What is MVP? (Minimum Viable Product)

by KAUSTUBH SHARMA on Jan. 19, 2023, 4:43 a.m. with 513 views

MVP - Early Version of your product/service to get insights from your customers.

THIS BLOG IS INTENDED FOR PRODUCT OWNERS, KEY STAKEHOLDERS & PROJECT TEAM.

WHAT IS IT ?

• MVP is Product development strategy that focuses on creating a product with the minimum set of features required to validate a business idea with early customers. 
• Or in simple words, Version of a product that has just enough features to satisfy early customers and provide feedback for future development.

WHY WE NEED IT?

• The idea behind an MVP is to get a product to market as quickly as possible in order to test its viability and gather feedback from real users.
• Which eventually allowing you to learn, save time and budget.

WHAT YOU GET?

Creating an MVP allows a company to

• test their assumptions about a product and its market,
• gather valuable feedback, and
• Make necessary adjustments before investing too much time and resources into a full product launch. 

In the end, you will get better version of your product as you keep learning more about your customer's expectations and therefore reducing the chances of building something that no one wants.

HOW TO DO IT?

To get better understanding, let's understand what MVP stand for:

• MINIMUM - Building"Just Enough" functionality 

CONCLUSION:

In conclusion, an MVP or Minimum Viable Product is a valuable tool for product development, as it allows you to test the feasibility of a product idea with minimal investment and gather feedback from users in order to improve the product before a full release. By keeping an MVP simple and focused on the bare minimum features necessary, you can minimize risk and increase the chances of success.

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