email MVP
Building a product takes much more time and effort compared to making an email MVP. An email MVP involves the collection of email addresses in order to create a list. It also involves distributing certain email to those specific addresses.
The receptiveness of the offer can be gauged through the response of the recipients. When it comes to emails, opening is different from responding or taking action. If the email is open but no execution is done, this may speak of how they do not find the offer or proposal attractive.
3. Audience-Building MVP
Building an audience before the product is developed or launched may aid in knowing and validating whether there is an interest or demand for the need that the company plans to cater to. This type of MVP focuses on the interaction with prospective clients. The prospect target market can be reached through various channels while presenting the benefits or advantages of having an MVP that is still non-existent.
Testing the market’s receptiveness to the solution to be offered
4. Landing Page MVP
A landing page is a website that is single or multi-paged. When customers are directed to your service or product, a landing page is the home page where they land. Typically, landing pages do not grant complicated features or applications. A landing page only showcases features or information about the MVP.
5. Explainer Video MVP
An explainer video MVP is simply a video about the product’s functionality as well as importance. Typically, its length is only 90 seconds and its form may be animated. If the explainer video has better performance, it would also take less time for companies to connect with prospect customers.
6. Ad Campaign MVP
An ad campaign MVP is a good way to run market validation surveys. Online platforms may be used to do so. In some of these platforms, filters regarding the characteristics of the target audience may also be customized. Through running ads in these platforms, data regarding the appealing aspects of the product may also be discovered. When running an ad campaign MVP, companies can be made use of as well.
7. Single Function MVP
A single function MVP may be favorable because it presents the product’s core functionality in a manner that is convincing and simple. At times, effectiveness may be greater when a single important function is tested. Through that, users may focus on this core functionality instead of getting distracted by other features. By developing a single function MVP, companies may generate rich data about the single specific need that is planned to be addressed as well as the solution to be offered.
8. Single Market MVP
As its name suggests, a single market MVP focuses efforts on testing a single market. Thus, before other market segments get targeted, a single specific market would be focused on first. The solution’s market segment is emphasized with this type of MVP. Instead of focusing on a large-scale market, a narrowed-down market is targeted in order for the testing budget and efforts to be optimized.
9. Wizard of Oz MVP
Making use of a wizard of oz MVP involves having a show for prospective customers. This means that the MVP would be released as if the actual product is available and as if the market would be able to try out the real thing. However, the reality behind the scenes is that the final product is not yet available.
Despite requiring much time and effort, this type of MVP may be effective in evaluating how desirable the product is even before it is actually built.
10. Software MVP
Despite being one of the most complex types of MVPs, a software MVP is one of the most common types. Building a software MVP involves developing software with only its core functionality and components.
Testing the market’s willingness to pay
11. Pre-order MVP
Validation and financing are emphasized with a pre-order MVP. The product can be introduced through a landing page or website even before it is fully developed and launched. The market can, thus, pre-order the product that is not built yet.
A pre-order MVP enables companies to validate one of the most vital concerns: the market’s willingness to pay for the service or product. This type of MVP may do well for products that may need a certain quota of customers for it to be considered sustainable. It may also work for products that require an upfront cost for production.
12. Crowdfunding MVP
Like a pre-order MVP, a crowdfunding MVP enables companies to raise necessary funds for product development. Simultaneously, a crowdfunding MVP would help companies directly validate the market’s demand. An explainer video MVP may be useful in making the crowdfunding process successful.
13. Sign up for trials MVP
Another way to test the market’s willingness to pay and experience the service would be to offer free trials. Once a certain number of trial and paid users have been met, efforts could be focused on getting more trial users and growing paid users. As the number of paid users increase, more funds can be channeled for further product development.
Which type of MVP should you go with?
Each type of MVP meets different goals and generates different kinds of data. Some of these data may be relevant for the company’s specific goals of development while others may not be so. Thus, in evaluating which type of MVP to go with, it is important to know which type of MVP would be relevant in meeting the MVP development goals. Only by knowing the destination would companies be able to choose the right vehicle to get there.
To know more about MVP development, check out the Ultimate MVP Guidelines.
