Did you know that no successful product has ever started with its final version? Tech products do not have a final version; they are always in a constant feedback loop. For example, many apps have to be “refreshed” and adapted due to user needs and trending behaviors.
The primary purpose of a Minimum Valuable Product
The goal of a minimum viable product is to enter the learning loop as soon as possible and in the least expensive way, designing first with a focus on a core value for a particular niche. The sooner you launch, the sooner you will be validating your hypotheses, and the sooner you will be adapting the product to the user feedback that your target market will provide.
Sometimes you will have to face the expectations you had about your idea. You want the maximum amount of users to like your product idea as much as you do, but this doesn’t always happen. You will probably have to adapt it to the feedback you get from your target audience in the first versions of your business idea. How can an MVP help you in this way? Let’s see.
Discover some of the most important uses of an MVP
Building a Minimun Viable Product will help you in the following:
1 — Concept Testing:
This is the most effective way to test your business concept. It will allow you to discover valuable insights that will be key to building your success and may take you in a different direction than initially thought. That’s the point. It happens to a lot of companies! For this reason, MVP development should be simple, demanding the least effort possible. If they are flexible, they can adapt asap to user feedback and insights from the first version.
2 — Demand Testing:
It’s more important to understand market demands than to focus on the MVP’s sales. While an MVP may not reach the expected traction, uncovering more needs/pain points will mean the ability to tailor the product and business and gain more significant opportunities.
3 — Usability Testing:
You can have a great idea and solve an immense pain. However, if there is no understanding of how you should use the product, you will not have good results. It’s critical to test usability to make sure that the products are intuitive and that business validation is not biased by poor usability. An MVP will also give you feedback on this from potential customers.
4 — Monetization Testing:
Products must be profitable. There are many ways to monetize a tech product. An MVP is an excellent way to evaluate which one is the most suitable. A survey or a landing page is useless if, ultimately, no one is willing to pay for your product/service.
5 — Product Testing:
An MVP is the most efficient experiment to know the features the end user will want next and exclude those that do not add value. A feature may be considered essential by the founders when building an MVP. However, after testing with real users, you might realize that it was dispensable. For this reason, the fewer features to validate the concept of your product, the better.
MVP: test and validated learning
In short, an MVP development is a process focused on testing and validation. In the process, you will identify the most relevant hypotheses, find the most efficient ways to validate them and use the insights to guide product and business development.
Having an MVP development approach allows entrepreneurs and early-stage startups to escalate, due to the iterative process that allows focusing on what really matters to the target consumers. With each new release, you should maximize ROI, moving towards a more solid product and an increasingly mature business.
Have you ever launched an MVP? How was your experience? Feel free to leave us your thoughts in the comments!