What is MVP and Why it is Important?
Did you know that, on average according to 99 Firms, each month sees over 5,40,000 new startups and businesses coming to life? This number amounts to 6.5 million per year. Yet only 50% and 30% cross the mark of 5 years and ten years successful run respectively.
While there can be many reasons for a business to fail, such as no marketing or poor marketing, losing focus, burn out the cash, outpaced by competition, among others. One such reason is your product is not user-centric and adds almost zero value to your customer’s lives. Moreover, back in the days, business owners didn’t have ways to collect user feedback from molding their products & making them more user-friendly.
However, this was changed back in 2011 by Eric Ries’s The Lean Startup. The book introduced and brought about some revolutionary concepts & methods for startups to succeed in their game. And among such revolution, there was one called MVP (Minimum Viable Product). The basic idea of MVP is to release a functioning product before the full-fledged release to get feedback from users.
Based on these reviews, you can bend & mold your final product that best-suit your audience & helps avoid chances for its failure. Since its inception, MVP development has become a standard practice that even big-tech giants to small IT companies incorporate in their development process. And if you plan to start your firm, understanding what MVP means and why it’s essential becomes a necessity. So, without any further ado, let’s get on that.
What is MVP?
MVP (Minimum Viable Product) means developing a basic version of the software product your company wants to release. The product may consist of essential features and core functions your end-users may need. It is then released on the market to test & see how it performs and find if it has any potential to succeed. MVPs do not include anything beyond the vital functionality for initial testing.
The MVP development has gained a significant place that facilitates engineers in the software’s development process. Moreover, you can record the feedbacks from your end-users which can help a lot to mold the final product to make it worthwhile for them. The exciting thing about MVP development is that you can use it to develop both apps or websites and determine their potential success in the market.
Importance of MVP
The real benefit of constructing a minimum viable product is to address & try to solve the users’ concerns. MVP can help save a lot of time & a considerable workload. Moreover, it also helps improve the final product release.
Your development team can use the MVP concepts safely while the product is in the development process. This is important for your team because the whole process can take days or months to complete. It is also essential for you to determine what minimum requirements your user base needs and release that only. After that, you can move forward & make your product better based on the data you collect in the initial launch.
Another significant advantage of MVP development is that you can legalize the idea of your product or services. This will help you to decide whether to continue with the idea or modify it to your suitability. However, to make sure your MVPs are effective, you must listen to what your users say about your initial product.
MVP is like a blessing for businesses/startups that have an idea, and their initial offering revolves around it, which will solve the current problem users face. But many established organizations release their full version of a product or software instead of MVP. However, the chances of it being a success are tall considering the organization’s initial vision and the market they make their product available for. But this can be very critical for startups if the selection of market is not done carefully or the product is not compelling enough.
Here’re few things to consider before you release the MVP:
Helps Validate the Idea in Real World
Testing in the real world is quite different than testing your products internally. Real-world involves numerous various factors such as market size, economy, growth, trending techs, etc., and their analysis. And best way to do so is to release the product and then see how it performs in the given market.
The main aim of releasing the MVP in the real world is also to build a process where it is tested and enhanced based on the responses from the real world.
Helps to Determine the Features in Minimum Viable Product
The main thing a startup must focus on here is what are the needs of your consumers. And going for a compound product with some redundant features can create issues with reaching your audience and makes the product lose its interior value.
However, MVP development makes sure that your consumers only get what they need making a group of developers focus on the interior value. They can understand what their users want and what they don’t and mold the product accordingly. The key takeaway is to focus on determining the features that will contribute to your product’s success.
Help reduce time, cost, and resource
The MVP development process can save a lot of time, cost, effort, and resources wasted on developing features that no one would use. By focusing on creating the minimized version of the product, your team can speed MVP development. Moreover, if the initial product becomes hit, then you can use the return on investment to develop a more steady and better version of your product. And for any reason, the product does not get that much attention from the masses and fails considerably; you must have to decide whether to enhance the product or execute it without any further loss.
Speeds Up the Learning Process
The primary lesson while releasing your MVP into the market is learning the real user experiences which can’t be achieved through in-house testing and research. Thus, releasing the minimum viable product into the market helps your development team learn & understand better from the real users’ feedback and create an improved version of the upcoming products. All this helps to speed up the learning curve for your team and speed up the development cycle.