A Minimum Viable Product (MVP) is a development technique in which a new featured product is developed with a minimum number of features that will satisfy the target markets. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users.
The new startups and tech titans are inclining towards Minimum viable products for starting their journey towards a successful software application. The Minimum Viable Product must be valuable enough to gain the attention of early adopters and to grow their belief in the platform.
Before launching a newly founded business, you should be able to answer a certain set of questions:
The sole reason for creating startups is growth and success. MVP helps you to achieve the same. Focusing on MVP will help your business to launch the product early, take control of your budget, and get valuable suggestions, ideas, user feedback, and analytical information.
The purpose of MVP is to develop a working product that provides immediate value while minimizing costs. MVP helps you to:
Eric Ries, co-founder/ CTO of IMVU and MVP proponent, defines an MVP “One of the most important lean startup techniques is called the minimum viable product. Its power is matched only by the amount of confusion that it causes because it’s quite hard to do. It certainly took me many years to make sense of it.”
Marty Cagan: “One of the most important concepts in all of the software is the notion of the Minimum Viable Product (often referred to as “MVP”.) But if you’ve been around software products for a while, you know that term is used in many different ways, and while the term intuitively resonates with people, there’s often a lot of confusion about what this means in practice.”
MVP points at solving users’ difficulties with the app, by identifying the points and then focusing toward proposing viable solutions. The best way to build MVP is to use a manual-based approach, with landing pages, and email lists. All you need is planning, designing & developing, testing, and advertising, for the product within a specified period. This can help you in identifying your potential customers and maximizing your project value.
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