What is a Minimum Viable Product (MVP)? Definition of an MVP
We often mention this term in our articles, so today we are going to shed some light on what is an MVP and how it works.
Contrary to popular beliefs, MVP is neither of that. A Minimum Viable Product is a new product introduced to the market with a set of basic features that are enough to get the attention of the consumers and gather sufficient feedback from early users.
As startups have limited time and investments to either grow or die, an MVP helps them reach their customers and change the product to meet their specific needs.
For example, if the problem is: I have to get from A to B quickly, then the most basic solution would be a take a board and add wheels. Sure, in the future it may develop into a super comfy car, but do not go for a car straight away, if you do not know how these wheels will work.
You do not have to build a car right away. Give your customers a piece of something useful, and then develop further if it is in demand.
With the knowledge of the facts and a little bit of ROI calculations, business owners have no trouble deciding what to do next.
Of course, after developing a car, anyone would choose it over any kind of board+wheel combo. However, there is no need developing a car if people do not like to ride. Find out your customers desires before investing into a full-scale product development.
By being attentive to your early adopters, you get a team of comrades willing to assist in further product development and provide insights you can use in the future marketing campaigns.