MVP (a minimum viable product, sometimes mistakenly explained as a minimum valuable product, or a minimal valuable product) is a minimum viable product that allows you to get meaningful feedback from users, as well as understand their needs and not create things they are not interested in and not ready to pay for.
MVP for startups is absolutely not a carelessly made raw product. The thing is that its development takes little time and it possesses only core functionality, the relevance of which for real users is to be checked.
Studies show that nearly 60% of the features are not used at all, and, therefore, are not in demand among users. The MVP concept allows you to shorten the time for the project launch by creating only the necessary functionality and receive a real feedback for your product.
Here is an example
Let’s take for instance a hypothetical streaming music fund application. What is the main purpose of this app? This is an opportunity for users to upload their music to a single platform where other people would be able to learn about new artists and new songs.
To developing mobile application attractive enough for beta users, in addition to downloading and playing music, you might want to let users save some favorite songs and performers for later listening. But that’s all.
This is your MVP. With these functions, you will start in about two and a half months from now. Would you like to see how easy it is to extend the time required to introduce applications to the market? Add three weeks to make a chat for users to communicate with each other. Add two more weeks to make five times the playlists for music for different likings. Make CMS control for all music in the application.
How about Facebook integration? Add two more weeks. And so on and so forth.
The point is: every new kicker you integrate into your product costs you precious time. The time that distances you from the goal – applications launch!
Do you believe it is worth investing into additional functionality development? Yes, it is. However, additional features are not a priority at the moment, when your main goal is to enter the market!
Create MVP now and launch it immediately. Or work on adding three or four dop goodies to the almost ready application and helplessly watch how two or three of your business competitors are already launching their products …
Important things first, the rest later test
The only condition to be followed is that MVP should convey your idea accurately. If it turns out that you did not bring the concept to the customers clearly and they misunderstood it – the results you get would be false. Likewise, you must sell the service to your potential target audience.
MVP is the central nerve of the product launch process and is a fundamental core. The right vision leads to a good MVP, which would be implemented in the successful launch later.
Concentrate on the main things and throw away all the unnecessary stuff. Good luck to all of us in launching the best products!