What is MVP?
MVP stands for Minimum Viable Product. As per the definition, Eric Ries, defined an MVP as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
Do the market research will help you to understand the competitors or similar product’s strengths and weaknesses. We have to keep in mind that market research is a continuous process. We can do market research in many ways. The key tips are:
- Define the User persona
- Prepare research questions
- Find out and make a list of your competitors
- Consolidate your research findings.
How to Build MVP?
Before implementing your big idea/concept into a big/complex product, you can start building a solution with 3 key features and build and rollout faster to the market in 90 days. We can take a small example of our life. Before we start a big store with a variety of beverages, we can start with smoothies to capture and understand the user’s needs.
We have to keep these two points in our minds. One is the MVP should align with the organization’s business objectives. The other notable point here is the MVP won’t have 100% of your big idea.
Top 3 Benefits of Building MVP
There are many benefits to building MVP. Here, we are going to see the top 3 benefits.
- Early adopters of the Product
- User Feedback
- Market Risks
We get early adopters of the product after launching the MVP. They are often called as light-house customers. Usually the early adopters are the customers who are interested to explore new products and write about their experiences in social media. These customers will give feedback based on their experience with the product.
We get the real user feedback from our early adopters of the product. This feedback helps to iterate the product features and make it better. The product manager role is critical in handling user feedback. Since we have to be cautious in classifying and prioritizing the feedback. He/she needs to take the feedback which is aligned with their product/organization’s objectives and need to tell No to the customer which is not aligned with their objectives.
We get to know early if the product is market-fit with less budget and in a shorter time. It helps to identify our assumptions done in the implementation of the product that meets market needs.
I hope you might have got an idea about what is MVP and its benefits. Watch this space to know more about Product Management.