MVP or the Minimum Viable Product is a common term in the domain of business and startups these days. I am sure you must have heard of it.
So what is MVP? Well, MVP is a lean approach towards product development, where you can launch a product with the core features in the market, and with the feedback of the early adopters, you can keep iterating the product while it is in the market.
See the cool factor already?
It is basically validating your idea, saving you time and money and also creating a pool of early adopters who give you feedback as per requirement for better improvement and demand in the market.
That is as simple as I could put it.
MVP for Startups
MVP as a concept was first introduced by the American entrepreneur and author, Eric Ries. He pointed out the need for validation of ideas before going for the final product launch. And what could be better than MVP for that purpose?
It’s a very smart move for every startup business because initially, no one has money to lose in the market. And why would anyone want that anyway? So with the MVP approach, entrepreneurs saw through the golden benefits of iteration and validation from the target market itself. That too without draining resources!
That’s it.
There was no coming back from here.
MVP for business
MVP is most relevant when we talk about the tech sector. You must be wondering why! See, for any new tech platform or software that you come up with, there are three factors that you need to look out for. They are,
● User interest
● User feedback
● User data
Right? Well, MVP allows you access to all these three factors. How about that?
Benefits of MVP
Let’s talk about the benefits of MVP to give you a better outlook. Check out the list given below!
● Delivers a product instilled with the core features to the early adopters.
● This in turn generates valuable user feedback.
● With this feedback, you know where to focus and what to lose.
● This whole loop is clearing saving your time and money.
● Last but not the least, don’t you see that your product or idea is already validated even before the “final” launch.
For example, you can launch a website with just the landing page for feedback from the early adopters. With the response, you can keep adding and subtracting features.
This is exactly how Amazon, Airbnb, Facebook. Twitter started out. Gotten your dose of motivation, haven’t you?
Overview
Wrapping it up, start out with the MVP phase as soon as possible in the product development phase. You should not wait to add up features before launching your MVP. Don’t wait for mental validation. Just instill the main idea in your product and launch it.
Remember, you can ALWAYS keep adding, so why wait? You have an idea, then go for it. As simple as that.
If you don’t start with the MVP phase early enough, then you are just wasting your time and somebody else might come up with the idea and seek the information or user data that you wanted.
