MVP or EVP: What is the Right Option for Your Startup?
This post hasn't been updated for 4 years
Startups and the zeal to solve problems with technology
The Indian start-up ecosystem is one of the most talked about phenomena in the tech business industry for the past half a decade. The likes of Flipkart and Dunzo have motivated millions of entrepreneurs to explore new possibilities of business by solving real-world problems that enhance the quality of life for a common man. While there are numerous ways to solve any problem, technology helps you solve them with utmost efficiency and sustainable long-term approach. It is one of the dominant forces which lead to the onset of app development companies rising to fame and essentiality. On average, an incredible 30,000 new mobile apps are submitted for review and hosting at the Apple App Store every month. It is a considerable number, and it says a lot about the importance of technology, the industry focuses on mobile applications and broadly convinces us for believing that mobile app development companies are vigorously active and they mean nothing but business.
What is the standard approach?
Irrespective of how well a start-up scales itself or tries to limit the focus of resource allocation, the ultimate objective of every start-up is to be as profitable as possible. The general approach which they take for being more profitable is to solve real-world problems with sustainable technology solutions via mobile apps within an optimum budget. So, the monetary aspect or the budget of any start-up leads us to a critical choice which every product-based start-up has to make. Whether a startup should go with MVP or EVP?
MVP or Minimum Viable Product is a strategy of building products where the start-up launches a product just with all original features and functionalities that can help them stabilize and show up early in the market. It requires minimal resources and development of core services before a product enters into the market.
EVP or an Exceptional Viable Product is a finished product out of the finest and most advanced prototype which a product could witness. It requires a comparatively more massive amount of resources and also delays the launch or increase time-to-market for any product. The final product is fully cooked with all possible functionalities which are required to implement the whole elaborated idea.
What is the most important thing to note?
Startup incubated products in the form of mobile apps are subjected to the choice of strategy between MVP and EVP. It is essential not just to think but think it through; right till the end, launch and further evolution of the product.
When you look at it with a farsighted approach, it is easy to understand that both of these approaches of product development will require a similar amount of money when counted lump sum. It is just two different strategies of product development that make the start-ups shell out their budgeted resources with different approaches and at different points of time during the product development life-cycle.
Every start-up is advised to ensure that they have foolproof management of monetary resources before they pursue either of them. However, it is true that MVP will require lesser money in the initial phase, but the overall expenses until the project gets completely incubated will be more or less similar.
Here are the most critical points which every start-up consider before opting for MVP or EVP
Brand Visibility & Reputations
Business and politics are all about perception and reputation. Every business generally has a long-term approach to building a loyal base of customers who are willing to try and upgrade everything that their favorite brand offers. That is the kind of cult every company wishes to possess in this competitive scenario. To maintain the same, all the companies have customers who have a set impression of their favorite brand and also expects a certain level of quality and consistent innovation. For instance, Apple lost a considerable number of very loyal customers as they mellowed down on change since iPhone X and further. You might think that Apple is too big a company to be compared with startups, but the analogy remains valid.brand visibilityIf you think your start-up already has such a base of loyal customers and huge followership, you should typically go for a proper Exceptional Viable Product. It will help you manage everything and roll out a product which matches or exceed the expectations of your loyal customers.
There are startups which are yet to get into the competition of building a base of such loyal customers, and the objective is to impress and convince the most probable customers merely. For them, Minimum Viable Product is also a good option as it will help you showcase the most robust functionalities and features in a quality driven mobile app. Fortunately, it happens in the early stages of a start-up product. Read More....
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