What is a Minimum Viable Product and why is it so important?
Maybe you have a great idea for a software product. You have the research and resources to start immediately. But betting everything on a technological solution, which may or may not convince users, can be a risky business. Perhaps that’s why 7 out of 10 startups fail. That’s why you will need an MVP (Minimum Viable Product) to achieve permanence, save time and money.
Curious about how to make this work for your organization? Continue reading to learn more about MVP software development and how important is it to implement it.
What is an MVP?
The MVP is the minimum version of a new product and includes the basic features to meet customer needs. It allows a company or team to collect as much validated information as possible from its early adopters to improve the product as soon as possible, to launch it to a wider audience.
Features of the Minimum Viable Product
Knowing the characteristics of the minimum viable product helps product development teams not to waste resources on a product that no one wants or needs. Here’s what these key features are:
Design
The MVP has an appropriate design and thus achieves a user experience that delights. This is why it manages to satisfy the visual and interaction aspects.
Usability
It has enough value that people are willing to use it or buy it. In other words, it is useful to your target audience.
Reliability
The reliability of an MVP implies that early adopters can fully trust the solution and that it has a reputation, even when it was launched by a company with little time in the market.
Functionality
The minimum viable product has the necessary functions to solve a specific consumer problem. It satisfies the demands and allows for an evaluation of the functions to be implemented in advanced phases.
Why should you develop an MVP?
All right, now we know the definitions and their features, let’s see what MVP brings to software development projects.
Identify your core value proposition
Creating an MVP makes you analyze what is most special about your idea, and what you can offer your customers.
Learn what users think
This is probably the most important benefit of all in the long run. The goal of bringing a minimum viable product to market instead of the full version is to learn how end-users feel about what you have to offer and what you should improve when planning future development. Early user feedback is crucial in determining whether your product is right for the target audience, what remains to be done, and how to best meet your customers’ needs.
Saving money
The goal of a minimum viable product is to get the maximum results at the lowest possible cost. With a minimum viable product, you are developing only the most vital features of your product rather than building a large, complex system. As a result, the cost of production is greatly reduced.
Launch the product quickly
With an MVP, you can reduce the time to market to weeks instead of months. A quick launch also gives you the opportunity to better drive user engagement and build a strong relationship with your customers.
Future growth
Having only a few major features means there is plenty of room for future development. Evaluate what has worked and what hasn’t, and make your growth plans accordingly.
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What’s next?
The MVP is just the beginning of an iterative process to bring your software to market and improve it.
Now it’s up to you, as you can decide that your MVP is fine as is, or develop additional features based on the data you’ve collected to make the product really shine.
Want to know more about Clarika? We offer an autonomous team that will be ready for you and can deliver accelerated results risk-free and at a great value. Contact us.
