MVP

What is Minimum Viable Product?

A product without bells and whistles, distilled to its core, with a minimum number of functions to perform a single task for the user.  

The primary users are usually the most responsive, more forgiving of a product's shortcomings. That's why their insights, feedback, and the way they use the product will define the development team's further work. 

For an MVP app, there's always a list of essential features the app won't go live without. The rest is usually defined by the idea and the industry the application will be released for.

Even if you have enough money to build an application with a lot of features, it's better to validate it first. The sooner you can find out whether your product appeals to customers, the less effort and investment you spend on a product that is not going to succeed in the market. 

By the way, minimum viable product development doesn't equal to its prototype. The latter is a technical working model of several aspects of the product. The development team usually uses a minimum viable prototype to reduce the number of mistakes.

What Benefits Does MVP Have?

1. Keep the costs low

Reducing the product to a "minimum" ensures development cost reduction. As it usually takes a great deal of money, countless hours of developers' and designers' work, the end may not justify the means. 

2. Know what your customer needs

A minimum viable product stops you from developing something you assume your customers will like. Instead, you get a genuine demand. Plan and prioritize what you can change about your product to become more valuable since it is clear where to direct efforts.

3. Develop quickly

MVPs release in the shortest time - an average MVP project takes up to 1.5 months. Within this time, you can already get a ready-made business. 

4. Build relationships

Interactions with the first customers produce a great value - a business gets entrenched in the market right away. After all, everything starts with these users' feedback. So, the sooner you start working with them, the more loyalty you will earn.

5. Reach market leadership

A minimum viable product also contributes to fast market entry. If you come up with a truly revolutionary idea, the sooner the world witnesses it, the more chances you gain to set yourself apart when competitors with similar products begin to appear. 

On top of that, no advanced analytics, planning, or marketing research will discover the information you get when you build an MVP. Everything is already there - no need to spend time and money on research.

So, a minimum viable product approach is an excellent means to remain focused on what your product's purpose is, who it is for, and why it is needed.