Minimum Viable Product (MVP)

What Is MVP?

A minimum viable product (MVP) is a product that has just enough features to satisfy early customers and fulfill at least one of their identified needs. It is called “minimum” because of its minimalistic nature with regard to features and investment, and “viable” because it has to work in real life. The MVP is launched to link target customers to a product’s early version and provide their feedback for future development.

The MVP approach allows for:

* Making an early market entry which leads to a competitive advantage.
* Enabling early testing of the idea with actual users to check whether the product is able to solve their problems efficiently.
* Working effectively towards developing a fully-fledged product that integrates user feedback and suggestions.

Purpose of MVP:

* The purpose of building an MVP is to launch a product quickly, based on an established idea, with a small budget. This approach allows a business to collect users’ feedback for the primary product and include it in future iterations. With the help of an MVP, one can find the right audience, pull the ideas based on experience, and save time.
* Building an MVP implies finding the right balance between what the business is offering to users and what users actually need. The purpose of the MVP is to test the hypothesis that the product will solve a user problem. MVPs also allow businesses to minimize errors in the development process. An MVP helps in collecting maximum quality feedback by targeting specific groups or user types.

Benefits of MVP:

* Focus on building the core functionality.
* The opportunity of early user testing.
* Development based on user feedback.
* MVP enables market validation.
* Analyzing Market Demand.
* Verifying Monetization Strategy.
* Ensuring Cost Efficiency.
* Getting Clarity Around The Product Idea.
* Constant Updates As Per Feedback.

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