An MVP, Minimum Viable Product, is a product with enough resources to lure new customers and validate an idea at the beginning of the development process.

In sectors such as tech, this approach can help a team to collect users’ feedback as quickly as possible and iterate to improve the project. It also provides saving, optimization capacity, and, even, centralizes the product before the final launching phase.

To understand the main benefits of an MVP keep on reading!

The MVP Concept

The entrepreneur, and author, Eric Ries introduced the concept of minimum viable product in his book “The Lean Startup” (2009). In it, he described the purpose of an MVP as a version of a new product that allows a team to learn as much as possible with the minimum amount of effort.

Therefore, a company can choose to create and launch a minimum viable product by adopting the following principles:

  • Launch a new product to the market as soon as possible;
  • Test an idea with real users before compromising a large budget to the full development of the product;
  • Learn what reverberates in its sector.

Besides allowing the validation of a concept for launch without having to build the whole product, an MVP can also minimize the time and resources invested in a non-successful idea.

Main benefits of an MVP

MVP is a concept of product management that works exceptionally well to bring a new product to market. Its main objective is to deliver functionality, by attending to the user’s essential needs and solving one specific problem in an effective way.

This approach generates countless benefits, including: cost effectiveness, minimal risks, product clarity, and the following points. Keep on reading!

1. Focus on the main functionalities

The MVP approach helps to bring clarity to the product and focuses on its main functionality. It allows you to test your business idea with minimum costs and time.

2. Clear sight

In the early stages of product development, you must specify your main resources, the client value and have them all written down.

After the checklist is made, share it with the team. This primary vision will definitely help you keep on the right track and make the best long term decisions.

3. Developing a precocious relationship with the client

Timing takes a significant role in business. It helps you engage new users and stakeholders in the early stages.

The firsts to adopt will spread the news about your product and will provide priceless feedback. What can be better than making your product 100% client-focused?

4. A better understanding of the client’s needs

Data gathered and detailed research on the target audience can not be overestimated. The first feedback is a lot more valuable than the best assumptions from experienced consultants and business analysts.

The sooner your client can test his product, the more effective its development will be. Your users will tell you their preferred functionalities, as well as which resources they want to be added on the next versions.

5. Quicker release

By deciding to develop only the main feature, your product release process is sped up. Upon launching the first version, you’ll be able to test the main hypothesis quickly and collect the needed feedback upon the main requested resources.

Do your best to keep this first version of the app minimum, and keep on with following incremental improvements. This will make you way more market sensitive.

6. Flexibility and constant updates

The next advantage of building an MVP is the possibility to be exceptionally responsive to the needs of the modern and accelerated market. The MVP approach creates a space for the updates and new resources that the clients ask for.

Besides that, your product can benefit from new technologies and tools as they are being launched. This will keep your product relevant in a competitive market.

7. Minimum risk development

It’s vital to have in mind that fancy apps demand large amounts of budget, time and effort. All of the most famous and popular software products started small and adopted expensive resources as the years passed by. Facebook, Instagram, Spotify, Airbnb, Uber, among others, started their development as MVPs.

The MVP approach allows you to save money by abandoning unfeasible ideas. It also helps you to strengthen your product as time goes by and collect a client database, even before the full launch.

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July 23, 2021

What is an MVP? Understand the main function of this concept