A minimum Viable Product is a development technique. It’s the initial version of the product with all the essential features. MVP is the first implementation of any product with basic features. It is made to check whether the product is fine or not. Also, users can provide feedback for any further improvements. It is an initial phase of the product but with all the necessary features. We can examine the features and then improvise them accordingly. This will help the clients to build the product more cost-effectively. Instead of investing a huge amount in developing the basic structure and again investing for changes, you can use Minimum Viable Product to design the basic structure of the product itself.
For example: Let’s say you are making a mobile application. We will make an MVP application with basic features first before launching the app. This will help us know what functions we need to add and what changes we can make to make it better, etc. This will also save the cost because if we launch the final app and users don’t like it, then the cost of making an app is not worth it, and the cost of making changes will be high. That’s why before launching any product in the market, build its MVP first.
Purpose of Minimum Viable Product
The purpose of making a Minimum Viable Product is to start manufacturing the product with a basic structure. The MVPs help them to understand the problems of the product at an early stage and this will help companies to prevent a huge loss. We need to test the original product many times before launching it in the market. We need to know whether the product will survive in the market or not. Thus, in such scenarios, MVP helps us the most. It helps us to visualize the idea into reality. With MVP, we can find the potential target customers well.
Steps to Build Minimum Viable Product for your StartUp
Step 1 – Build a product that customers want. Define the problem of the customers which you are trying to solve with your product. Target real-life problems.
Step 2 – Find a way that can solve that problem.
Step 3 – Focus on and define your core features. Split them into a list of must-haves, should have, could have, and won’t have.
Step 4- You don’t need to focus on the efficiency of the product. You just need to check its features and test that product.
Step 5- Build your MVP, and measure its productivity and success by launching it among initial customers. Learn from their feedback and make changes.
Advantages of Minimum Viable Product for StartUp
Budget-friendly
MVP can be cost-effective. Many people think that it is not true because you have to use all the features which cost the same. But it is true as it involves only a few features that we can adjust easily without any extra cost. Because the motive of MVP is to give the idea of the product only. That’s why this is pocket-friendly.
Saves time
MVPs can be built in less time than the full-fledged app because you only have to make a basic draft to get the idea of your product. The faster you build MVP and make relevant changes., the faster you can launch the original product. We can work on the product and also update it without any hassle and in less time.
Visualize your idea into reality.
MVP helps us to develop the product into reality. Everybody has some plans in their mind before developing a product. But there will be no conformity whether the idea will be fully successful and error-free or not. That’s why we need to make MVP and resolve if any problems occur in the initial phases.
Get feedback from customers and define your target audience
With the help of MVP, you can get the feedback of the initial customers. You can use this feedback to improve the product and make necessary changes. You can promote the MVP in the market in various ways. If the people show interest in the core or MVP of the product, then they can provide feedback on the product, and you can target those customers easily.
Attract investors
If you make a successful MVP, then it will attract investors. You can show them the product, and they will invest in your company. When the MVP is going through several tests, feedback, and changes., then the investors will believe that you want to make the product more successful. If MVP is well-worked, it will show the idea of your business and thus, this will help you to find an investment easily.
Conclusion
All in all, it is a good idea to use MVP for your company. It has several benefits and advantages. You can save your cost and time. Also, it is necessary to save time in any large company because you have to handle many things. Therefore, start with a basic MVP and then go for the final product.
