MVP vs Prototype: What Does Your Company Really Need?

21 Dec 2021

Launching a new product in the competitive era of the technology marketplace is nothing less than a challenge. Starting from an idea to an entire product release, an enterprise has to pass through many difficult stages while making quite tough decisions. If you are an entrepreneur wishing to be lucrative, you should invest in advanced technological concepts holding market feasibility. One of such difficult decisions involves the selection of the first version of your custom software solution. Have you ever thought, what does your company really need? Who wins the match with title MVP vs Prototype? All these important questions will be answered very soon in this article. So, keep reading and secure the benefits.

Characteristics of a Market Fit Product

New product development not just requires a great bundle of resources but also an idea solving the end user’s snags and satisfying their digital requirements.  To reach a market fit product, companies must adopt the right idea evaluation process for recognizing its feasibility. The selection of an accurate idea evaluation procedure is undoubtedly a challenge for the company having no previous product launch experience. Therefore, it’s imperative to hire Alsyke, a superlative software development hub providing brilliant hi-tech services, essential to be efficacious.

Which product usually wins? A product satisfying customer as well as business needs while solving the tech industry matters is usually considered as a market fit product. To build an outstanding software product or application, a company first needs to search for an ultimate idea.

For achieving an incredible product concept, one should be perfectly aware of the difference between MVP and Prototype. The two terms would have the same description for most of the people having the least experience and enlightenment, but both are quite different from each other. The variation of scenarios typically decides which one is best for your organization. MVP or Prototype?

MVP vs Prototype

To give your startup a kickoff start, one should choose a remarkable approach to identify the viability of an idea while advancing towards rewarding product development. To select the stupendous one, let’s first talk about the two diverse techniques:

  1. Minimum Viable Product (MVP)
  2. Prototype

What is a Prototype?

Definition: A prototype is basically a sample generated to determine the product appearance and user road map. The interactive artifact displays the major elements of design, going to be a part of great product development.

The goal of Prototype: To validate the product look.

Purpose of Prototype:

  • Businesses employ prototyping to determine the feasibility of product design.
  • Help in the collection of early feedback.
  • Complicated imagination is given an effortless shape to comprehend efficiently.
  • Loopholes of the product conception phase could be recognized.
  • Prototypes could be shown to investors to convince them for the purpose of achieving investment.

Prototype Explanation:

Prototyping is basically more about the exploration of ideas than the development of ideas. Prototypes are of distinct kinds including paper prototypes, sketching, and functional prototypes. Prototypes can undoubtedly be declared as a powerful way of designing ideas, recognizing the product’s serviceability, and improving its functionality to reach the final one.

The prototype is not an operational creation but is crafted as a demonstration of your innovative ideas to convince the investors. This eventually helps all the stakeholders to efficiently recognize the product technicalities and make improvements with the tireless support of developers depending upon the advantageous feedback. This is a cost-effective strategy utilized to validate the product layout while taking the least possible time.

What is a Minimum Viable Product (MVP)?

Definition: Minimum Viable Product (MVP) development is the creation of a fully functional software solution or an application designed for the utilization of initial customers for the purpose of collecting feedback to improve and move towards incredible product development.

The goal of an MVP: To gather user feedback for the development of an outstanding product.

Purpose of an MVP:

  • Collect reviews from the initial customers to iterate the product constantly.
  • Take less time to reach the market.
  • Protect enterprises from great capital losses while recognizing the product feasibility.
  • It takes less time and cost to deliver a valuable response.

Explanation of MVP:

MVP is usually designed with only a few essential features without any interactive interface to save development cost and reduce the risk attached with the product development procedure. It is a product generated with a minimum set of characteristics utilized to satisfy the customer’s digital requirements. It supports you in the collection of useful information regarding market inclinations and customer preferences. The method highlights the areas of product enhancement in quite a small span of time. Also, the biggest advantage is that you can design an MVP app at a reasonable cost.

Utilizing the MVP approach, startups, as well as large enterprises, could enter the competitive marketplace to augment their corporate affluence. MVP is not an inferior creation; rather it’s a product designed with the least characteristics to understand the user expectations and introduce the best product in the market to fulfill the customer’s high technological necessities.

Are MVP and Prototype the Same?

The above-mentioned explanations clearly describe the difference between MVP and Prototype. The two techniques are usually employed according to the project scope and requirements. Sometimes, the organizations also use the combination of both the strategies in order to validate their complex product conception, understand the design and achieve the best development plans through worthy customer feedback. Let’s have a look at the chart for the purpose of getting more clarification on MVP vs Prototype:

Prototype

Minimum Viable Product (MVP)

Aim of Approach
To create a sample for recognizing the feasibility of product design and understanding the end-user workflow. To design a product with minimalistic features to get validation from the initial customers for the collection of user feedback to improve the software solution before the final release.
Development Time
The estimated time to develop a Prototype is “Weeks”. The estimated time to develop an MVP is “Months”.
Target Audience
The prototype is usually designed to convince the stakeholders with the product design to achieve useful feedback and plan an incredible product for the final launch. MVP Development is being performed to offer the software solution to the end-users existing in the market. The initial customers also pay for MVP while providing their favorable reviews, which is essential to iterate constantly.
Features Frequency
The prototype is not an operational product, rather it could be a paper sketch made to attain stakeholders’ consent. MVP is a basic product with few important features designed to fulfill the customer requirements. MVP user interface also remains simple, without any attractive characteristics.
Time, Effort & Development Cost
The prototype is a time as well as a cost-efficient strategy adopted to avoid the wastage of valuable resources. MVP is an elementary solution designed with the minimum utilization of time, effort, and development cost to save the startups from failure.
Scalability
The prototype is not a scalable product; it’s just a sample generated to explore the potential of a design and determine the gaps of the product conception phase. The entire process starts after its approval. MVP is a scalable product, starting with the simple version holding the ability to grow with the changing customer requirements and market tendencies.
Risk Factor
Prototype reduces risk by validating the UX and product workflow. MVP reduces risks, as it makes the customer preferences quite clear and makes it easy for the organizations to decide reasonably regarding the progress of the product under the phase of development.  
Clear Answer
The prototype is basically the first version of your product generated for the purpose of earning feedback from the internal stakeholders upon the feel and appearance of the product design. MVP discovers the right direction of product development aiming to achieve customer satisfaction and fulfill market demand.  

MVP Vs Prototype: Which one Should you Choose?

Both techniques are employed to assess the feasibility of a product before even getting into the development phase. A prototype is basically a sample while an MVP is a fully functional product with minimum basic features. MVP is usually designed for release in the market to attain valuable feedback from the worthy initial customers to iterate the product continuously. While working on a prototype usually begins after its approval from the internal stakeholders. There are also more solutions similar to MVP which may be the best fit for your startup called Point Of Concept (POC). You can also check the comparison between POC and MVP to better understand POC. 

To choose the best one for your organization considering the imperative product requirements, have a glance at the following areas of utilization:

When to go for a Prototype?

  • To determine the product presentation for the purpose of improving the future final product development procedure.
  • To impress the investors with the UI/UX design of the product.
  • To design an incredible product with respect to its design and user flow.
  • To showcase your product design at minimum cost and time.  

When to go for an MVP?

  • When the company wants to connect fast with its customers through digital production.
  • To collect quick customer reviews for the improvement of software solutions.
  • When you want to earn customer satisfaction by fulfilling their technological necessities.
  • When you wish to produce according to customer requirements and market preferences.

When Should we use Prototype and MVP Together?

Prototype and MVP are quite different from each other, but both are built to recognize the product feasibility and eventually introduce the best software solution or application in the market. Prototype validates the product design while MVP is a basic version of a functional product generated to collect customer feedback for the purpose of ultimate product improvement.

Organizations aspiring to identify the feasibility of design as well as the functionality of the product should adapt Prototype and MVP in combination as it’s the only path of getting validation and developing a remarkable product to satisfy the customer requirements and market preferences.

Also Read: Market Validation for New Business Startup

Wrapping Up:

The product development process is all about taking tough decisions to land in the contemporary competitive digital market with an incredible product making the corporations reap immense profits. The best time to test a product’s functionality is during the early stages for improving and scaling the entire procedure. Therefore, it’s significant to hire a leading software house delivering exceptional MVP development services to get your MVP developed while reducing cost as well as time.

Alsyke, a US-based custom software development company, is performing tirelessly to offer the best Services for MVP Development to make startups and large organizations flourish in an economical manner. So, no need to wait, get in touch with Alsyke and start your journey towards progression at the earliest. 

 

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