Startups are becoming the choice of everyone these days. It is easy to launch your own startup if you have the right partner, idea and enough capital. Every person who launches startups wants to launch a product that becomes immensely successful like Facebook and Amazon.
But launching your own product is not easy especially since every other person has some brilliant idea. There are numerous startups in the market that are working on the same project. Then how do you survive in the market? How do entrepreneurs launch their idea before anyone else? More importantly, how can they be sure that the future conditions of the market will be ideal for their product launch?
When you put in so much effort in your software/app development project, you don’t want that to go waste. And that is why it is crucial to verify that the market conditions will remain more or less the same at the time of launch. For this, there are two methods: MVP and EVP. You can choose either MVP or EVP for your product launch or both.
Here’s why startups fail:
If you want your startup to succeed, you need to use one of the approach- MVP or EVP. In this blog, we will discuss EVP and MVP for startups. Also, we will try to figure out which method is best suited for startups- MVP VS EVP.
But before we delve into all that, let’s understand what EVP and MVP are.
Minimum Viable Product For Startups (MVP) – An Introduction
MVP (Minimal Viable Product) is a popular approach designed by Eric Resin. It is a method in which the startups build an MVP mobile app. It refers to a process of designing and launching a small workable version of the app or product. When you launch a small version of your product to a small group of people, you get valuable feedback and consumer insight. Using these feedbacks, the startup will perform iteration to make your product better before launching the whole product in the market.
Creating MVP for startups ensures that you launch the bone structure of the app to consumers to see their reaction to your idea. It helps them to come to a decision whether the project will work for them or not.
After the startups get feedback from consumers, they can decide what to do with it. They can either upgrade their startups MVP development with more features or launch it again in the market. After that, they can wait again for customer reactions. Or, they take their MVP back to the earlier version and add new functionalities in it. After that, they can test this new MVP in the market.
EVP For Startups- An Introduction
Rand Fishkin coined this term Exceptional Viable Product (EVP). He is the co-founder of Moz, and this approach refers to the procedure of launching the perfect version of a product in the market.
Creating an EVP means that the product will launch in the market only after iterations are made to make the perfect product. In this app development process, a group of small and loyal customer tests the product’s design. For testing, the product startups use the agile development method.
Once the EVP model is tested, startup launches the finest version of the product in the market.
MVP VS EVP
As we know, both the approaches are different from each other. To know which is better for you, you should know the difference between the two.
Here are some for differentiating between EVP and MVP:
1. MVP VS EVP: Entry in the market
MVP approach focuses on an early entry in the making as they have a limited budget. In this, startups design a minimal version of the app with basic features. They launch this in the market so as to know the feedback of their customer and to raise money for the app.
In the EVP approach, the product focuses on making a late but impressive entry in the market. Only the perfect version of the app is launched in the market.
2. MVP VS EVP: Version
MVP is the first and basic version of your app. Its design only uses one or two basic functionalities. There is no possibility of launching a workable app beyond that.
EVP app is almost a complete app as the aim behind it is to provide customers with a high-quality product.
3. MVP VS EVP: Who tests the product?
In MVP for startup approach, the startup launches a small part of the product for the customers. Real audience of the product tests it.
In EVP, the startup doesn’t launch the product in the market. In-house developers and some loyal customers test the product. The startup launches the product is only after they approve it.
4. MVP VS EVP: Testing
In the MVP approach, different ways to test the product are executed, until the startup gets a good product. In the EVP approach, the testing and iterations process is done until the startup receives a perfect version of the product.
MVP VS EVP: Which To Choose For Your Startups?
To choose between MVP or EVP for startups, it is best to know which approach to use when.
When to choose MVP for app development:
1. You want to validate or verify the idea for your app development. Also, if you are looking to make an early entry in the market, build an MVP mobile app.
2. The competition in the market pertaining to your idea is low.
3. Creating MVP for a startup is great when you want to invest less time and cost in your project’s development.
4. The startup has a short-term goal to achieve.
5. You recently launched your startup, and it has low visibility in the market.
When to invest in startup EVP development:
1. You want to make the first impression on the consumers perfect.
2. There is stiff competition in the market and you can’t afford a slow and gradual process.
3. If you are ready to invest more time and money in development, creating an EVP for your startup is a perfect choice.
4. The startup has to achieve long-term goals.
5. The startup has high brand visibility in the market.
Whether MVP or EVP is better for your startups is a decision you will have to make on your own. But it is important to note that both the approached are different. You need to know the pros and cons of both to make the right decision.
• For startups with a limited budget who wants to make a mark in the mobile app development market, MVP is best. While
• EVP is best for startups looking for higher visibility in the market without any budget limitations.
In the above article, we read the difference between MVP VS EVP and their pros and cons. Choosing EVP for startups over MVP for startups and vice versa is up to you. Some experts of this field believe that for a quality product, it is best to use both. It means start with MVP, test and find complexities and fix them. Complete the product and make it ready to deliver. Then, use the concept of EVP to analyze it and fix any issues. After that, launch the version that satisfies you the most.