The MVP concept is rather vague when used as a broader term because, on the one hand, the MVP technique is rather useful but, on the other hand, it requires judgmental thinking within minimum and maximum gradation.
There has been confusion, because some use MVP in the form of an experiment or as a landing page, while others build a fully-functioning product.
In general, the MVP should deliver the very essence of the product idea in the simplest form. Depending on the context, this form could differ, this means that MVP can differ per project and range from a demo video to the working software prototype.
MVP (Minimum Viable Product) is the first working version of a product, with enough features to satisfy potential clients and collect & analyze their feedback for the next product version, with minimum efforts and resources required. Then complete product version is developed after elaborating on the initial user feedback.
The key attributes of a minimum viable product to keep in mind are:
- MVP is not MVP until it sells. Thus, it must carry enough value to the users.
- MVP is more about the process, not the product. MVP is a technique used in product development.
- MVP is not a product with the minimum number of elements, but rather has core features sufficient to implement an idea and retain early adopters.
- MVP is based on the lean startup philosophy and implies the iterative process of building-> measuring-> learning loop until the product meets the market need completely.
- MVP aims to avoid building unuseful, unnecessary products by gaining insight about the market first.
The MVP technique helps users see the promise of the final product proposition and stay loyal while providing useful feedback to guide the MVP development team further. The MVP approach is based on the learning ability of a team working on the idea to ensure its value to the target audience as well as establishing monetary relations with them.
That is why search for support from innovators and tech investors. Later, your concept may be adopted by the majority, bringing popularity to your product.
What is MVP Used For?
Nowadays, trends come and go quickly because the market situation is not stable. The best test-case possibility in that people are able to try out and evaluate your product is using MVP concept and you will also experience fewer risks in terms of time and budget resources.
Advantages of using the MVP technique are as follows:
- Ability to test a product hypothesis with minimal resources
- Avoidance of the larger failures and capital expense
- Continuous product development team learning and education
- Reduction of potentially wasted engineering hours
- Checking real-life market tendencies
- Cooperation and hand-in-hand work with potential users in crafting the final product necessary
- Shortest time between product launch on the market and early adopters
- Gaining and expanding the user base
- Possibility to attract investors early
- Ability to apply for crowdfunding
Minimum Viable Product Examples
At present, there are many discussions that MVP should be a functioning prototype of the product for users to experience and use. The concept consists of two elements - minimum and viable, which may differ based on the product idea.
The MVP concept means having a few versions of the product, where it is possible to have the following variants of:
- Product Design (Sketches, Wireframes, Mockups)
- Demo Video
- Landing Page
- Crowd-funding MVP
- Piecemeal MVP
- Concierge MVP
- Wizard of Oz MVP
- Release v1.0: Software Prototype
Learn more here. In this article you will find information that could be valuable for any startup projects in software development.