As every founder knows, building a new product can be quite expensive. It can also be time-consuming and an absolute waste of resources if it doesn’t take off as expected. This is why it is important to validate your product idea early in the development cycle using an MVP.
Takeaways:
- An MVP is a version of a product with just enough features to be usable by early customers.
- VR solutions like interactive visualizations can help simplify your MVP development.
- You can reduce costs, engage more users, and simulate multiple scenarios for your MVP using VR technology.
What is MVP?
A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. It is mostly used by tech startups to showcase new business concepts.
So, rather than invest significant amounts of time and money into creating the perfect product, you would be better off determining what the minimum requirements are to get your product out there in the marketplace and building an MVP based on this information. This ensures that your business idea is something that people will want to use and possibly pay for.
At 4Exprience, we have taken the MVP development process a step further with VR applications that help bring your ideas to life in the most realistic way possible. A focus on releasing the MVP means that developers potentially avoid lengthy and (ultimately) unnecessary work. Instead, they iterate on working versions and respond to feedback, challenging and validating assumptions about a product’s requirements. Valuation of a smaller project is intended for checking the expectations of the client, market, etc.
Getting started with MVP
Your initial MVP will be far from perfect. Users will probably have lots of feedback about what parts they want to change. But this is exactly what you need at this stage of your product development. Getting the MVP out there allows you to test your product while using customer feedback to continue improving it. Having a smaller project upfront also allows you to confirm your target market and user expectations.
The MVP development phase allows you to:
- Provide users with an initial product
- Build momentum for your product idea
- Obtain real-world user feedback and comments
- Streamline future development based on real user feedback
- Create a community of users and build buzz for new updates
For instance, if you plan on creating an app product, you can launch it with a simple version with one or two core features that allow interested users to test it out.
Why should I start from the Minimum Viable Product development?
What seems to be right to a company is not always what customers exactly expect. That is why it is worth relying on experienced programmers. Virtual reality (VR) provides many benefits for startups and product developers looking to effectively create a new product. VR still seems to be a novelty for many branches of industry. Despite widely discussed advantages, it’s still approached with uncertainty.
MVP may be a risk-free solution to make you familiarized with the technology and find out if it’s something that your company actually needs without engaging large financial resources.VR enables you to create product simulations for new clients and potential investors at a significantly lower cost than a full-scale project. Aside from being cost-effective, it is also interactive and immersive which means better interaction (and higher conversions) with your product.
Examples of how VR can be used to build the MVP include:
Interactive visualization
Using VR, we can build out a virtual version of your amazing new product/service so users can interact with them. For example, you can showcase your new toy or game to users via VR headsets or Augmented Reality (AR) technology to give them a first-hand experience.
Interactive features like 3D visualization allow customers to easily view your product’s appearance from every angle. They also allow them to customize certain product features in line with their preferences and see the results in real-time. The best part is that this works both ways. Users can leave their feedback in real-time as they interact with your MVP. We can also update the VR simulation to address user feedback. This is a great way to get valuable insight that helps streamline the final product.
Virtual rooms
These are fully immersive experiences that introduce customers to fully digital environments using specialized gear. Virtual rooms allow users to tour and interact with products, apps, websites, and other digital demonstrations in new and inspiring ways.
VR Minimum Viable Product development benefits
- Cost savings: VR can help you save money, time, and materials needed to get started. The costs involved include designing the VR environment and purchasing the necessary equipment.
- Engage customers with your MVP: The best way to convince potential users is by putting your MVP in front of them. Technologies like 360-degree rotations and interactive visualizations bring customers closer to your products. Sometimes, this experience can be the difference that convinces them to purchase the real thing.
- Multiple MVP uses: Once created, your VR MVP can be used over and over again and even shared with anyone in the world. This means that you spend less money on creating new MVP solutions in the long run.
- Simulate various scenarios: The possibilities are limitless. Simulate new products, apps, services, and digital solutions with the only limit being your imagination.
At 4Experience, we know VR. We have made it our mission to provide our clients with the most efficient and cost-effective VR technologies for their MVP development.
If you want to see unusual VR and AR projects, I invite you to visit the PORTFOLIO.
