Minimum Viable Product (MVP)
The first version of a product is often referred to as a Minimum Viable Product, or in other words, a product that has just the core features that make the product work.
In other words, it’s the smallest thing you can build that maximizes on customer value while exerting the least amount of effort. Keep it simple.
It’s easy to become entangled in the array of features and functionality you could incorporate into your new website. Building a website with all the bells and whistles ready to launch within a tight time-frame can be very difficult. It can also ultimately lead to issues on launch, a poor user experience, and disconnects on what the goal of the product really is.
By building an MVP website you will get results and relevant feedback at a fraction of the budget used for building the full-featured website in one shot.
A Minimum Viable Product isn’t about making a bad first product. It’s about focusing on what’s most important and building that.
Return on Investment (ROI)
You’ve got an idea for a new online business, you’ve set aside some money and you are eager to get started. But how can you maximize your chances of succeeding with your new venture? How can you avoid the mistake of squandering your money and getting nothing in return?
There are many things you’d need to take into account before you’ll have a successful business backed up by your website.
- What website features your market needs
- What website features you think your market needs
- How much you can afford to spend on building your website
You’ll also need the answers to the following questions:
- How do you know whether a feature is crucial and needs to be included on your website?
- Is it just a nice-to-have feature?
- Will this new feature move you towards a better website? Will it just be a “distraction” in your website development, thus a waste of money?
The idea is to launch with the simplest concepts implemented, rather than focusing on fancy additional features from the get-go. This allows for a faster launch with lower initial risk and lower costs.