Minimum Viable Product (MVP): What Is It and Why Does My Business Need It?
What if your business could see into the future? What if you could launch a consumer app or an in-house software program without risking years of investment, time and resources, only to find out that you missed the mark? What if you could test your theories about software features and functionality and ensure that you had it right BEFORE you launched your product?
You can!
‘Working with an IT partner, the business can create a vision of must-have features and functionality, and develop a working model to allow users access and create a feedback loop that will enable the organization to refine the product before full development takes place.’
The Minimum Viable Product (MVP) approach allows your business to envision and plan a product, new features for an existing product and competitive strategies, all without going the distance. So, you don’t have to complete the project and hope for the best.
Companies like Dropbox, Zappos, Groupon, and even Twitter and Amazon have used the MVP model to test product ideas and theories about customer and end-user response.
The MVP concept evolved from a concept presented by Eric Ries in a book entitled, ‘The Lean Startup,’ which described a technique whereby a business could validate new product ideas. Ries described the MVP concept in this way: ‘A minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.’
Minimum Viable Products present a core set of features in an app or a software product with the intention of validating user needs and the perceived value of the product. Rather than building out an entire software app from scratch and hoping you got it right, the MVP approach allows you to prototype features, navigation, etc., and use that model to get feedback from customers, in-house team members, etc.
Working with an IT partner, the business can create a vision of must-have features and functionality, and develop a working model to allow users access and create a feedback loop that will enable the organization to refine the product before full development takes place.
MVP projects are especially helpful for start-up businesses with limited budgets and an evolving understanding of customer buying behavior and market needs.
By engaging a skilled MVP partner, businesses can achieve a product vision and:
- Test assumptions, usability, demand and competitive strategies
- Transform concepts into fully-formed products
- Evaluate and validate assumptions about the market
- Bring ideas alive for prospective investors
- Add, eliminate and refine the scope and features of a product
- Achieve business goals with a focus on budget, time and resources
- Incorporate customer feedback into final products
- Reduce time to market
- Refine the user experience (Ux)
- Create a well-conceived roadmap for final product plan
‘The Minimum Viable Product (MVP) approach allows your business to envision and plan a product, new features for an existing product and competitive strategies, all without going the distance. So, you don’t have to complete the project and hope for the best.’
When choosing an IT partner for your Minimum Viable Product (MVP) project, consider experience and skills. By engaging offshore MVP Development your business can save money and time and ensure project success. Cost-effective, experienced MVP development partners will work closely with your team to ensure that the MVP project investment is affordable, and, with the help of a skilled team, your business will get the feedback it needs to make a decision on a final product.
India-based MVP development services include flexible delivery models for onsite, offsite, and hybrid resources and a full suite of design, development, testing, project management, and other resources with timely communication and reporting and effective Service Level Agreements (SLAs). Contact Us today to find out more about our products and services and our rich history of Partnerships.
Original Post : A Minimum Viable Product (MVP) Can Transform Your Business!
