Not all good ideas turn out into great products. There are quite a few products that fail in the market due to a variety of reasons. But does it stop us from investing in the Products? How do we find out if a Product is going to be a hit in the market? And more importantly how do we find that out by investing the minimum amount possible. Enter MVP - The Minimum Viable Product.
The concept of MVP is getting acceptance throughout in the area of Product Development. It is a concept largely used by start ups. And it will immensely help new product design and development in larger organizations.
What is an MVP?
Our objective with a Minimum Viable Product is to provide a mechanism for maximum learning about the target audience or the target market with the minimum effort. Does it mean that we only ship 3 out of the 10 features that is required to hit the market at the earliest. No. The concept is beyond just the product features. A Minimum Viable Product takes into account the Product idea, how it generates interest among the users, what features that the customers or the market really wants, demand for the product, etc. It is a strategy that is used for learning about the customers early into the product life cycle, so that they can make the changes for the good.
Strategies for MVP
