In this fast changing and high business competition era, it is very tough to start and grow the start-up to a profit making business entity, a Minimum Viable Product (MVP) approach enables start-ups to provide a safe and risk-free option to try out an idea.
Minimum Viable Product (MVP) development technique is limited in terms of cost & time while it has all the mandatory features required to launch & test an idea with the end users. It means start up can test every assumption in fastest way and can come to know if there is real market for his idea/product. Creating MVP is all about failing fast or wining fast.
The importance of MVP
There is no proven way to identify where that the product will be a success or a failure, until you launch it. Minimum Viable Product simplifies this complex subject with bare minimum risk. You can launch Minimum Viable Product (MVP) and can assume whether the whole idea/product is worth or not.
A Minimum Viable Product (MVP) is set of the mostly used features and functionalities. Once you launch your idea/product with set of the most required features, you can get the honest and real time feedback. Feedback can eventually help you to know what exactly customer desires.
Minimum Viable Product (MVP) approach helps to focus and deliver basic set of features which solves the end user's pain. Hence it helps to get Return on investment at the early stage.
Typically, In Minimum Viable Product (MVP) your focus is on limited features and functionalities. You don’t waste much time in Analysis, Development, and Design & Testing blindly. It reduces overall time spent on extra functionalities thus saves lot of time & cost.
Minimum Viable Product (MVP) helps to reduce time to market as it proposes to develop and launch only basic limited features and functionalities that has real time usability.
Minimum Viable Product (MVP) compels you to focus on value proposition and forces you to remove the unwanted or less important features, so you end up developing only important features that really matters to end user.
Minimum Viable Product (MVP) reduces the risk such as,
a. With less investment idea can be proven
b. You don’t need to wait longer for revenue generation
c. Customer acceptance is validated quickly
d. Chances of failure are reduced as product roadmap is defined on the bases of market inputs
How to define MVP?
This is the most important part of the MVP. It defines 90% of your success or failure. According to studies, only 7% of the features are always used by users. As an entrepreneur, you have to be very cautious while deciding these potential features.
a. Analyse competitors websites (if exist)
b. Sketch your product ideas over a paper or web tool and demonstrate to your potential customers to get valuable inputs
c. Have a value adding brainstorming session with potential customers
d. Do market surveys using appropriate questionnaire
Journey from MVP to fully mature product requires many additional features to be developed. That’s why technology choice and architecture plays very important role. At each stage product should be scalable & maintainable.
MVP requires meeting various changes during its development cycle. You need to follow an agile process that gives an ability to adapt the changes quickly. It also brings a greater level of involvement & transparency among development team & client.
Traditional way of working emphasis on manual testing which consume huge amount of time as well reduce quality. Due to the short development time, most of the team skips to test well and which can lead to buggy software. It’s highly recommend to incorporate automation testing since beginning to produce high quality product.