Minimum Viable Product – A Comprehensive Guide

Minimum Viable Product – A Comprehensive Guide

MVP : A successful technique to deliver a future-proof product.

You invested a lot in designing, development and marketing of your end product, still you are not sure about the success rate your product will earn. There will always be a few questions running through your mind.

Will the customer accept your end product?
Is your product compatible with the competitor’s product?
How much return on investment will have after a few years?

Now you really wish to find out a way where you can have answers to all the above tricky questions & have visibility on the acceptance of your product by the end user. Here comes the concept of the Minimum Viable Product, where you can save a lot of money, time and resources. It’s a process of verifying your business idea with customers at initial stages to know the response and success rate of your product. It helps in achieving business goals efficiently.

What is Minimum Viable Product?

The term Minimum Viable Product was first used by Eric Reis in The Lean Start-Up concept. MVP is a usable product with limited features which is delivered to the market to know the actual response of the end users & how an idea survives in the market. The best thing about MVP is that it gives a rough idea before launching the final product: will it be accepted in the market or not?

Many people interpret MVP in a wrong way, they think it is a low-quality version of an application, website or product pushed out in the market. It is actually a basic version of an idea generated and rolled out in the market to know the feedback of customers for a better final product launch.

Let me give you an example of Facebook to understand more about MVP.

“Back in february 2004, facebook was launched with a single-page application where users can access limited features and communicate with each other. Slowly people started adopting the application, they loved it, even we loved it, right? So, this minimum-usable application received an amazing response, which further helped the company to know more about their customer needs. With the perfect use of MVP, this small project is converted into one of the largest social media platforms in history.”

Stages to Develop Minimum Viable Product

1. Know your audience

Before diving into developing a product, first make sure you know who’s going to be your end users. Select a niche audience, prepare a questionnaire, take survey’s, online reviews, or whatever you can do to know what exactly the customer wants.

2. Track real life problems

Try to understand “WHY” of your product, i.e., the objective, that will help you in knowing the pain areas of people and developing features to overcome those problems. When the problem is specified, it is easy to list down the features to be embedded in the initial product launch

3. Decide core features

Tracking down the feature list can be problematic, follow MSCW Technique. I.e., Must-have, Should-have, Could-have and Would-have. This technique will help you to decide on initial feature development. To develop the MVP of your product, go for must-have features.

4. Develop MVP

Once you are ready with the core feature list, prioritize which features will be the part of your MVP project, based on that, initial version of product will be developed by experienced developers.

5. Go for user testing

When you bake something, you taste it to see that all the ingredients are perfectly blended. Similarly, when MVP is developed, initial testing is done on internal users or some customers to get their feedback, find out the loopholes and improvise on those areas.

6. Learn, analyze and improve

This is the major part of MVP development, learn from your mistakes, solve the glitches, and repeat the process to get a perfect final version of the product.

Benefits of Minimum Viable Product in Software Development

Get your product tested at an early stage.
It helps in clearing bugs, issues and other loopholes before the final launch
Saves time and cost of development
Identifies early adoptors of application
Analyze and verify market demands
Upgrade your product according to the initial review of customers
Finally, you don’t have to put your whole worth at stake, just a few bucks to see how users are reacting to the product

Reasons to develop your MVP with Kansoft

MVP development cycle always moves around the Build-Measure-Learn process. Unless and until the product meets the final market demand. Now days it is important to know your customers likes and dislikes to make your product compatible in the market or differentiate it from competitors. No matter how great your idea is, it always has a minor chance to fail, so it is important to choose the right MVP development company to give life to your idea. We at Kansoft have our own in-house team of designers, developers, project managers, business analysts and testers to help our clients from iteration to the completion of projects.

If you are looking forward to hire MVP development team, get in touch with us to discuss your project requirement. We validate your idea, identify potential customers, use the latest tools and technologies, have the product tested with internal staff to build a viable product.