What is MVP? It is almost a fully fledged product, ready to go to market. It’s a shot at understanding whether your product will be of value to customers in the marketplace. All it needs is feedback from your target audience and further validation of the MVP. A minimum viable product is visible to a startup because it provides feedback from users in the early stages and can become a green light to move on to creating a fully functional product. To understand what mvp development is and how it proceeds, it is important to realize the purpose of it.
A minimally profitable product is probably the core concept of the lean startup approach. The beauty of an MVP is that it demonstrates the core aspects of the proposed solution for testing with users, allowing you to observe their actual behavior and reactions. The goal of building an MVP is to get a minimal version of the product to market. This is how you will find out if it has any value and if it is worth releasing. And if it does, you can start making money straight away. Finally, eliminate waste – save money and time that would otherwise be spent on fruitless ideas.
The benefits of using this kind of hands-on exploration include a deeper understanding of the product concept and a higher quality end result. You can grow your business through proven testing of new products, thus avoiding failure, in terms of a bad investment. In addition to the design benefits, the team has something tangible to show. One MVP leads to the next, giving direction and momentum to the project. It can be extremely motivating for the entrepreneur. The outcome of testing additionally often signifies future development – the results serve as a signpost to the next stage of the project, and MVP testers can quickly create a growing community of users and establish a feedback loop for future iterations of the product.
The first trap that is easy to fall into is the lack of cost-effectiveness. As you know, the key element of an MVP is business viability, i.e. an authentic solution that people are happy to use. Within the project team itself, there is a risk that the focus is on the ‘M’ aspect, if the MVP is too – minimal – this can have a negative impact on quality. If it doesn’t give a real indication of where the end product might be going, feedback will not enable an accurate assessment of whether users will adopt the product.