What is A Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is the basic ready–to–launch version of the product that is known to support minimal yet essential features of the product. The MVPs are built to facilitate faster time to market and attract early adopters to achieve product market fit. Thus, Minimum Viable Product can be briefly explained as the combination of “minimum essentials”. As a result, this new version of the product allows the team to collect the maximum information about the customers with the most minor efforts. To achieve the true potential of MVP it shall be developed in such a way that it becomes usable, reliable, and considerate/ empathetic of the user’s needs.
How To Build A Minimum Viable Product (MVP)?
The Minimum Viable Product (MVP) is the potential product built keeping in mind the all necessary aspects. However, many entrepreneurs and startups focus only on the “M” aspect i.e. making the product with the minimum essentials but fail to focus on the “V” which is an important aspect. Ensuring that the product built is highly viable is an important step. As a result, steps need to be followed to build an ideal MVP for your business.
Step 1: Start with Market Research
Before embarking on the development process of MVP. It is important to understand the target users’ needs. Any business that ignores market research is directly putting its success rate at risk. Thus, it is important to understand the market that the product is expected to target and create the value proposition that they are seeking in the category of the product.