What is MVP?
A Minimum Viable Product, commonly known as MVP, is a development technique in which the new product is released with minimum features that are enough to satisfy the early adopters. Once this product is used and the feedback from the customers is taken, only then the product with its complete features is launched. This concept is made popular by Eric Ries who is a writer and consultant for startups.
Features of Minimum Viable Product (MVP)
It is the most basic form of the product that is to be launched later. So, the three main basic features are as follows:
Once launched in the market, it has enough valuable features so that the users buy it initially. It is quite appealing to the customers in the market.
Gives an idea about future profit
The main objective of this technique is to estimate the future earnings that will be made from selling that product. So, MVP helps in getting an idea about the profits that can be made in the near future by the use of early adopters.
This technique helps in getting a feedback from all those who have purchased the MVP. This feedback, whether good or bad gives an idea about what should be done to this product best-selling in the market in the coming future.
Purposes of Minimum Viable Product (MVP)
Every product is brought into being for some or the other purpose. In the same way, the MVP technique is also brought into practice by many companies for various purposes. Following is the list of purposes of launching an MVP:
Testing a product
As the MVP is the basic form of the product but has most of the features, this technique helps in testing the products with minimum resources, thereby reducing the expenditure.
Fast process of learning
As it MVP is launched, it speeds up the process of learning from the early adopters.
Reduces engineering hours
If directly the final product is launched and it fails to capture the market, then all the engineering hours spent for making it are wasted. Instead, if MVP is launched, you get know the flaws of the product and you can correct them without wasting time.
Early capture of the market
It can be launched early because it has minimum features, it helps one to capture market earlier as compared to competitors, thereby increasing their sales and profits.
Acts as base
It can be used as a base for developing other products in the same field. This will give an idea about what people exactly need and like to pay for.
Increases builder’s abilities
Once the feedback is taken from the users , it becomes easy to build the product according to the needs of the users which increases the product designer’s and builder’s abilities of making a product better.
We at SODIO help first time entrepreneurs in creating their MVP from scratch and take care of the full product development.