12 Types of Minimum Viable Product That Won’t Break the Bank
Creating a new product or service can be an exciting journey, but it often comes with high stakes. The fear of investing time and resources into something that might fail is real. This is where the concept of a minimum viable product shines. Introduced by Eric Ries in The Lean Startup, an MVP is a simplified version of a product with just enough features to meet basic user needs and validate a business idea.
The beauty of an MVP lies in its ability to provide value without excessive investment. It enables businesses to test assumptions, gather real-world feedback, and iterate quickly—all while staying budget-friendly. In this blog, we’ll explore types of minimum viable products and how they can help you achieve your goals without breaking the bank.
What Is a Minimum Viable Product?
At its core, an MVP is a strategic tool that allows businesses to test their product ideas with minimal effort and cost. It includes only the essential features necessary to address a specific problem or meet a specific need for early adopters.
Advantages of an MVP
Tasting the demand: Test the demand of your product before scale.
Cost Efficiency: Reduce unnecessary expenditures on features that customers won't use.
User Insights: Receive Valuable feedback from actual users.
Faster Time to Market: Get a working version of your product in users’ hands quickly.
There are two main types of MVPs: low-fidelity MVPs and high-fidelity MVPs. Each type serves a unique purpose depending on the stage of product development.
Low-Fidelity MVPs vs. High-Fidelity MVPs
Low-Fidelity MVPs
Low-fidelity MVPs are simple and cost-effective solutions designed to test the core concept of a product. These MVPs are quick to develop and ideal for early-stage idea validation.
Use Cases for Low-Fidelity MVPs:
Validate the problem your product solves.
Test if the proposed solution resonates with the target audience.
Define which features are essential for the product’s success.
Examples of Low-Fidelity MVPs:
Landing Page MVP
Create a simple landing page to showcase your product idea and gather user interest with sign-ups or pre-orders.
Email MVP
Use email campaigns to send out product information and measure interest through clicks, replies, or opt-ins.
Paper Prototypes
Sketch out the product interface or workflow on paper to visually communicate your idea and gather feedback.
Explainer Videos
Develop a short, engaging video to explain your product and its value proposition, like Dropbox famously did.
The “Fake Door” Test
Add a button or link on your existing platform that suggests a feature, then track how many users click to indicate interest.
High-Fidelity MVPs
High-fidelity MVPs are more advanced and closely resemble the final product. They often require more time and resources but provide detailed insights into functionality and user experience.
Use Cases for High-Fidelity MVPs:
Identify the price users are willing to pay.
Test product usability with real users.
Refine user experience before a full-scale launch.
Examples of High-Fidelity MVPs:
Digital Prototypes
Interactive prototypes built with tools like Figma or Adobe XD give users a feel of the product’s design and functionality.
Concierge MVPs
Offer a manual version of your service to test its effectiveness. For example, Wealthfront initially created custom investment plans for users before automating the process.
Wizard of Oz MVPs
Present a product that appears fully functional, but processes are handled manually behind the scenes. Airbnb used this method in its early days.
Crowdfunding MVPs
Platforms like Kickstarter enable you to pitch your product idea to potential customers, validating interest and raising funds simultaneously.
Single-Feature MVPs
Focus on delivering just one key feature of your product. Uber started as a simple ride-booking app without additional features like ride-sharing or meal delivery.
12 Types of Minimum Viable Products
Here’s a detailed look at 12 types of minimum viable products, categorized into low-fidelity and high-fidelity examples:
Low-Fidelity MVPs
Landing Page MVP
A landing page describes your product’s value proposition and includes a call to action, such as a sign-up form. This helps gauge interest without building the product.
Email MVP
Test your idea by sending emails describing the product to targeted users and analyzing their engagement.
Explainer Video MVP
Create a short video showcasing your product’s functionality and benefits. This method worked wonders for Dropbox, which gained thousands of beta users through a demo video.
Paper Prototypes
Draw sketches or wireframes to demonstrate the product’s workflow.
The “Fake Door” Test
Add a non-functional feature to your website or app to measure user interest.
Blog or Forum Discussions
Share your idea on blogs or forums to gather feedback and assess demand.
High-Fidelity MVPs
Digital Prototypes
Create clickable prototypes to showcase product design and functionality without backend development.
Concierge MVPs
Deliver your service manually to validate its usefulness, as Zappos did by manually purchasing and shipping shoes to customers.
Wizard of Oz MVPs
Mimic a fully functional product by manually handling processes in the background.
Crowdfunding MVPs
Use platforms like Kickstarter to test demand and secure funding. Oculus VR and Pebble are excellent examples of this approach.
Single-Feature MVPs
Focus on delivering one core feature, as Buffer did with its simple scheduling tool for social media posts.
Piecemeal MVPs
Combine existing tools and platforms to deliver your service. Groupon used WordPress, Apple Mail, and PDFs to manage early deals.
Examples of Successful MVPs
Dropbox
Dropbox validated its idea with a simple explainer video showcasing its cloud storage solution. The video attracted thousands of beta sign-ups before any product was built.
Airbnb
Airbnb started with a basic website listing the founders’ apartment during a local conference. This MVP tested whether people were willing to rent accommodations from strangers.
Slack
Slack began as a simple internal chat tool, iterating over time based on user feedback to become the comprehensive communication platform it is today.
Groupon
Groupon’s early MVP used basic tools like email and PDFs to connect users with local deals, proving the concept before building custom software.
Choosing the Right MVP for Your Product
The suitable MVP varies with the objectives, resources, and the phase of product development. Consider these:
Budget: Low-fidelity MVPs are cheap and best for early-stage validation.
Timeline: Use landing pages or email MVPs to start if time is limited.
Audience: Use high-fidelity MVPs when you need more detailed user feedback or are ready for pre-orders.
Final Verdict
A product doesn't need to cost an arm and a leg to get built. With the right type of minimum viable product, you can validate an idea, gain valuable insights, and iterate without draining your resources. Whether you start with a low-fidelity prototype or a high-fidelity concierge MVP, the key is to stay focused on delivering value and learning from your audience.
Embrace the MVP mindset, and you’ll set yourself up for sustainable growth and success!
