The meaning of MVP is the Minimum Applicable Product. In other words, you get feedback for your product before the customer reaches the best.
Sometimes we have an idea that we want to realize. In fact, we sometimes want to change the world we live with these ideas and to make it even better. However, even if we trust our ideas, we are afraid to step in because we do not know how this will happen. In this case, we come across MVP. What is MVP known and frequently used by entrepreneurs but what is its importance in entrepreneurship?
Minimum: It means that the product only has core properties.
Viable: It means that the product is attractive and valuable for the user. Value is a broad concept. For example, a game provides entertainment, this is a value. The fact that a product is viable means that the product generates an income that will cover the development cost.
Product: It is the simplest product that is valuable for the end-user. It is a product that can get feedback from the user for the producer, which is valid in the market, produced with minimum time and effort.
The meaning of MVP, which is the Minimum Viable Production, is the Minimum Applicable Product. You have decided to try a new product, but you are not so sure about this product. Every entrepreneur has a risk in his soul. You want to take risks, but you also think. This is where MVP comes into play. You put your product on the market at the most affordable price, think simple. You start to get feedback after the product you put on this market. Thanks to this feedback, you develop your product and make it suitable for the customer.
The term Minimum Viable Product was first used by Frank Robinson and made popular by Eric Ries. So, what does Eric Ries’ MVP use frequently when describing Lean-Startup initiatives?
- MVP is the product with the highest return on investment against risk.
- MVP is a product that is capable of holding only in the market.
- MVP is the simplest product that the early customer will pay or give feedback.
- MVP is a waste of time and money.
- MVP is to test the transition of ideas and ideas to life.
- MVP is the prototype for other products.
- MVP is sometimes just an idea and is the testing of the idea with a Google Name, a demo page, or a video on Youtube.
- MVP is the most important Lean-Startup technique.
MVP is actually the first real test of your product. Thanks to this feedback you have received, you can improve your product or see how it will keep it on the market. As we mentioned above, MVP is simple to think. Because often people check if it is used when buying products. This is the equivalent of the product you will develop. You are facing people in the market. Thanks to MVP, you can try this at low prices. In this way, you can both try the product you have in mind and understand whether this product will hold or not.
MVP is actually a kind of learning tool. You can discover whether your product is valid with MVP.
To list the benefits of MVP, which is very valuable in terms of entrepreneurship;
– Provides feedback. Thanks to this feedback, you will understand the market value of your product.
– You worked for 10 years for a product. But this may not be the equivalent of the product you have been dealing with for 10 years. In other words, you have been working unfortunately for 10 years. However, if you try MVP at intervals, you can get the return of your product.
– The purpose of MVP is to think simple. Thanks to this simple thinking, you will spend less money on the product you are launching. In fact, you can spend less money and get easier returns.
– You can understand what is right and wrong with your product thanks to MVP. If your product is missing, thanks to MVP, consumers will give feedback and you will be able to add.
How should an MVP be like?
You need to determine the first purpose of the product you will release. After determining the first purpose, you should do MVP accordingly. For example, if you want to make a new home vacuum cleaner and have both a small and washing feature, you should launch suitable trials. It makes no sense if you make a house broom and put only a cover on the market. You need to apply the product that works for the consumer from the beginning and develop it later.
If you need to develop an MVP for your digital business, you’ve come to the right place. Contact us and we will provide you with the analysis you need!
Enkronos Marketing Team