What if your product doesn’t appeal to your customers? Well, most companies think over this, but only a few know what they could do about this. In a simple and straightway, I say, Minimum Viable Product (MVP.) Yes, if you want to check what would be the actual response of your target customers regarding your product/solution, MVP is the ideal way. Unlike surveyed responses which are not accurate, MVP provides you with genuine feedback on your product. Let’s know more about the concept of MVP, its benefits, and how the companies nowadays are utilizing it to their advantage.
The Crux of Minimum Viable Product
MVP is a technique that lets the company discover whether or not its basic product model equipped with the core functionalities could meet the users’ requirements. Put simply; it measures the customers’ response to the product value proposition.
The very first version of a working product which is decked enough with technicalities, features, and capabilities to satiate the basic needs of the customers, could be regarded as a Minimum Viable Product. MVP facilitates both the information and feedback gathering by having a test product in the market.
The MVP is a broad concept, and the advantages that it brings to the company are wider. Here’s a glimpse through the benefits provided by Minimum Viable Product…
The Highpoints of MVP
Market Need Analysis:
MVP lets you know if your product is capable enough to fulfill the user’s requirements and market needs. Parallelly, it spread awareness amongst the early adopters to determine if the product is something they would require in a short amount of time.
Bare Minimum Expenses:
MVP concept is all about comprehensively learning about the initial-level product in the shortest time possible and within the cost constraint. When customers receive an early version of the suggested product, the company can also know whether and what they are prepared to compensate for it. Hence, it could be known to have bare minimum expenses.
Minimized Failure Risks:
When you already have a customer base that has signed up to use your product at the time of its initial launch (early product), it is sure that the failure risks are low. One more reason why MVP minimizes risk failure is that it provides organizations reliable feedback regarding the product, and the companies get the privilege to adjust their product to the users’ needs.
Optimized Time & Money Usage:
MVP definitely helps optimize time & money usage in different ways like saving the software professionals from fixing the technicals back and forths, saving the resources for using them in marketing, and further development.
The first step followed by the MVP is gaining the knowledge of the needs of the target audience – what are they actually looking for, their product expectations, and likewise. Organizations could achieve this by doing some research by directly connecting with a sample group of customers. Customers’ Needs Research proves more helpful and effective than the hypotheses derived on an approximate basis, as in the latter we get acumens from the concerned persons themselves.
Step Two: Define MVP Functionalities & Prioritize MVP Features
This stage allows you to decide which features drive value to your target audience and which are merely add-ons. You need to consider the essential features on the initial basis, as with MVP development, it’s all about focusing on the core product features capable of lending a competitive advantage in the market. Rest all the features could be used later for future iterations as we take the actual product to the market.
Step Three: Progress Measurement
Finally, the different tests are run, and the complete concept of the successful MVP development is validated thereon. Hence, deciphering about the product to make it both user-friendly and ready for the market.
Yes, there are companies out there who create for you the complete product immediately. But, if looked from the time and resources point of view, it’s always wise to recommend building MVP before the entire product development. With MVP, the time and resources are surely saved as your product idea could be perceived by users and brought to life at a relatively low cost.
Want to indulge in MVP development and strike a balance between usability and efficiency? Book a free consultation with experts of Teksun Inc. We would be happy to connect with you and discuss your idea.