If you have a product idea in your mind, now is the ideal time to launch it. Since circumstances change all the time, time could easily be against you if you waste too much time thinking. Successful startups and entrepreneurs know the importance of acting fast. They know when to seize the day and if you have a Technical Co-Founder by your side, it might be time that you took that leap of faith and well all in. Even if you have built nothing and simply have an idea, you should strive towards proving that your product will help solve a problem.
It might sound simple, but the truth is that reality can be the complete opposite. Many products that are built do not solve any problem. They might appear brilliant, possessing plenty of features, but they would prove useless nonetheless. How often did you face a similar situation? Chances are that you have also been in the same place. Your focus should only be on creating a product that is capable of solving a problem. This is where the Minimum Viable Product (MVP) comes into place. It is the first version of your product. The MVP only showcases the primary features of the product. MVP as a concept was first introduced by Eric Ries in his book “The Lean Startup”. Although many talented individuals have incorporated the idea, Eric perfectly described a Minimum Viable Product as being the first version of the new product that aims to provide the team with the maximum learning experience from customers without much effort.
In practice, the main purpose of such a product is to determine its demand and usability in the market. The reaction of customers helps startups and established companies to determine whether they should expand their business by introducing the product into the market or letting go of the idea.
So What Is A MVP?
As mentioned above, MVP stands for Minimum Viable Product. It is not an abbreviation for the Minimum Viable Prototype since prototypes serve a narrow purpose and are not treated as a product. A product might have many similar prototypes. A Minimum Viable Product is actually a real product that people get to use firsthand and have to pay for it. For an MVP to be successful, it needs a clear goal and core features which promote the main idea of the product.
Benefits of MVP
In the past, most businesses had a somewhat distorted idea of what was an MVP. They mostly focused on overbuilding the product’s first release with a goal to differentiate it in the market. However, since this required a lot more time, it took much longer to develop the MVP. Moreover, the focus should have been on understanding the reaction of customers towards the product and how the product could be improved with this understanding. The following are some of the benefits of an MVP.
Provides Focus to the Core Value Proposition
An MVP allows you to clearly define the value proposition. This allows you to take advantage of the opportunity to spend resources efficiently, add much-needed functionality, and define goals.
Helps Reduce the Need for Remakes
When too many features are added to a product, they complicate the user experience. This is why an MVP is ideal as it keeps things simple and ensures that minimum remakes are made.
Builds a Strong Relationship with Customers
Since customers are at the forefront, an MVP provides first users with the opportunity to provide feedback on what additions or changes they would desire. It helps improve the product according to the customer needs and lets customers know that their feedback is crucial for the business which in turn helps the business build a strong relationship with customers.
Defines Critical Weaknesses
Every MVP has drawbacks. However, when you introduce an MVP to the market, you will be better able to find the drawbacks fast in order to improve them. Thus, you can be rest assured knowing that all the functions would be perfected before further production.
Efficiently Allocates Resources
Since itineration is crucial to the product development cycle, MVP allows the business to avoid spending a lot of the resources at once. Instead, the business only invests money gradually by borrowing someone else’s money.
Helps Change the World
When it comes to an MVP, only new ideas are considered. Hence, only those product ideas are pursued which make a difference.
Finally, you get to save a ton of money with a Minimum Viable Product. If the idea is a failure, at least you would not have invested heavily in it.
How You Can Create an MVP?
The first thing you need to do is decide whether you even need an MVP. You should only proceed if you do not have an audience and the product helps diversify the business. The following steps will help you create the MVP.
This is the first stage of the process. You will need to brainstorm ideas to determine which one would be most successful. During the preparation process, you have to define the idea and document it. Think about how the product would work and what it would offer.
To develop an MVP, you need experience. If you want to proceed with the idea, you will need to hire a team of professional developers to help you get started on your idea.
Build the MVP
It is the stage where the MVP is finished. During this step, you would go through the experiences of users and the experiments carried out. Then, you will work on the product to be ready for the market. Only when the MVP is built will the whole future of the product be determined.
If you are interested in creating a Minimum Viable Product, you need to commit several months to it. You should always consider hiring an expert to help you through the process. It will help save time and cost.