What is mvp minimum viable product?

What is mvp minimum viable product?

Not every idea we have can turn into a profitable business. Introducing a new product to the market is always associated with a high risk and you have to be aware of it. We do not know whether a given product or service will interest consumers and whether it meets their needs. However, you cannot give up – market verification of a business idea can be carried out with the help of MVP. A Low Cost Product is a basic version of a product that only provides a limited set of features. Creating such a product focuses on key functionalities that solve customer problems or help them achieve their goals. By creating an MVP, we gain the opportunity to launch a product with a minimum amount of functionality in a relatively short time, without significant financial outlays. In return, we receive customer feedback. If end-user reactions are positive, we get a clear signal to continue working on our product, develop it and build a customer base at the same time.

How to build an MVP?

The first step in building an MVP is finding a business idea. Then there are two key questions to ask yourself: the first is how can my product help users, and the second is why someone should buy my product or service. Answers to these questions help to accurately define the main goal of a product launch and define its functions so that they solve real user problems. The next step in building an MVP is competition analysis. Sometimes we think that our business idea is innovative and the market will accept it with great enthusiasm. Unfortunately, the reality is often quite different. Remember that the belief in the uniqueness of the product does not determine success in the market. Relying on hard data and knowing your competition is essential. Then you have to define the flow of users and try to get into the shoes of the client. Concentrate on the key functions that your product is supposed to fulfill. Tailor them to the tasks that users of the product will have to perform in order to use it. This list will help you prioritize and prioritize your product features. Also think about the necessary features of the product or service and those that are “worth having.” After prioritizing all functions, you can proceed to defining their scope for the first version of the product. Then you can start working on a minimum feasible product, which by its standard should not significantly differ from the quality of the final product. You cannot forget about testing either. They are first performed internally by the MVP team, then tests are performed by users in a real environment.