A minimum viable product (MVP) is a development technique in which a new product is developed with sufficient features to satisfy early-adopters. In fact, as these features attract early-adopter customers, they also help to validate a product idea early in the product development cycle. It can be part of a strategy and process directed toward making and selling a product to customers. The purpose of an MVP is to allow a team to collect the maximum amount of validated learning about customers with the least amount of effort. Therefore, by introducing the basic version to the consumers, companies want to gauge the response and feedback from customer’s perspective. Seeing what people actually do with respect to a product is much more reliable than asking people what they would do.
As a result, this technique helps them in making the final product much better. In addition, it facilitates product’s Research and Development (R&D). The sooner you can find out whether your product will appeal to customers, the less effort/expense you’ll spend on a product that will not succeed.
MVP has three distinct features. First one is to ensure it will have enough features for consumers to purchase the product. The second one is to gather some sort of a feedback mechanism wherein users would be able to send their feedback about the product. Finally, to have enough future benefits for consumers who adopt the product first. For example, discounts or promotions.
A few strategic steps to develop an MVP are:
- Make sure your MVP matches with your business/teams’ objectives
- Identifying specific problems you want to solve and ways of improvements
- Create a plan of development and put it into action. Always remember that the product must be viable.
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