A minimum viable product (MVP) is a concept from Lean Startup that stresses the impact of learning in new product development. Eric Ries defined an MVP as that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort. This validated learning comes in the form of whether your customers will purchase your product.
It is merely the preliminary version of the product ready for testing. MVP focuses on the core of the functionality or the precise problem that the application is designed to solve.
The primary benefit of an MVP is you can gain an understanding of your customers’ interest in your product without fully developing the product. The sooner you can find out whether your product will appeal to customers, the less effort and expense you spend on a product that will not succeed in the market.
An application at the MVP phase is usually created without functionalities considered to be additional or optional. For example, if the project is supposed to provide an application for the courier services, the MVP may not include elements such as tracking the shipment on a map or logging in using a Facebook account since these specific features do not directly address the application’s core requirements.
The MVP concept is a good solution in many ways. The most important advantages include the possibility of:
– Focus On Core Functionalities
– Clarity of Vision
– Development of Early Relationship With Customers
– A Better Understanding of Customer’s Needs
– Clear User Interface
– Quicker Release
– Flexibility And Constant Updates
– Development With Minimal Risks
When is it worth creating MVP?
An MVP is the perfect solution for complex, costly, and long-term projects. Its purpose is to validate market demand for a given product before large investments of time and money. Acceptance and implementation of the MVP concept afford timely feedback from early users, responsive changes to said feedback, re-testing, and continual improvement. Therefore, as in the case of a start-up, it is worth considering the implementation of the MVP at the outset, to establish reliable demand for the project.
The MVP development process can be divided into distinctly defined stages:
- The precise definition of the idea
- Defining the purpose of the application as a value offered to customers.
- Checking the competition and current trends.
- Identification of the most important product requirements.
- Finding and verifying the pilot group of early users.
- Product creation and launch.
- Testing, getting feedback and making changes
That is all about building a minimum viable product. We hope that this detailed guide will help you launch a successful and high-quality application.
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