A Minimum Viable Product (or MVP) is an early released version of a product. This MVP version has to be focused on satisfying only the basic needs of the customers.
The MVP approach is mainly about learning and improving. How does a Minimum Viable Product approach actually work and why is it important?
MVP – how does it work?
Implementing MVP enables the company to test the product under real conditions, on the real market, and not only through internal testing. This practice is an opportunity for developers to learn about their customers’ expectations and helps to correctly evaluate the product. Evaluation makes it easier to decide whether the product is promising and should be further improved or the whole concept should just be abandoned completely.
Forms of MVP
A Minimum Viable Product may take various forms. For example, a Minimum Viable Product can enter the market as an actual product (but in a minimized version) or as a demo version of the software. In addition, MVP can even become a demo video or a landing page, as far as it serves the main goal of the MVP. The MVP approach enforces developers to focus on the core value of the product and enables them to learn and adapt. Gathering customers’ feedback brings tremendous benefits.
Why is MVP so important?
Many would say that using MVP is more than important – it is considered crucial most of the time. Of course, it depends on the kind of product and on the overall goal of the company. Nevertheless, testing the product in real life creates an opportunity, not only to observe how customers react to certain features, but also to see how a product would survive in an environment with an active competition. Some software companies such as Polidea, offer a MVP development service.
MVP helps prevent the most common mistake
One of the most common issues when it comes to designing a product is adding too many unnecessary features that are costly in the manufacturing process and that, unfortunately, customers will not use. MVP approach helps to see a product from a different, more objective perspective. It happens a lot that developers think a certain feature is going to be a big hit and it turns out that it is not – because of various reasons. Releasing an early version of a product that covers only the basics helps prevent that from happening.
Measurable benefits of MVP
Every product launch implies spending money – first, the product has to be designed, then manufactured, advertised, and shipped. All of those stages involve money. Companies are rarely able to predict whether the product will be a success. Implementing the MVP approach eliminates a lot of costs from the whole process of launching a product and guarantees that potential losses are going to be less severe and potential gains – more apparent. If the minimum viable product proves to be a success, there would be more resources to implement improvements into the next version and the company would be even more able to satisfy the customers’ needs.