Minimum Viable Products For Start-Ups and Other Businesses!
Let’s talk about Minimum Viable Products, otherwise known as MVP. If you are reading this article, it is because you are curious about MVP. Maybe you are even considering employing the MVP process to support your product ideas. So, let’s get started!
The Gartner definition is as follows: ‘A minimum viable product (MVP) is the release of a new product (or a major new feature) that is used to validate customer needs and demands prior to developing a more fully featured product. To reduce development time and effort, an MVP includes only the minimum capabilities required to be a viable customer solution.’
As a practical solution, MVP development can be applied to support a start-up, small technology, software business, web agency, technology consulting company or a business or entrepreneur looking for an investor and beta users to pursue a concept or idea.
‘By its nature, an MVP is meant to create a product with minimum capabilities.’
Let’s dive a little deeper to look at a Minimum Viable Product definition that will help you understand the concept:
An MVP is a product that has just enough features, and will be just functional enough for beta or early customers to use. These early users will provide feedback to be used in comprehensive product development. Businesses can leverage MVP product development to quickly, and cost-effectively gather feedback on a product. In so doing, the business can avoid a lengthy, costly product development process that may result in failure, may include features or functionality customers do not want, or may leave gaps in functionality that are important to customers and clients.
The MVP concept must include a framework and environment to create an approach for information management, queries and/or data analysis, task completion, sales, or other business focus.
MVP in software engineering or MVP in custom software development serves a particular purpose in product design. For example, it might be designed to provide feedback to:
- Transforms ideas into an early stage, functional product
- Validates a concept by obtaining user feedback to address a use case
- Validates product and/or market fit
- Illustrates a concept in tangible form to demonstrate value to investors or stakeholders
- Refines product or feature scope, requirements and use cases to improve product and market success
By its nature, an MVP is meant to create a product with minimum capabilities. It is comparable to building a movie set where the audience will see only the outside of a building. Construction will not include a full build out of rooms.
BUT MVPs must be convincing enough to engage the customer, so they will use the features and provide the feedback you need to take the next step.
Balance ‘minimum’ with ‘viable’ to avoid failure. You want to develop minimum functionality to demonstrate what your product will do or what it will improve. And, at the same time, you want to ensure that the product is dependable, and user-friendly and meets the needs of the customers or a particular use case.
Don’t over promise! Don’t show your customer something you can’t deliver. The concept must be viable!
What MVP Product Development is NOT
We would be remiss if we didn’t mention what MVP product development is NOT. A Minimum Viable Product is NOT the same as a fully functional product. When businesses start the process, the ‘minimum’ concept may be clearly defined. But a funny thing happens as the process evolves. Companies and individuals involved in the project are often tempted to add features or functionality. ‘As long as we are working on this, we might as well add…’
Do not fall into this trap! Define the MVP and, whenever there is a suggestion to add a feature, a layer or deeper functionality, revisit your definition to be sure you stay within those boundaries. Agree on the scope of the MVP and stick to that scope. When and if there is a need to make a change, be sure the entire team has reviewed the proposed changes and can justify these changes within the original intent of the MVP.
‘MVP in software engineering or MVP in custom software development serves a particular purpose in product design.’
No matter the size of your business, when the enterprise is considering MVP product development consulting, it is important to get the best skills, and the most responsive services.
As you consider the project phases and information provided in this article, think about adding an appropriate partner to your team to help you through these phases and ensure that your MVP project will be a success.
Take your start-up, small or medium (SME) business to new heights with a software product that will put you head and shoulders above your competition. Let us help you get your MVP software product out into the world! Click on these links for more information about services to Support Start-Ups, and crucial considerations for Choosing A Partner For A Start-Up Business.
For an in-depth discussion of MVP, read, ‘MVP Software Development: Everything You Need To Know (The What, Why And How).’, and explore MVP here: ‘What is a Minimum Viable Product (MVP)? and Why Should My Business Care?,’ ‘Why Is A Minimum Viable Product (MVP) Important To My Business?,’ ‘How To Build A Minimum Viable Product (MVP): A Brief Discussion,’ ‘Engage An Offshore Expert To Achieve Your Minimum Viable Product Software Goals.’
