Views: 4026The Concept of Minimum Viable Product (MVP)
MVP is a version of the product that has enough features to be used by early customers, who will be able to give you feedback for future product development. Focusing on MVP can help you to avoid unnecessary work, and be more focused on improving your products based on customers’ feedback.
MVP can help you determine what’s the demand for your product and generally how your idea will be welcomed on the market. Before putting too many resources into your work, you can use this solution to evaluate how much success your product can bring you.
The Purpose of Minimum Viable Product (MVP)
MVP can serve lots of purposes for your company. Your product team would need to use it when they plan to release the product on the market as quickly as possible. Also, when they want to test the product to get real feedback from customers and to understand generally what your target audience is thinking about it. After that you can decide how much you’ll invest in your product development process and what steps will you take next.
MVP in Product Management
MVP and product management have a very special connection. MVP is a solution that is cost-effective for you and gives you the possibility to see the bigger picture when it comes to your product.
Because of so many aspects that it can help you with, proper MVP product management is very important. In order to take successful steps, you need to focus on a couple of important topics.
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Start with Market Research
Before you start working on MVP you need to know more about the market. This information will help you to define important aspects of the product and will lead you to better decisions and results.
You can do the surveys to get as much information as possible. Also check the competitors, and what they offer to customers and determine how your product ideas can stand out.
Define Your Target Audience
Understand who could be interested in your product. Also, determine what needs and requirements would your product be fulfilling, and what is your product’s true value and purpose.
For example, if you want to create an app for fitness enthusiasts or veterinary technicians you need to consider what they really want from you and from your app. Also, how they want their data to be tracked, or what are they most interested in. You need to have answers from your audience to take the next steps.
Listen to Your Users
You shouldn’t guess what’s the need of your customer, in this case, they can tell you directly what they really think. Get feedback about specific aspects of products, they might even give you new ideas about how to improve the product. Compare different options, like different designs or features to determine which option seems to garner more attention from your customers.
It might seem early for you but try to work a bit regarding value proposition as well during this whole process. You’ll need it to show your customers why they need to choose your product.
Start with the MVP Roadmap
In order to reduce risks and make the whole process less chaotic, you’ll need to plan everything. Create a plan where you’ll have a detailed description of what you want to achieve with MVP. Create a detailed product roadmap that will have all the necessary aspects that are related to your goals.
Keep the Focus
Creating a product that will be perfect is something that most companies would be interested in. But it’s important to not lose focus and be concentrated on aspects that need more time and resources. The main thing has to stay the main thing, it’s a crucial part.
In this case, your goal shouldn’t be to create perfection. You need feedback and testing of your assumptions in order to improve your product. Just find the most important aspect and focus on it.
Brainstorm to Find the Best Solutions
Brainstorm to find the best solutions. Every product needs specific ways to improve, so it’s essential to have a better understanding of its unique features. Be flexible and learn from your mistakes. Try to find solutions that will help you to improve your product according to market needs and your future goals.
Acknowledge the Power of Product Design
Most of the time MVPs are very minimalistic, but it doesn’t mean that you should put less effort into the design. You can improve it in the future but still, the first impression decides a lot. You need an MVP which will be seen as something great for your customers.
You need to know what are the most important details, from a user and business perspective as well, in order to understand what kind of design would be most suitable in certain cases. Well-designed products are more competitive on the market and have better chances of success.
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