Minimum Viable Product (MVP)
A minimum viable product or MVP as it is commonly referred to is a technique initially used to develop a website, application or product during its design and developmental stages.
MVPs are put in place to minimalise the process of creating and executing successful products into the market. Eric Ries of the Lean Startup, discusses and considers MVP as a synthesis in constructing the ideal product for maximum positive engagement with its intended customers. He states that there are two approaches to this process including;
- Maximising chances of the successes of a product or application
- Early releases allow for early feedback and amendments to be made.
- It has enough value that people are wiling to use it or buy it initially - Eric Ries comments that when creating a website or product dissect it into halves and then halves again. This allows for remodeling and input into its usability and efficiency.
- It demonstrates enough future benefit to retain early adopters - Provide enough insight that the product works efficiently and effectively, however, leaves early adopters wanting more.
- It provides a feedback loop to guide future development – In not releasing the whole product at once it allows for amendments to be made and remodeling to take place.
- Focuses on core values
- Reduces reworking strategies and is easy to build additional features
- Initiates and builds on customer relationships
- Cost effective and efficient
MVP is a successful and positive process before marketing final products or applications into the marketplace. Its research, development, execution and analysis stages form a complete cycle in producing credible products that early users will further promote towards a wider range of customers and clients.
This successful strategy has allowed the team at Novata Solutions to work collaboratively in delivering positive and successful projects for our clients.