What is MVP and why it is important?

MVP testing is a scientific method of launching a product. Once the MVP is defined, everything else will fall into place; features can be added, and a pricing point can be determined. Why creating MVP is important then? To put it together this way, MVP, is a product with enough functionality to entice early adopters and verify a product concept stage of the product development cycle. MVP helps to get the end-user perspective and feedback on the product before developing the final product and trust me on this it actually helps startups optimize their development in terms of both cost and efficiency. 

4 Absolute reasons Why develop MVP?

Here are the 4 things you should know before you develop your MVP. MVP should be your mantra if you want to develop an exquisite product to be appreciated by both your users and investors.  

To align your development goal

Consider you are planning to build a car, your MVP will contain the architecture, model, design and the overall concept of how your vehicle will look like.  If you do it properly then by the time your MVP is ready you will know what resources to align, how many developers are need, what your final design will looks like, which stack to use and by far even the overall cost the project might need. See, you are already half the way of your development process once you have MVP ready.  

To identify and solve the problems before development

These ideas, which you may document in user stories, epics, or features, do not represent the overarching vision of the product. Identifying the problem beforehand can save you both time and effort.  

Making the plan of development action

It is important that the product must be viable hence you should remember the V in MVP before initiating the development action. This implies that it must enable your consumers to finish a whole job or project while also providing a high-quality experience to the user. Another of the most important aspects of MVP creation is verifying the product’s viability.  It is said that the 60% of a typical product’s capability is never used. You may evaluate or refute your ideas using the Minimum Viable Product development method with low risk. 

Attracting investors

The key to attracting investors is to instill trust in the product you’re marketing and its potential to deliver the desired result. This guarantees that when you do, you’ll have a credible case that supports the product’s market viability. Stakeholders ultimately want to invest in successful products. An MVP delivers a real product that stakeholders can see and use, in addition to proving the virtues of a product. Furthermore, if investors are interested, the product may be launched without the need for stakeholders to wait months for a return on their investment. 

3 Things to know before building your MVP  

This section will talk about the 3 main things about this widely used development method which can help you build your seamless product. This is the most cost-efficient and effective model used globally for product development. Check the below listed points to know more.  

Agile Development

While iterative model is the software development process which works in small units and chunks. In agile the requirements for development are analyzed and the process can be repeated until the final product is developed. Iteration also falls inside agile development the features are released and developed in the time-boxed approach meaning the development time is pre-determined for e.g., if you are developing a simple food calorie software and the total estimated time is 4weeks. The development did not complete in the 4weeks so if required the limited increment in time can be made such as additional 1week. 

Iterative Development

The iterative development is the process of breaking down the entire software development process into smaller units. It involves designing, developing and testing the features and codes in cycle. Now, let’s talk about 3 most common mistake we make while developing the product. Assumption!! Assumption!! and Assumption.  

Total assumption of the user behavior and their interaction with the product in an early development phase is very wrong. I also don’t want to miss the fact that, there are changes in features while the product is being developed and as iteration is the part of agile development practices you can rely on user data to change the features in the product.  

Sprint

Sprint can simply be the brief period of time during which a scrum team works to finish a set of stories that was pre-planned in the sprint. When the product development starts the standard practice is to close sprint in 2weeks. Working in the sprint will assist the development team to ship quality software in a planned and organized way. The practice is followed world-wide because of its effectiveness and high efficiency. 

Why MVP is so important?

We discussed about what is MVP and why you should build MVP, now let’s get into the detail about the importance of MVP. Will it not be okay if you don’t start with MVP or is it that necessary? Will it put the business at risk if somehow, it’s not built? Now, let’s discuss why you should put so much effort, time and resources in MVP?  

● Creating MVP will save you both your time and resources. It will also attract the investors as it will make sure that they will be investing in a project that will be successful.  

● You can also see and test if the product is appealing to the potential users. Which means you will likely get very insightful feedbacks from users and take necessary actions before-hand.  

● It will also help you stay updated with the development trend and take advantage of it while you are still developing the full version of the product.   

● In the business and marketing perspective you can also acquire the potential user base in early stage and find the early adopters. This will help you gain customers from start. 

4 Powerful reasons to justify you should have your MVP ready – Go Build your MVP

Still skeptical? Definitely check these reasons that will convince you to build the MVP before hopping on it to start with your final product development process.  

You can take early user feedback

The best thing is you can get the early customer feedback after the MVP is developed and you can make changes according to those feedback on-time if required. You can build and go live with minimum features and then actually start to make certain changes as the user feedback will start to come. 

Use of resources is optimized hence enhances efficiency

MVP will give you a direction to develop a certain kind of product, which means that it will cut-out distractions and help you invest in features that will add value. This will not only help in proper utilization of resources but it can also help to enhance the development efficiency.  

Attraction for Investors

Put yourself in the shoe of an investor and think. Would you invest in the product that will not add value to your investment? Or will you be willing to invest in a product that you know will be a sure failure? The answer is no. Same goes for your investor; they will be willing to invest in product that gives them high ROI. So, if you want to attract your investor MVP is the must have.  

Fast development changes

An MVP allows your team to learn rather than speculate, and because it is a limited version of the product, the team can quickly change based on what is learnt. This results in a rapid learning curve and a considerably higher possibility of success. 

Summary 

● Your product goal will start to fall into place once the MVP is defined so warmup and start the MVP hustle. 

● For startups, MVP will help the development optimization in terms of both efficiency and cost of the product. 

● For startups, MVP will help the development optimization in terms of both efficiency and cost of the product.   

● Before beginning the development action, keep the V in MVP in mind. It is critical that the product be viable. 

● The key to attracting investors is to instill confidence in the product you’re selling and its ability to deliver the desired results. 

● Stakeholders want to invest in successful products in the end. In addition to demonstrating a product’s benefits, an MVP delivers a real product that stakeholders can see and use. 

● Stakeholders want to invest in successful products in the end. In addition to demonstrating a product’s benefits, an MVP delivers a real product that stakeholders can see and use. 

● As you know how important MVP is now, create your MVP and stay ahead of the game.  

MVP approach is more rational, less expensive, faster, and enhances the probability of successfully identifying an end-user than any other method of product introduction. It won’t make a terrible concept good, however it will help determine feasibility.