What is MVP or Minimum Viable Product
Updated: May 13, 2020
Gathering insights from your MVP is better than making a fully-functional product. Your MVP is the product to be launched with the core feature which fulfills the basic promises/functionality. It is referred as “Minimal feature set”.
Minimum viable product has enough features that it can be launched. The idea is to launch it as soon as possible to put it in front of real users so that the product validation can begin. Use of analytics, a/b testing, surveys and user interviews provide insights into how users are using the app, and that can be used to develop the product further with correct assumptions.
Why Minimum Viable Product (MVP)?
Here are the few benefits of making MVP rather than a fully functional product at once.
MVP help you in decision making for future.
It minimizes the development cost of your product.
An MVP with minimal functionality is less time-consuming than a functional product.
MVP gives you a time to cope up with the downsides in your process at the earlier stage of development.
You can test the hypothesis with the outcome of testing and fast delivery.
The Goal of MVP
Your MVP will let you know what strategy you will need to adopt in future. This means what makes your product to hit the “product market fit”
Iterate the entire process until the market fit is obtained and your product will give you a foundation for your success by making enough popularity in terms of analytics and sales.
Step 1 – Choosing the MVP features
First, define your target audience and the problem you are intended to solve, then make up a process of doing a must have functionalities in it.
Feature Prioritization – MoSCoW Analysis
MoSCoW method is the prioritization technique in fields like business, marketing or software development process. It has typically 4 categories/have based on functionality of making the product, i.e.,
Must have: Minimal suitable subset of the functionality, that is really crucial. That is actually included in our MVP.
Should have: Not critical but important features in your product.
Could have: Desirable features in your product.
Won’t have: The features that can be neglected or skipped. It means to be “not in the next release” or “not ever”.
MoSCoW analysis gives you a way to define what features are included in your MVP in first ‘have’.
Choosing Features’ Critical Mistake
MVP is also the most misunderstood term in the tech industry, and many startup founders make mistakes in deciding what should be included as part of the MVP. Sometimes they launch with two many features in the app, and sometimes they mistake a totally crappy looking product for MVP. Here is the link for Startup Mistake #1 – Choosing the Right MVP feature.
Step 2 – Launching your MVP
You must do the three critical things before launching your MVP in this video. MVP must be functional according to the Lean Startup; your MVP is the most promising starting point.
Your MVP must fulfill all the basic functionality along with design, which at least satisfy the customer/client requirements, make it bug free and you will improve its look and feel as time passes.
Step 3 – Build-Measure-Learn Loop in MVP
This loop emphasizes on speed as an chief ingredient. A startup ideality is defined by how quickly your team transforms the idea into a product that have satisfying/must have features in it.
This loop starts with your MVP idea, then build a product from it, measure its effectiveness and learn from the response you get as your customer’s feedback. This iterative approach makes up your product and reaches the product market fit.
Your MVP is the first step to deciding whether you continue with the initial assumptions or your initial idea. The learning from an MVP will help you make efficient use of your resources.
To learn more about what MVP is, check out these links