Introduction
For the sake of brevity, let us start by saying that a Minimum Viable Product (MVP) is the most pivotal thing a company needs to focus on.
The MVPs are highly used by new companies with a very little operating history or the start-ups with zero history of operations, it helps them to validate their hypothesis about the need off the target audiences before launching a fully loaded operationally capable product in the market. It is helpful for identification as well as implementation of a product that delivers real time customer value.
What is the Minimum Viable Product (MVP)?
As mentioned hereinbefore, Minimum value product is related with efficient product management. it is a life saver when it comes to the introduction of a brand-new product in the market. The primary objective of the MVP is to provide a product which have minimum but effective functions which will help to obtain enough validated learning for the product. Such features are capable of meeting the pivotal needs and solving the specific problems of the users effectively.
It plays an important role not for the company but also for the stockholders, potential users, investors, mentors. Adapting this approach before introducing the complete product can, not only reduce costs but also the risks. Such an approach is indeed beneficial for any company for growth. Once the MVP is lunched initial feedbacks are gathered and based on those gathered feedbacks company takes the required steps related to the products. MVP is responsible for finding the right point of equilibrium between the offerings by the product vendor and the need of customers. So, there is no mistake in saying that in this cut throat Darwinian era of business MVP helps a lot for faster product lunch with in a budget.
Benefits of Minimum Viable Product
1. Minimum Risk, Maximum Efficiency
MVP focuses on a single idea without any other functions. It follows the ideology of lean start-up: building the right product with minimal budget and within a stipulated time. Having a focused idea and minimum feature reduces the development cost and risk of failure.
Did you know? All the popular social networking apps, i.e., Facebook, Instagram and Snapchat etc. were developed as MVPs first. Developing an MVP is the step one, on the ladder of developing a large-scale app, as it requires a lot of money, time and effort to develop a large-scale application. Starting small helps the developer reach maximum efficiency on a minimum risk.
2. Allows Constant Updates
Developing an MVP leaves room for constant improvement as it allows feedback gathering. These feedbacks help the product vendor to know the loop hole and develop more efficiently. If you start out small, you can slowly invest more and add better features by way of constant updates.
3. Faster Release
Extending the time of release to add unnecessary functions can lead to wastage of time and increase of expenses. Faster release allows you to test the key features of your product at a minimal cost.
4. Better Customer Relationship
MVP helps a business to know whether it is rightly targeted or not. Developing an app early in time, helps you develop a better Customer Relationship. Early users develop a connection with the app and share priceless feedback. Which is crucial for the full-fledged growth of the product.
5. Better Vision
Developing an MVP allows the developer to pin down the pros and cons of the version. This enables them to chart out a vision, based on which the application will be further developed. Which helps to know the market and the existing competitors.
Conclusion
If you have a new idea for an application, we recommend starting small. It will allow you to save costs, resources and a lot of time. You can put all of these assets to develop the application further as the time progresses. More than 20% of startup failed due to in appropriate approach for product lunch.
