Recently, the importance of MVP (Minimum Viable Product) has grown rapidly as the continuous improvement and continuous growth of a software product is an integral part of the business. The current situation has led companies to make several budget cuts in several departments. In this case, MVP is a proven strategy and the best way to bring a new product to market. In addition to start-ups, it is also widely used by established companies.
So, let’s examine why MVP is important.
What is an MVP?
You can define an MVP in a simple form by saying that it is similar to a POC (Proof of Concept) or a smaller version of a product with limited features. MVP is specifically designed and designed to review and test target audience reception and market performance before adding more costly and time consuming elements.
MVP is driving the product vision in the right direction
MVP’s structure is a tactic to avoid developing products that customers don’t want. This basically presents the idea that any organization quickly builds a set of minimum features that is sufficient to set a product and test key assumptions about public interaction with that product. Imagine you start with an idea and nothing about the product is built – the primary goal must be to prove that people will benefit from what you are going to build. (MVP) -viable product would be built to at least prove the functionality of your solution.
It is very concrete. But there are thousands of products actually made, and no one cares about them. The creation can have many great properties, but the building properties do not help the creation in finding the problem. Building a (MVP) viable product can save both time and money, but it is not an excuse to develop a bad product. Making an MVP means thinking about all the opportunities your product could achieve – every feature, every potential page – and doing just the most important things to prove people want it.
In short, “beta of any product – minimum viable product”
MVP helps you get to the real market quickly so you can test your ideas, research data, and evaluate user reactions to the product concept in practice.
The time to market is a minimum
It is quite clear that the public will pay attention to the product that has first entered the market. It doesn’t matter if your product offers a solution to an unsolved problem or whether your product has an innovative solution to an already solved problem, the sooner you bring the product to the user, the better. That’s because several similar ideas are ready to get to the scene at any time. It only takes a few months to develop an MVP to get your product to market faster, which will ultimately increase its chances of success.
The value of money
Cost efficiency is one of MVP’s most significant advantages. Developing original versions of a product with specific and selected features makes it easy and safe in terms of cost. By lowering your investment in the beginning, you can also keep room for movement in the future.
Attach a learning curve to your team
When you release the first version of MVP, you will learn from the experiences of real users. And you can’t achieve such lessons with internal tests or research assignments. Thus, launching your product in its MVP version will allow your team to learn in depth about your product and leverage user feedback to improve and enhance future releases of the product.
The nature of the MVP is better suited to iterative processes than linear ones. It provides a forum for your team to learn and embrace iterative developmental processes such as agile, which can add value to your product during its development.
How the MVPs / prototype helped the Norwegian company Address
A Norwegian FinTech startup Adress came to Akeo to develop its prototype. Akeo is one of its specialized services Akeo Tech-Start helps startups build the transformation of their innovative ideas into reality. As a technical partner, Akeo developed a prototype to demonstrate how the platform connects both buyers and sellers and facilitates transactions.
After receiving the prototype, Adress tested the product. Soon they realized that the problem they were trying to solve might not have been that big. The solution looked like a complementary product that fits into the existing configuration. In addition, implementing the solution takes time.
MVP builds a solid foundation for your product
- Creating and reinforcing early buzz
- Understand and analyze potential customers better
- Embracing user feedback
- Gives more time to design an effective product strategy
- Getting investors’ attention
- Surviving the competition
- Finding loyal users
If you look at the bigger picture, it doesn’t matter what company you’re in; low viable product development seems to be the wisest and safest way to develop and bring a new product to market. With MVP, companies can significantly reduce the challenges and risks that can come from investing in the wrong idea or going out of budget.