Minimum/Minimal Viable Product
One thing new business owners wouldn’t want is to create a particular product or service that no one wants to either buy or employ. As a product developer or business owner, what we want is to make a product that persons will want to pay for and what better way to do that than to carry out a little market survey with your product that will cost you little or nothing. This is where the minimum viable product comes into play.
Minimum viable product is an efficient and effective way of businesses and companies that want to inject new products or services into the market to first of all test the idea with their targeted customers.
The product which is made up of minimal features that allows you to avail it to early customers, thereby getting payment as well as feedback is known as the MVP or minimum viable product. This concept enables you to minimize time and money on the building up stage of your product but at the same time allows you to get maximum feedback from your early customers about the product.
One of the working ideologies behind the minimal viable product is that it allows you work with your ideal customers in such a way that you can guide and coach them and collect the necessary information that you require as well as test various amendments of your products with them and till you locate the minimal features of your product that provide the right solution for your customers. This point where your customers locate a satisfaction from the minimum features of your product is known as a minimal viable product.
Specific guidelines used in identifying minimal viable product
We’ve grouped out specific guidelines used in identifying minimal viable product:
Know the needs of the business:
Know the basic needs that the product has to meet along with reason why the product should exist. Also know the short-term goal of the products, so as to know the success criteria of the product.
Having already located the needs that your product has to meet, you need to find customers that would test the basic features of your product to enable you to identify your minimal viable product. These early customers would help you identify the features that provide the solutions that they need from your product and provide opportunities for you to test these features.
Identify the features to build on:
This stage allows you to identify features to build on as well as those to remove. The feedback you get from your early customers would help you shape the features you build on and help you determine the minimal viable product
Benefits of the minimal viable product
The minimal viable product is quite beneficial to up, and upcoming businesses and some of these benefits are:
It’s is relatively cheap
The minimum viable product allows to create a product in its prototype stage that can do a particular set of basic functions. In other words, you do not need to spend so much cash and other resources to create a complete product. The product you create has its basic functionality and can meet up with providing solutions for your customers.
Early on, minimizing costs is very important because you don’t know if the customers will welcome the full product or which part of the product would be tweaked to give you a minimal viable product. So instead of bringing out the complete product and then carrying out the test, the minimum viable product method allows you to carry out less expensive analysis.
The use of the minimal viable product allows you to create least amount of product features that provides customer solutions. What this means is that there would be less parts for the products, fewer staffs for services and minimal codes for programmers. This allows you to get the features of your product that provides solutions for your customers and then proceed to the final design stage of your product.
It is faster
With the minimal viable product, you are only looking at a way to create a product that meets the desire needs of the customer and not necessarily the most complete or perfect product. This shows that the initial product you need to create needs to have the important basic features that meet the needs of the customers. This basic product prototype that gives you the minimal viable product is faster to achieve than you making the complete product.
In conclusion, The minimal viable product is very vital to startup businesses as It is very efficient and effective and doesn’t allow of wastage of funds and time. It enables businesses to identify the key features that customers need in their products at the prototype stage, without the need to create a complete product.