What Is Minimum Viable Product
A Minimum Viable Product (MVP) is a development method in which a new product is brought to the market with basic functionality, but enough to pique the interest of consumers. Only after receiving adequate input from the product’s early consumers is the completed product offered to the market.
Purpose of MVP
MVP is the most basic version of the product which the company wants to launch in the market. It could be a car, website, TV, or laptop. By introducing the basic version to the consumers, companies want to gauge the response from prospective consumers or buyers. This technique helps them in making the final product much better.
Benefits of Minimum Viable Product
MVP help you research your competition, audience, market, trends, possible investors, and your own company ecosystem. It helps us prioritise features and ensures the MVP we build evolves in the appropriate direction.
Work On Your Value Proposition
Imagine the possibilities of a disruptive new product like the original iPhone. Your value proposition sets you apart. It forces you to reduce the “noise” of limitless features and focus on what matters most to your business.
Assume each project takes six months to complete. We could launch more initiatives if we reduced the duration to seven days. This covers even the most bizarre notions. Innovating entrepreneurs with lots of ideas will adore the Minimum Viable Product technique.
How well-known brands created successful MVPs
In order to test their idea for an internet market for short-term, peer-to-peer rental lodging, Airbnb’s founders used their own residence. They built a simple website with photographs and information about their home and quickly found paying guests.
Foursquare began as a one-feature MVP with simple check-ins and gamification awards. The Foursquare development team began adding suggestions, city guides, and other services after gaining user validation.
Process of MVP
Following are the steps on basis of which you can define your process of MVP:
First and foremost, be certain that your intended MVP is consistent with your business objectives.
Starting with your user persona, identify specific problems that you want to solve or enhancements that you want to make possible for them.
Convert the functionality of your MVP into a plan of development action.
Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution.