As product managers, entrepreneurs and developers know only too well, setting the right priorities for a project is critical to success.
The priority for any new product launch should be to define what you mean by MVP – or minimum viable product. But defining an effective MVP strategy is not always as straightforward as it sounds.
Minimum Viable Product or MVP is a term that has been used for quite some time now, and you might have come across it in blogs and books that you read. You must be wondering what is an MVP? As the name suggests, MVP is the minimum version of your startup idea, which helps you validate your idea and gain a customer base. It is a prototype that will help you understand whether your product/service will work or not.
create a product that has just enough features required to satisfy the early adopters
MVP basically helps in testing the market for a new product or service. The main aim of building an MVP is to determine whether people are interested in the product or service or not. The core concept is to create a product that has just enough features required to satisfy the early adopters and get them to spread the word about your product/service.
What are the advantages of an MVP?
- helps to gather feedback from customers easily
- helps in understanding your audience better
- saves time and efforts on products that don’t perform well
- reduces marketing costs as it focuses on building a targeted audience only
- helps in determining if your target audience is interested in your service or not
- helps you understand what all features need to be added later
