Eric Ries, author of “The Lean Startup”, first used the term MVP and described it as: “A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort”.
MVP is a product management concept that works exceptionally well when bringing a new product to market. The main goal of MVP is to deliver the bare functionality that will meet the essential needs of the users and solve a specific problem effectively. Such an approach has numerous benefits including cost efficiency, minimal risks, product clarity, and others featured in the article.
1. Focus on core functionalities
The MVP approach helps to find clarity and focus on the core functionality of your product. It allows testing your business concept with minimum costs and time. The majority of product owners are prone to adding redundant functionality before the product even enters the market. By adding a huge amount of functionality, it’s very easy to lose focus on the specific problem you want to solve.
2. Clarity of vision
At the initial stage of your product’s development, you should specify the core features and customer value of the software and write everything down. After a checklist is created, share it with the team. This primary vision will definitely help to stay on track and make better decisions in the long run.
3. Development of early relationship with customers
Timing plays a significant role in business because it helps to engage new users and stakeholders at the initial stage of the development. Early adopters will spread the word about your product and give priceless feedback. With a Minimal Viable Product, it will also you are searching for and get funding.
4. A better understanding of customer’s needs
Collected data and detailed research of the target audience can not be overestimated. Feedback from early adopters is much more valuable than the best assumptions of business analytics and experienced advisers. The sooner a client is able to test the product, the more effective the development we get. The users will tell which functionality they appreciate the most and which features can be added in the new release.
5. Clear user interface
The MVP approach prevents your initial product from getting cluttered with unwanted features. As a result, the product is easily adopted and not complicated in usage.
6. Quicker release
The decision to develop only core functionality significantly speeds up the release of the product. After the release of your first product’s version, you are able to quickly test key hypotheses and gather users’ feedback on both core and desired features. Procrastination with the release date can lead to the development of useless features and wasting time on expensive bug fixes. Do your best to keep your initial release minimal, and subsequent releases incremental. It will make you much more responsive to the market.
7. Flexibility and constant updates
The next advantage of building an MVP is a possibility to be exceptionally responsive to the needs of the modern fast-paced marketplace. The MVP approach creates space for updates and new features that customers ask for. In addition, your product can benefit from newer technology and tools as they become available. It will help you to keep the product relevant in a competitive market.
8. Development with minimal risks
It is very important to keep in mind that polished large-scale apps take years to craft and require much money and time. All popular software products started small and were adopting costly extensive features over the years. Facebook, Instagram, Snapchat, Spotify, Airbnb, Uber, Zappos, Dropbox, and many others were also developed as MVPs first.
To save your time, costs, and resources when entering the market with a new idea, our team highly recommends considering an MVP.
At Incora, we have developed MVPs for all sorts of projects and offer our clients a consultation for the MVP development. If you are considering building an MVP with us or have any questions on how to develop your product, don’t hesitate to get in touch.