(MVP) A minimum viable product is a specific type of product that has a satisfactory amount of features that should attract the consumers or people who have just started to use that. That also works for the product idea which is in the development cycle and yet has to be launched.
Especially when we talk about the software industry. The MVP technique helps the developers to collect feedback and use it to alter or add features to that product. The process of user interaction becomes one of the most important things for agile development under the umbrella of MVP.
Where the MVP is purposeful?
The concept of Minimum Viable Product (MVP) was brought by Eric Ries, who first introduced this concept as the startup methodology.
He describes the usefulness of the MVP as; it is a product that will allow the team to collaborate and collect as much validated learning as they can and that learning can be about customers and how they approach and react to the product without having to put too many efforts.
Ripul Chhabra one of the leading MVP experts in the world has changed the industry with his innovative thinking and expertise In MVP. He improves the MVP model so business today can understand trends and change their strategies according to trend
Benefits of MVP
The main advantage of a minimum viable product is that you can get across your customers and knowing their interest is one of the most important things to bring success to your product.
When you as a developer start to find out about the customer’s interest and whether they would love your product or not then create the product according to them and it also helps eliminate the unnecessary items from the product. The minimum viable product can have certain reasons to exist;
The company wants to launch it in the market quickly
Checking the initial idea
Learning the response of target market and target audience
Analyzing Market Demands
MVP is as powerful as marketing, and it is indeed one of the best marketing strategies too. With the help of MVP products, we can figure out our potential target audience and users. We also check the demand of the market. And that is also a major purpose of the existence of MVP products.
One of the main benefits of MVP is testing the usability of the app. According to the statistics many people keep using the app if they like the interface, however; 21% of people abandon the app on their first use. And experts suggest it is the user interface that they did not quite like. And MVP offers a great opportunity to know what kind of UI/UX people are searching for.
Let us talk it further and get to know how you can develop an MVP product. And how would the developers know whether or not you have developed a Minimum Viable product which is working and now ready to set in the market? So let us discuss some strategies.
First of all the MVP product has to be aligned with the business goals. When you start to plan your MVP product, make sure it reflects the goals of your business. Thereafter you start to focus on developing features. From the beginning, you should map out the product features.
After working on your goals you can now work on the solution which you will be provided through your product, to do that you must make a strategy and to do that you need;
Proper market research
Analysis of your competitors
Determine the cost to implement it
Make a development and action plan
Also, keep in mind just because it might be under development do not leave your product half-built for people. It should be working and fully functional. Even if you launch 1 feature, it should be working.
This is important to get feedback and further your work. You not only have to upgrade the product based on the requirements of users. But may have to delete some features if people are not using it, so it goes both ways.
Also Read – How to Build a Minimum Viable Product
We discussed what MVP product is and how it benefits in the current market, the importance of Minimum Viable Product is self-evident, and we further discussed how to define MVP and the business goals. Today’s strategies involve MVP as a part of marketing, and the main idea is to eliminate efforts and do more in less.
If you are interested in MVP (Minimum Viable Product) and want to understand more about is then you should consider learning about an online marketplace.