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Minimum Viable Product: Reasons, Benefits, and Solutions

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The goal of any startup or business in terms of product development is to offer the user a tool to solve their problem. Therefore, even before launching the project, it is important to understand whether the audience needs this new product. How to do it? Using the Minimum Viable Product concept, which is part of the “lean startup” strategy. When you need to follow this strategy, make use of MVP development services by Otakoyi and make sure your business prospers. 

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The concept of MVP can be applied to the creation of a product in any industry, but it is most often used by startups related to the development of digital services and software. It is a simple essence that it implies: you develop a product (goods or services), and the main goal of it is to follow and study the behavior of people (target audience) who use this product (site, app, automated service, etc.) for the first time.

Why Would You Need to Create an MVP?

We can say that such a product in practice tests working hypotheses, allows you to implement an idea, etc. Many developers spend years trying to implement their products. Many startups close because there is no market demand. And to make sure that your product has a chance to become in demand, you need to create an MVP beforehand. 

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The vision of building an MVP (minimum viable product) is that you are essentially creating a future authentic product, which you will provide your customers with. Next, you just need to observe the reaction of people and refine and fix it if needed. In addition, you will be able to define and understand your audience. It is necessary to determine whether people need your product and how they will use it. Let’s say to test the future project. Such an approach will not only test your hypothesis and prove the concept of your product but also cut down on your costs significantly.

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MVP Advantages

The foremost and crucial advantage of MVP (minimum viable product) is saving efforts, resources, and time, of course. However, there are some other benefits you get:

  • your business spares some money, as you do not eventually have to invest in a worthless business project;
  • you are able to estimate the industry and find out whether there is a chance to work on this demand;
  • you discover the level of interest the users have in your product;
  • you can pick the best way of development with the help of iterations;
  • Last but not least, you are able to collect the whole database of real potential customers, as well as early adopters of the new product.

MVP approach enables the possibility to release a new project smoothly and quickly to get its first fruits. When you produce an MVP, you are able to check your new solution or hypothesis with minimal risks, as well as forge opinions for future business development. Thus, the MVP becomes a test product that helps avoid risks. All competent and experienced risk managers will advise you to pot for MVP. 

How to Start an MVP Creation Process?

The business and the software partner jointly define the task of the product (for example, ensuring the growth of sales through the mobile channel). The more specific the goal of the MVP, the easier it is to determine the methods and terms of its implementation.

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The performer creates a RoadMap – a road map with tasks, stages, and deadlines, which can be tracked in common management systems. Tasks are divided into sprints lasting from two to four weeks. This helps the business to control the process and solve emerging problems (if it happens) faster.

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An integral part of the MVP is the drafting of a development strategy. The business and the development team discuss the MVP tasks at the next stage and define a checklist of functions and features that are to be developed and inbuild for your app to be able to serve these objectives.

The key difference between MVP and other products is time-to-market. If it takes about a year to develop a large-scale IT system, it is possible to create a product with a minimum set of key functions much faster. Terms are individual. On average, they start from three months.

Stages of an MVP Development

An 8-step scheme can be used to launch an MVP:

1-4 — development of a business idea;

5-6 — product design;

7-8 — development and testing.

1. The task formulation

2. Defining the target audience and highlighting its core needs

3. Studying the competitive environment

4. Carrying out a SWOT analysis

5. Forming a road map

6. Highlighting the main functions and estimating the size and complexity of the MVP

7. Selecting an iterative method and developing an MVP

8. Testing the product

The information obtained due to the MVP (statistics, history of customer behavior, their feedback) illustrates the level of perspective of the new project. Analysis of this data is the foundation for generating new ideas and developing productive product development strategies based on actual data, not just a theory. In other words, MVP testing is a useful thing, and spending resources on it is wholly justified.

What should be Considered?

The development of an MVP is so important that you just can not miss out on anything. First of all, it has to be usable. Sounds obvious, but remember that in order to test the product, it literally has to work.

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Secondly, your MVP should solve the problem you have defined. Basically, it is the main reason you have opted for this approach, so make sure it actually serves its purpose. Finally, your product should reflect your vision and be flexible. The abbreviation with the word “minimum” does not mean it has to be a minimal version of what you expect to create. Any MVP should be of high quality and with an opportunity to adjust and change it.

Conclusion

An MVP is a working product with your vision and aimed at your target audience. With its help, the business offers its users ideas for solving certain problems, studies demand, and receives needed feedback. If a business considers the wishes of its audience when developing, the product has a better chance of being liked. It also helps to identify key features, find an optimal and effective technical solution for a business task, and ultimately reduce risks when launching a new product.


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