What is a minimum viable product (MVP)? Why should you care? Let us break it down for you. Every product starts with an idea. Then, a planning or specification phase typically follows the idea brainstorm—details are hammered out, and costs are considered. Next, the plan moves into the implementation phase, where results are to be delivered on time, and within budget. Finally, the result is revealed! Will the consumers like the product? Will they have what they need? Will they find it useful? Unfortunately, all of these questions cannot be answered until the product goes to market. Read technology entrepreneur Amar Saurabh’s article about launching your product on a shoestring budget with a quick turn around, here.
This is where a minimum viable product comes into play. An MVP allows you to gather reliable data about the customers’ reaction, by starting with just that – the bare minimum. One of the biggest advantages of an MVP is that it allows you to test and validate your product, service or idea quickly, to decide whether it’s still worth pursing – and if so, whether and how to modify it as needed. For MVPs to actually be effective, it is imperative to listen to the market feedback that is received.
A minimum viable product essentially offers a more flexible way of working, and helps alleviate overbuilding, which could lead to potential delays. It may not be right in all circumstances—but for a digital product, where the cost of change is usually on the lower end, it may be worth considering. MVPs offer some distinct advantages:
Reduce rework, by lowering the cost of development.
Create meaningful relationships with your customers right away.
Bring critical business functions and core value propositions to the forefront.
Increase customer satisfaction and word of mouth recommendations.
Reduce rework, by lowering the cost of development.
Start with the basics, and avoid a long planning and specification stage. This provides a competitive advantage when it comes to grabbing market share.
Create meaningful relationships with your customers right away.
MVPs help you build only what people will use, and make investments worthwhile. Make sure there is a demand.
Bring critical business functions and core value propositions to the forefront.
This leads to a more desirable product, because it gives people exactly what they want. They will provide honest feedback and openly discuss their needs—and you can avoid building and paying for features that clutter their experience.
Increase customer satisfaction and word of mouth recommendations.
This is the golden ticket, right? Your customer is what it all comes down to, and if they’re not satisfied, the chances of your product moving forward in their market are slim-to-none.
There are many types of planning processes that lead to a great product, service or idea—we think adopting a MVP would make yours worthwhile. Need help getting started? Click below to learn more about our MVP Starter Package, and jump-start your bright idea(s) today!
