Minimum Viable Product is a version of a complete product with a minimalist design structure. It has the core functionality and is ready to be presented to the initial circle of customers.
MVP allows new products to have a quicker market entrance to check their demand. Companies often initiate MVP development to test business hypotheses. It is much safer to do so with minimal expenses. The investments are made after the assumptions are accepted. Only after, the development continues into a complete product.
If this is not your first day on the market, you likely know your target audience's characteristics and the tasks of your business. You might already use some tools that you plan to develop further. In this case, there's no need to test every consequent product of yours. However, there are situations when MVP could considerably help you save your resources:
● Because of the high competition density, there's a need to be the first to offer a new solution to the market;
● There are too many product-associated risks, and you want to minimize them before investing large sums of money;
● You have hypotheses that you want to test and verify;
● You have a start-up idea, and you wish to receive funding. The best way to prove your value to the investors is to show them your mvp product in action;
● There's a need or desire to start generating revenue earlier with minimum investments;
● You need to understand the most optimal trajectory for your business expansion;
● You plan to form first target customers for future interaction; The number of reasons to choose MVP development is extensive. In any case, this is the choice for anyone who still has doubts about the complete product picture.
Research and Analysis
Comprehensively analyzing your idea; researching the market, your target audience; understanding the goals, perspectives, and risks of the project.
The complete picture of the future MVP product for both you and the development team.
System Architecture and Planning
Defining the product's core functions and technologies; defining the order of implementation based on the priorities.
The entire step-by-step work plan.
Development and QA
Implementing the agreed scope of work; QA phase - testing the product and fixing the defects; improving the quality of the MVP.
Your MVP is ready for launch.
Releasing the product to the market; initiating feedback gathering process.
You generate your first customers with the product; time to gather information for future development.