Minimum Viable Product Development
Startups begin their journey with a belief that their product has an ability to solve an urgent problem faced by the market. These steadfast believers often failed because they forget to validate their belief before launching their actual product.
The concept of Minimum Viable Product can play an active role in this scenario as it makes the company sure that their vision is viable, and if not, what changes can be done, using minimal risk and over a relatively short time period.
Let’s first understand what is a minimum viable product?
The minimum viable product is a development technique in which the product is infused with enough features to let the company solve a core problem for set users with the least effort while keeping the quality on a consistent mode. The aim behind a minimum viable product is to test your idea with the consumers while delivering them the core value.
We can slice the whole definition in three parts, which can be considered as the essential characteristics of an MVP.
- Delivers value to the customers
- Contain enough future benefits to retain existing customers
- Provides a platform for a feedback, which acts as a base in future development.
To keep the wastage of resources at minimum and validate their growth, every startup before creating a full fledged product should develop a minimum viable product which contains just the bare minimum core features but reflects the level of value it can bring to the target market.
While sketching business model, one must pay high attention on MVP as it can offer ample of benefits to both company and customers while increasing the chances of success.
- With an MVP, you can clearly define the core values of the product, which you actually want to deliver to your ideal customer.
- An MVP can cement quick and long lasting relationships if you target your MVP at the early adopters. Focusing on marketing strategies aimed at early adopters should be your priority as early adopters are more likely to provide instant feedback, and spreads positive word of mouth if the product sounds them great.
- By fishing instant feedback from early adopters, market validation for your product can be done in a shorter timeframe with minimum cost.
- An MVP also eliminates uncertainty associated with your idea as through market validation, you get a clear picture of whether to continue pursing your existing product idea or shape your product in a more innovative look.
Even after constructing a minimum viable product, success doesn’t come your way. What might have gone wrong?
Let’s look into it.
If you think your job is done when you have build your minimum viable product once.
Well, my friend that’s not the case.
Most of the startups don’t understand that MVP is not just a product but also a process, which needs to be repeated over and over again. It is required when you want to modify your product in accordance with the latest technology or want to penetrate a new market or etc.
Don’t hesitate to invest in your future success with SOLUTREE. With high-tech team, SOLUTREE will deliver the well-thought and seamless results you need to build a minimum viable product ingrained with latest technology and practices.