What is Minimum Viable Product?
A Minimum Viable Product(MVP) is a development technique in which a new product or website is developed with sufficient features. This helps to satisfy early users. The final set of featured product is only designed and developed after taking the feedback from initial users.
In simpler way, the Minimum Viable Product (MVP) allows you to test the product in the real market conditions. Due to MVP, real customers can figure out the performance just by developing a partial product. It consist of the necessary features and options that allow the company to release in the market. This allows the company to realize different advantages such as evaluating the product, minimizing the cost, and also testing the product’s performance. The minimum viable product can also presented in the form of demo video, landing page, or primary presentation.
Characteristics of MVP-
- MVP has enough value that people are want to use it or buy it initially.
- It proves enough future benefit to attract early users.
- It provides a feedback loop to help future development.
The heart of this development technique is that the early users can see the approach or guarantee of the final product. It gives the opinion that helps the developers for next development process of product.
Why build an MVP?
The main goal of developing an MVP is, to develop a working product that provides immediate value, quickly, with reducing the cost. An MVP will allow you to develop a product from the end-user’s perspective. Also to analyze the market in which you are going to present your product to test your expectations about the product. This helps to reduce the working hours of engineers and also reducing the cost required to develop it. This will help in more complex product development that is too big in functionality with high funding.
An MVP will develop a useful platform for future steps of product development and analyze the consecutive strides to take in the project. It helps to continue the development as decided in the beginning rather than changing development path completely. In some cases, an MVP can likewise be used to show the business potential and to win the faith in product’s purchase. Regardless of whether you are looking for a support from internal or external lenders, an MVP certainly build up your position. It proves the quality of your product and secure costing of development in the future.
Steps to plan a Minimum Viable Product-
1. Understand a business and market needs-
This initial step decides the needs of your product in the market and for what reason would clients use it? That need can be organizational need or a customer need. The result of this question helps you to decide the level of product development by keeping a user’s point of view in mind. It includes the analysis of what your competitors are doing and what you should do to make your product stand out in the market.
2. Map out the user’s journey-
It is important to develop your product with keep in mind your customer’s needs. By mapping out the user journey, you can analyse your customer’s experience with the first step of product development. This helps you to review your product from the user point of view, from beginning to the end use of the product. This gives understanding into how you can develop a product in a manner that is helpful for customers. In addition, describing the customer’s need flow and addressing the actions on customers need helps to achieve an end goal. This also proves that you won’t miss anything while keeping customer satisfaction in mind.
3. Create a pain and gain map-
After completing the customer needs flow, you have to create a pain and gain map for each development step. This step will help you to recognize the problems that customers are facing and the benefit of result that customers will achieve after solving that problem. Internal research or testing can not achieve these results.. This strategy gives you a chance to evaluate where you have the best potential to include esteem. This helps you to determine where you have the greatest potential to develop. Then you’re ready to focus on your MVP, while adding the less significant ones to your product guide for future clemency. So it is useful for step by step development of product with the level of needs.
Therefore, delivering a minimum viable product in the market helps the team to evaluate more about the products. This step uses the consumer feedback to improve the next detailed version of the product.
4. Decide which features to build-
In this stage you can differentiate which features have to include in MVP, and a which features are less important. Product’s road map at last stage has these features included. The question, what does my user want? vs. what does my user need?, consequently it will help to identify and prioritize features. Probably implementing too many customer-requested features can affect the customer experience. It might divert the overall goal of the product. The features you are going to include should be connected to your product’s goal.
So, developing MVP helps to develop a product with user’s point of view and their feedback taking account in market performance of the product. Also, it results in sorting the task by priority. Hence reducing the time and cost of development.
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