By Anusha Bapat
A minimum viable product (MVP) is a prototype of a product idea with basic features and characteristics that can be used by a group of early customers for feedback and product development. MVP’s help in minimizing costs. A final product is developed after analyzing the preferences and response of your early customers.
Here are 4 important points to remembering while creating your MVP offering:
- Identify what problem your product intends to solve. This will give you an idea of the features that can be incorporated into the product. The key to coming up with a successful product is to identify market gaps. And then offer efficient solutions to cover the gap. Spot your success criteria. Identify your users and demography and strategise to ensure your product impacts your audience.
- After you know what your product is going to be, you will have to create a market offering. Build a compelling call to action. You have to create a brand that will attract customers and allow them to trust your brand enough. Credibility builds appeal.
- Create different prototypes. A feature you might not deem important might end up being useful to a few customers. Focus and build on the features that receive a positive response. Eliminate the ones that don’t add to the utility of your product. Start building hype around the product to excite interested customers and attract new ones.
- Consistently record data and assess your initial product. Evolve your product around the consumer response. Filter your product to an optimal blend of the most used features. Once you’re satisfied with the response of your upgraded and optimized product, you will begin the “Minimum marketable product” (MMP) stage of your market offering. This is when you release your product for all customers and earn your initial revenue.
MVP is a very efficient strategy to spend as little time on product development. This helps you go to market while keeping costs to the minimum. This allows a better user interference and gives a clearer understanding of your customers needs. Instead of directly going through a stressful product release, creating a MVP helps you optimize your product to match the demand and increases your chances of success.