A Minimum Viable Product(MVP) mainly focuses on the results of a trial product before the final product is launched in the market. The MVP concept is from the book ‘The Lean Startup’ written by Eric Reis. It is a technique to ensure that the final product finds its place in the market. For that, a new product similar to the main product is launched which contains the basic features to grab the attention of the audience. Once the reviews of the new products come then the decision of the release of the final product will be decided. This technique is used to analyse the actual behavior of the customers with the product.
The primary benefit is that you can gain an understanding of your customers without fully developing the full product. MVP has major benefits which can’t be denied and are tried on by many companies. This will not only save your effort but also the expense you would spend on it. The best practices to develop MVP are as follow –
You need to have a clear idea in your mind about what the product is supposed to do, how it is supposed to do and most importantly who you are targeting as the customer base or audience for the product. By doing this you will get a clear idea about taking the next step forward. This would help you to understand customers’ needs, which will serve as a base for your product’s development. You should develop a strategy and set an approach which you would like to take. This would be effective if you have a clear goal for your business plan.
Many times developers of a product underestimate the impact created by the first version of the product. You think you can just put a model up that is not addressing revenue and add the revenue generation later. In theory, it makes some sense but in reality, it is hard to take something that you were giving away for free one day, and get people to pay for it next. So, it is advisable to make sure that your product makes business sense from the start. While in the initial days of the product, you can attract more audience with schemes and advertisements.
An efficient team will make your product a great success. So, it is very crucial to gather all the members and stakeholders to communicate the plan in detail and assign the work accordingly to all of them. This will allow members to understand their roles in the larger picture and plan. This will create a coordinating and collaborative working place for all the members to work. This creative team effort would help to increase the reach of the product. The team should know every single detail of the project as it is necessary.
The development process may not have a steady graph. It is a long road taking an idea to the execution level. Sometimes a small hurdle in the process shouldn’t be considered as a setback for your project. That is why it is important to keep in mind the elements of the project that you and your team have and the reason behind the development of the product. This will help you to stay motivated even in the hardest of times. Staying motivated can help the team to pass all the hard times.
Once your product goes live in the market it becomes very important for you to identify the glitches and make changes accordingly. You should always keep your product’s qualities versatile according to changing market demands. If customers start thinking that your product doesn’t possess expected qualities or doesn’t work, they may consider leaving the product. It will take time for people to understand something new in the market, but if you keep proper track of customers’ behaviour your product would become a successful one.
The team effectively uses the MVP as the core piece of a strategy of experimentation. To reduce your costs, time and resources when entering the market with new ideas. MVP reduces the risk factor and gives insights into how the main product shall be or what changes are required. Based on the information gathered through this, you can decide whether to continue, change or cancel the work of the product. MVP can help you to get highlighted in the audience earlier and acquire the potential user base. The most important minimal viable product stands beneficial in understanding how your business concepts work in the market. It will provide the stakeholders with a physical product to see and invest in the capital accordingly. It is an effective tool to execute your business concepts systematically. You should try out this strategy for your final product.
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