Minimum Viable Product (MVP) Development
Minimum viable product (MVP) is very appropriate when creating and launching a new product to the market. It is applicable to any industry and to organizations of different sizes - from startups to big enterprises.
MVP in a Nutshell
In its essence the MVP is a version of a product that is developed with sufficient features to attract early-adopters by meeting their expectations and specific needs. The observation of your initial customers' behaviour as they utilize your product or service, is much more reliable than evaluating marketing theories with questionnaires or forecasts. The primary benefit of this approach is the opportunity to test the market demand for your product and to gain understanding about your users' interest in it without fully developing the product. You will also get to know which functionalities are appreciated the most so you can keep them in future releases, and which ones you can improve or totally exclude from your product. The complete set of features is designed and implemented after considering the valuable feedback you gather from your adopters.
What Benefits Do You Get By Starting Out With an MVP?
It gives you the opportunity to outrun your competitors developing only the core features of your product thus significantly reducing time to market. Even popular applications which we all know and use today started small and evolved naturally over the years.
Product Clarity & Focus
It prevents you from adding plenty of unnecessary functionalities before your product even hits the market. This way you aim for simplicity and easy adoption by your customers. Also, you get to keep your focus on the key features and on more important challenges that you're trying to tackle.
It makes you responsive to the fast-paced market by incrementally providing your users with new and much-anticipated features.
Get Early Feedback
It allows you to get an initial evaluation for how your product is perceived by real users. Moreover, collecting brand new ideas will help you improve the look and feel of your product.
Minimal Risks and Cost Efficiency
Building an MVP means less effort, time and expenses. It enables you to test your business idea without investing a considerable amount of money on a product that might not be successful in the market.
Analyze Market Demand
An MVP enables you to represent your product's uniqueness and value at a very early stage. You will be able to validate your idea in the real market and see if it solves a specific market need or if such need does not exist.
Considering Using Off-The-Shelf Software?
Make sure that you know about the drawbacks of such solutions and check what a custom-developed application does better.