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Importance of Minimum Viable Product

Entrepreneurs and innovators are always looking to create products that can help solve specific consumer problems. Extensive market research and analysis goes into the creation of a single product. In a rapidly evolving market defined by continuous changes in consumer preferences, your product needs to be tested in real-world conditions with actual consumers.

This is where the concept of a Minimum Viable Product comes in.

What is a Minimum Viable Product (MVP)?

Every product begins with an idea that is directed towards solving a problem. Minimum Viable Products the ‘bare minimum’ version of your final product. The idea is to create the smallest and quickest version of the product so you can begin testing it repeatedly.

MVP can be described as the “smallest version of a new product that can be utilized to collect the maximum validated learning about customers response with the least effort in the shortest time”.

Why Use a Minimum Viable Product?

Make-or-Break situation

For some entrepreneurs, the launch of a product is a make-or-break situation. There is more at stake when dealing with product development and launch.

Real Market Product Testing

Consumer behavior may differ from factory-controlled tests. Even after rigorous internal testing, any product still requires real market tests, allowing them to identify areas for improvement.

Core Value– Key Features

The concise and direct nature of MVP allows developers to improve core features that solve customer problems. It helps to avoid more features, that disrupt the user experience.

Cost-Effective and Efficient

It allows developers to release a low-budget version that meets core features, without any frills. Based on the customer response, the plan can be expanded or revised or the worst-case dropped.

Defining MVP – Key pointers 

It is difficult to ascertain the bare minimum value to the user that will persuade them to use your product, to arrive at MVP.

Here are some pointers that can help you:

Buyer Persona

Remember that your product should be targeted towards pre-existing buyer personas. The best way to start is to focus on one, preferably the most dominant persona.

 

 

Key differentiator

Avoid an MVP clustered with unnecessary features. Include those that are truly central to the product, covering unique aspects of your product that sets you apart from others.

Demand for potential features

This helps to assess the features that truly resound with your target audience. You can add incomplete, or even dummy features that can be tested in the future.

Overall idea and development

This prevents investing time or effort in developing unwanted features. This helps to get an overall idea of the features that should be further polished, and those that need to be scrapped.

Product assessment

The core reason behind creating an MVP is to assess your product in real market conditions, without investing significant money in the development process.

Market feedback

The prompt market feedback allows you to modify your approach, thus saving time and effort. The result is a product that has been thoroughly tested and judged against the market forces.

4 step MVP process: 

  1. Identify and understand your business and market needs
  2. Map out user journey(s)
  3. Create a pain and gain map
  4. Decide what features to develop

3step MVP process:

  1. Start with a simple product solving a tiny problem
  2. Keep iterating, while constantly solving bigger problems
  3. Constantly communicate the vision of the grand problem

Benefits of MVP 

  • Focus on the core value proposition

MVP helps define the value proposition clearly and narrowly. It helps define goals, needed functionality, and spend time and money efficiently.

  • Reduces remakes

Extra features may only complicate the user experience. Keeping it simple will guarantee minimum remakes of the product features.

  • Builds relationships with customers

First users may provide you the needed feedback on the desired changes or additions. This builds customer relationships, creating a community.

  • Defines critical drawbacks

It allows us to find weaknesses fast and improve it, ensuring all the functions work properly before going further.

  • Spends money efficiently

As the product development cycles are iterative, there is no need to search for a huge amount of money at once.

  • Innovative ideas

Innovative ideas qualify as MVP that make a difference towards what was before.

  • Failure

In the end, if your idea is proven to be a failure, still a lot of money is not spent on it.

Advantage of developing an MVP 

  • Test the demand for your product – before releasing a full-fledged product
  • Your product does what it says on the tin
  • Avoid failures and large capital losses
  • Reduce implementation costs
  • Release your product to market in the shortest time
  • Gain valuable insight into what works and what does not work
  • There is room for evolution
  • Work directly with your clients and analyze their behaviors and preferences
  • Grow with your customers
  • Gather and enhance your user base

Additionally, you may find out more problems you can solve or hit on new ideas and exclusive offerings, which means more chances to improve your business.

Lessons you can learn from MVP 

 

  • Validate the idea, problem, or solution
  • It helps to analyze different parts of your startup plan
  • Look for growth opportunities on your own
  • A successful MVP does not mean a successful Product
  • A good Product with no promo is a bad Product
  • Have a personal relation to the problem you are trying to solve
  • Keep your time to Market short
  • Pick a niche
  • Test your idea before you even start coding
  • Keep your MVP minimal
  • Pivots and iterations are ok
  • Scale gradually

 

 

Minimum Viable Product Presentation 
Agenda

  • What is a Minimum Viable Product (MVP)?
  • Fundamentals of MVP
  • Benefits of MVP
  • Building an MVP
  • Testing
  • Reasons why MVP fail
  • Measuring Success

Additional Slides

  • About Us
  • Mission and Vision
  • Our Team
  • Timeline
  • Contact Us

Key takeaway 

MVP is designed to get a simple basic product to market in the shortest possible time. The MVP strategy is an ideal design approach for startup enterprises. Established corporations do apply MVP on high-risk designs in terms of investment or capital standpoints.

It helps to examine the feasibility of the product and to determine which features should be added in the next iteration. It is a user-focused design approach that gathers valuable feedback constantly to provide an improved product at each iteration.

Design thoughts 

It is equally important to design your MVP Presentation slides that grab the audience’s attention. Great presentations are supported by well-designed slides.

Looking for some creative help for your next presentation project? Our team of talented designers would love to assist!

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