Minimum Viable Product (MVP) is a term introduced and defined by Frank Robinson and adopted by authors like Steve Blank and Eric Ries. It is a great way to understand, test and analyze the product and its features thoroughly before we scale to the next phase.
Some founders believe that a product is perfect and all its features are sufficient at the launch. More than 50 percent of entrepreneurs fail very early due to misunderstanding and confounding reporting about the market while more than 90 percent don’t get the success and fail within 5 years of the business lifecycle. Here is where a Minimum Viable Product, plays a crucial and critical role.
A business having an understanding of the MVP assessment in initial days, goes into a safe working environment and such businesses are reliable & sustainable for a long period. Progress is deemed in-process during the launch of the Minimum Viable Product. One should only concentrate on scaled-down versions of the product with emphasis on the customers.
- Minimum Viable Product (MVP) gives a good understanding of the importance of your product value for its intended audience
- Feedback from end users can be implemented to fine tune some features or aspects
- Functioning and Importance of key features can be studied and understood
- Understanding of flow can be finetuned for better user interface
Here, we discuss the need for testing MVP before launching any product in the market:
Forward Your Thoughts:
Before launching any product in the market, one needs research the inadequacies and expectations of the customer. Besides, it’s very important to know about the pricing of the product, its benefits, and reasons for buying your product.
Prioritize Product's Features:
In the MVP stage, keep in mind the list of features while prioritizing the must-have against nice-to-have. The most critical feature should be the most essential and others are put on a strict priority list.
If one tests the MVP before launching any product, it gives an idea about the needs in the market. It also answers the needs of the target users and in due process, with the more data accumulated, it has a higher possibility of being successful. One must analyze the competitors and understand their offering
User Interface and Design Process:
User Interface is important and it makes or breaks a product. The Design Process is an evolving process and the MVP can be fine tuned and made better after due feedback is got.
Minimum Viable Product is a severe advantage that is critical for entrepreneurs starting with an idea of a product. All the vision and plan about one’s product can be ascertained by the MVP during the testing phase, before launching. It provides all the necessary information about the product launching and needs of the end users or audiences. One needs to know about the right marketing strategy, architecture, design, etc., and an MVP is the right way to go about it.
Product Engineering Team
Tarams Software Technologies Pvt Ltd