The MVP (Minimum Viable Product) is the minimum product that meets the expectations of your target. In 2011, this notion was popularized by Éric Ries in his book “The Lean Startup“. The MVP is characterized by its simplicity and a limited number of functionalities. As the product created is minimalist, you are able to offer new versions quickly. It is therefore a very interesting way to validate an idea and not waste time developing a product that will never find its market!
According to Wikipedia
A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development.
A focus on MVP development potentially avoids lengthy and (ultimately) unnecessary work. With an MVP, developers work on iterative versions of the product and respond to feedback, challenging and validating assumptions about the product’s requirements. MVP-focused development may also include market analysis. The MVP is analogous to applying the scientific method to the validation of a business hypotheses; it is utilized so that prospective entrepreneurs can determine whether a given business idea would actually be viable and profitable by testing the assumptions behind the product or idea. The concept can be used to validate a market need for a new product and for incremental developments of an existing product. Because MVP tests potential business models on customers to see how the market might react, the process is especially useful for new/startup companies who are more concerned with finding out where potential business opportunities exist than with executing a prefabricated, isolated business model.
The concept of MVP
The principle of the MVP is to develop its product very quickly (a “minimum” product) in order to offer it to its targets. If they are receptive and willing to pay to use it, all you have to do is rely on this MVP to improve your offer.
On the contrary, if the MVP does not meet their expectations, you still have time and money to develop a new MVP. In this case, the approach will be the same: you will be able to propose MVPs, modified and adapted, until they best fit the customers’ expectations and needs.
The benefits of MVPs
MVP saves you resources in time and money. Indeed, many startups fail because they spend a lot – if not too much – time developing the first version of their product. The team locks itself in an office for several months to develop its solution; when they come out, they realize that their efforts were in vain because no one wants to use the product: a lot of time and money wasted. Creating an MVP “forces” you to talk to your potential customers on a regular basis and therefore increases your chances of finding your market!
Creating an MVP is a very profitable strategy, but you still need to know how to do it! Tips and traps to avoid, follow the guide and the MVP will soon have no more secrets for you!
Some tips for finding an MVP
Test your idea before starting to build the product
You can validate an idea before you even start building the MVP. Create a landing page on the web succinctly presenting your solution, if you get enough emails, there is surely a lead to dig, and a product to develop!
Interview your targets
The creation of an MVP is a bit like the work of an anthropologist. To increase the chances that your first product will be your MVP, you need to understand and analyze the habits of your targets. To do this, one solution: conduct interviews with target consumers.
Building a Minimum Viable Team
The team is a fundamental criterion in the success of a startup. Before you start building an MVP, make sure you have a strong MVT to develop it.
The mistake to avoid
Beware, many contractors make the mistake of changing their product too quickly by pushing the MVP method to the extreme. As a contractor, you need to have convictions, and it’s best to be committed to them. It is not a matter of changing everything just because you have received negative feedback. It is crucial to maintain a vision, your vision!
What do you think of the MVP method for testing an idea? Have you tried it before and what were the results? At your keyboards, we are waiting for your feedback on social networks or in comments!
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