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Know Everything About Minimum Viable Product

How To Start

To start any project, you have to list down the different ways you should go ahead with the project. The first step to MVP would be to define your idea, the purpose of your project, and how it can solve a problem for your audience. After that, you need to define what are the unique features of your product that the audience will be interested in. The third step is identifying the requirements that need to be integrated into your product. The fourth step is to develop and launch your product with the requirements you wanted to showcase. Last step, and this is the most important step for a minimum viable product: feedback. Feedback is the best thing when it comes to a project as it tells you if your product is doing well or not, and also gives you insights on what the audience needs.

Origin

Where does this MVP idea come from? It was introduced by Eric Ries in 2011. It started with a lean startup that focused on the influence of testing and learning on a new product/project. The concept behind MVP is to develop an actual product that can fulfil the customer’s needs.

Benefits

Everything in the world has its pros and cons. Let’s talk about the reason why you should try the Minimum Viable Product technique. Firstly, it’s a low-risk investment. The concept suggests you only create one prototype that has basic features. It saves cost for both content and creative development as you don’t have to develop extra functions to compromise your product. Secondly, it takes much less time to develop than any other product as you’re not trying to create the perfect product and testing it out with your consumer’s needs. Once you know the requirements your consumer is looking for, you can add those features to your product at that point in time.

Disadvantages

For Minimum Viable Product, one of the most common flaws is that it requires development efforts which demand a lot of revisions based on customer feedback. Every customer has a different point of view on your product, and as a business owner, you have to take all their feedback into consideration and make changes to your product so it can fulfil all their needs.

Example

One of the most inspiring stories of an MVP is Amazon. It’s one of the largest companies in the world that has the highest revenue generated. The company started from Jeff Bezos garage and now it has various warehouses around the world. Mr.Bezos had a lot of products he wanted to sell but he narrowed it down to hard disks, computer software, videos, and books. After a few sells he understood there is a large demand for literature since then, he has made it a point to keep literature in high regard to the rest of the products. Isn’t it inspiring? Time to take your company to the next level.

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