What is a Minimum Viable Product?
A Minimum Viable Product (MVP) is a product development strategy where a product with only the essential features needed to solve a specific problem for its users is created. It is a prototype version of the final product that is developed with minimum resources and efforts. The MVP allows companies to validate their assumptions about the market, test the product, and get feedback from customers with minimum cost and time investment.
How are Minimum Viable Products used?
MVPs are used as a product development strategy in software development, mobile app development, and other technology-based fields. MVPs are used to test the product concept, identify the minimum set of features that customers need, and test the market viability of the product before investing in a full-blown product development process. MVPs help companies reduce their development costs and time to market, and help validate their product assumptions.
Benefits of a Minimum Viable Product
The benefits of an MVP include:
- Reduced Development Costs: MVPs are developed with only the essential features, which helps reduce development costs.
- Time to Market: MVPs can be developed and launched quickly, which helps companies get their products to market faster.
- Customer Feedback: MVPs allow companies to get feedback from customers early in the development process, which helps validate the product concept and identify the essential features that customers need.
- Risk Reduction: MVPs help reduce the risk of failure by testing the market viability of the product before investing in a full-blown product development process.
What is Included in a Minimum Viable Product?
The minimum set of features that are required to solve the user's problem are included in an MVP. These features may include basic functionalities, user interface, and user experience design. The MVP may not include all the features that the final product will have, but it should include enough features to provide value to the users.
5 Steps to Creating a Minimum Viable Product
Figure Out Who Your Audience is and What Problem You’re Solving for Them
An easy way to figure this out is ask yourself the questions: why do I need this product? Why does it help me?
Conduct a Competitive Analysis
Entrepreneurs are frequently blinded by how unique and revolutionary they believe their idea is and they neglect to research other similar products that already exist. Do yourself a favor and do some quick research. Try to find existing products that would solve the same problem you’re attempting to solve. This will save you a lot of work in the long run.
Create the User Flow
Now it’s time to step into the shoes of your users. How would they find your product? Then, how would they use it to achieve their objective and resolve their original issue? Walk the journey your customers will take.
Brainstorm Necessary Features and Prioritize Them
An easy way to do this is draw out your user flow as a line on top and write a title for each section. For example: discover product, search through product, buy product, etc. Then, list out all the features necessary in order to complete each of those user flow steps.
Listen to Customer Feedback and Iterate
When building an MVP, it is essential to incorporate your users feedback into your building process. The reason you are building this product is to serve your users, so hear them out and tailor new features or updates to their needs. Constantly be listening and iterating.
Frequently Asked Questions About Minimum Viable Products
Is an MVP only used for software products?
No, MVPs can be used for any product development process, not just software products. Any product that has a minimum set of features that can be developed quickly and tested in the market can have an MVP.
Can an MVP be a physical product?
Yes, an MVP can be a physical product. The minimum set of features required to solve the user's problem can be included in a physical product prototype.
Can an MVP be used for enterprise-level products?
Yes, MVPs can be used for enterprise-level products. Large enterprises can use MVPs to test new products, features, or services before investing in a full-blown product development process.
Is an MVP the same as a prototype?
An MVP is a type of prototype. The main difference between an MVP and other types of prototypes is that an MVP includes only the essential features needed to solve a specific problem for its users, while other types of prototypes may include additional features that are not essential for solving the user's problem.
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