In startups and new product development, developers often face the challenge of testing different versions of their product to see which one has the highest probability of success. This is where Minimum Viable Product comes in as it’s a process that helps you test your product with the least amount of risk.
At first glance, MVP may seem like one more confusing acronym that you don’t need to remember. But exploring its nuances will help you understand how it is a great method for testing the viability of your new product ideas before investing too much time and money into them. In this blog post we will tell you what is MVP, why you should use it and what are its main advantages.
What is MVP?
MVP stands for Minimum Viable Product. It is a product that has just enough functionality to allow you to conduct a meaningful test, like validating a business hypothesis or testing a concept. The key idea behind MVP is to start small and then learn how to scale up from there. This way you minimize the risk that comes with launching a product that may or may not work.
The MVP process involves building a product with just enough features to test a core hypothesis. For example, if you’re building an online store, the core hypothesis could be “will people buy our product?”. So, your MVP would be an online store with just enough products to initiate a purchase. It might not offer all the features you want it to have, but it would be enough to test if the hypothesis is correct.
Why use MVP?
The biggest advantage of using MVP is that you can test your product’s viability without investing too much time and money. The ideal product release is one that has a high probability of success. This means that your product should solve a core problem and appeal to a significant portion of the target audience. You need to find out if your product is viable as early as possible. If you wait until it is too late, you may end up wasting a lot of time and resources.
Building an MVP allows you to make quick progress while keeping risk low. To do this, you make a product with just enough features to test the core hypotheses. You then collect feedback from your target audience to see if they find your product useful.
Advantages of using MVP
- It takes less time to build a product with minimum features. This means that you can reduce development time, which is always a good thing. With less features, you will also spend less money. This is beneficial because you can use this saved money to develop other features in the future.
- It gives you a chance to test your product. As we’ve already said, the whole idea behind MVP is to test whether your product has the potential to succeed. This way you can avoid wasting time and resources on a product that nobody will end up using.
- It allows you to get customer feedback. An important part of the MVP process is collecting feedback from your target customers. You can do this by asking them a few questions. This way you will know what they think about your product, what they would like to see in the future and how you can improve your product.
- It allows you to identify product-market fit. One of the main reasons why startups fail is because they find out after the fact that their product doesn’t solve a real problem. With the MVP process, you can identify product-market fit and make sure that your product solves a real problem.
Limitations of the MVP process
- It is a continuous process – The MVP process is not a one-time thing. Instead, it is a continuous process that you should be constantly following to make sure that your product is always improving.
- It requires a long- term commitment – One of the biggest disadvantages of the MVP process is that it requires a long-term commitment. This is because you need to wait until after you’ve released your product to get feedback from customers.
- It is based on assumptions – Another downside of the MVP process is that it is based on assumptions. When you make a product with minimum functionality, you are making assumptions about what customers will want in the future. When you are making these assumptions, the risk of making a mistake is high.
- It is more applicable to digital products – It is more applicable to digital products because it is easier to change the functionality of these products.
- It requires extra effort – It requires extra effort from your side because you will have to listen to customer feedback and make changes to your product.
MVP is a process that allows you to test your product before you release it to a wider audience. It is a great way to minimize the risk associated with releasing your product because it has just enough functionality to test your core hypotheses.
When building an MVP, it is important to keep in mind that the process is a continuous one. You need to make continuous improvements to your product and keep testing it with various audiences until you get the desired results. The MVP process is based on a few assumptions, so there is always a risk of making mistakes.
Nevertheless, the MVP process is a great way to make sure that your product is viable before you fully commit to it.