The American entrepreneur, Eric Ries formulated the concept of the Minimum Viable Product Program (MVP) as the early stage of product development to collect user feedback on a product or idea, with the least possible effort. In layman’s terms, a minimum viable product (MVP) is a product with just enough features to validate a product idea by attracting early-adopter customers. The benefits of MVP Summarizing the benefits of MVP here, we get:
● Save time and money
The MVP development approach, helps you save time and money. When you are testing a product before launching its final version, you are using a part of your investment and not the whole of it. With MVP, you work only on the core features, so you save time as well.
● Quicker client feedback
If you launch the final product without checking for client feedback, then you may have to redo the whole thing if they are not satisfied. This wastes your time, money, and resources as well. But with the Minimum Viable Product Program, you can understand and implement user needs in your product. In this way, you meet the user expectations from your product as well. This further helps you develop a better product that aligns with the user's needs.
● Authenticate market drifts
With the MVP approach, you get a knowledge of the market demands which further helps you find some potential customers. With the help of this information, you can discover ways to improve your product. You may even come up with a whole new concept altogether to align with the market drift, who knows!
● Draw investment
If you can show the potential of your MVP version to the investors, they may even consider investing in your venture.
● Clear focus
With the MVP approach, you work only on the core features for market testing. This helps you and your team to focus on the core features and work on them with efficiency. Fringe features are good for decoration, but with MVP you need features that add value to the product. So, core features are all that you need to worry about in the MVP phase. With a clear focus on the core, your product is more likely to be successful.
● Less room for error
Working on limited features reduces the chances of making errors and saves a lot of redo work. With lesser complex features to work on, the building process is made easier with the MVP approach. This increases the chances of the product turning out to be more efficient.
● Monetization Strategy
Products need to earn profits. When it comes to applications, creating a viable source of income includes a decent monetization strategy. Now several such strategies have proven to be successful in the market. So what works best for you? The MVP approach helps you with that part! Overview To wrap it up, MVP helps you get user feedback on the first version of your product. With that data, you can work through the loopholes and generate a better product suited for the users without wasting time and money.
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