Minimum viable product: What is it and how to make it right to avoid pitfalls

As always, imagination works overtime. Ideas pop up, and we wish to push them into the market faster. But nobody knows for a certainty if the concept will lead to success or loss of time and money. So, to achieve the best results, a solution called minimum viable product is born. This term represents a product version that has just enough functionality to satisfy the needs of early adopters.

In the hands of actual users, this type of product is not a theory anymore. It brings real feedback, which will determine the strategic direction of further product development, initiate changes, or even cancel work on the product. So, in this article, we – ArrowHiTech would like to introduce to you guys the definition of a minimum viable product, as well as how to make it right to avoid the pitfalls. Let’s go!

What is a minimum viable product?

What is Minimum Viable Product?
What is MVP?

A Minimum Viable Product (MVP) is a concept of Lean Product Development that is based on the concept of ‘minimality’ and ‘viability’. MVP design represents an unprecedented focus on what matters most for defined users. Also, this kind of product is developed to be offered to potential customers to gauge their response to the product idea before investing in launching a full-scale product. 

Some benefits of a minimum viable product

So, now when we’ve figured out what is a minimum viable product, let’s look at how it benefits your business.

#1. A minimum viable product helps minimize time and effort

As it usually takes a great deal of money, countless hours of developers’ and designers’ work, the end may not justify the means. To be exact, developing a full-scale product can be a time-consuming and expensive process that can sometimes take 8 to 12 months to develop. By using an MVP, this can be built and launched within 2 to 3 months. Also, with the time scale like that, the cost will become much lower than normal methods.

#2. You will know what your customer needs better

A minimum viable product stops you from developing something you assume your customers will like. Instead, you get a genuine demand. Plan and prioritize what you can change about your product to become more valuable since it is clear where to direct efforts. In other words, an MVP allows you to learn about your customers’ response to your product, their interests, and preferences, without fully developing the product.

#3. Build relationships due to time-to-market reduction

By having an MVP, the product idea can be swiftly transformed into a workable product that can be released to the market at the earliest. This is because interactions with the first customers produce a great value – a business gets entrenched in the market right away. After all, everything starts with these users’ feedback. So, the sooner you start working with them, the more loyalty you will earn.

#4. Further product development to reach market leadership

A minimum viable product also contributes to fast market entry. This can be done by gathering market feedback that can be applied while developing the full-scale product in the future. On top of that, no advanced analytics, planning, or marketing research will discover the information you get when you build an MVP. As a result, the sooner the world witnesses it, the more chances you gain to set yourself apart.

How to make a minimum viable product in the most precise way?

What is Minimum Viable Product And How To Make It Right
How to build MVP in the most precise way?

Step 1: Having an idea-collecting conference

A new product often starts with a solved problem or an invention, accidental or otherwise. It would be best if you outline how your product will provide value to customers. No matter how everything seemed rosy and right, here is the first sticky point. It is called an existing idea. Be careful not to reinvent the wheel. Just pick the gap that the competition isn’t filling, fit yourself into it, and that’s how it’s done.

Step 2: Beware your competitors

After you decide on your product’s main idea,  pinpoint your most important competitors and learn their essential aspects. Remember, research and planning are always about the further smooth development process. This will ensure your success in building your own minimum viable product.

Step 3: Start designing and developing your minimum viable product

Once you have decided on your idea to build an MVP, you should start designing and developing your product. This resembles climbing a mountain. It will make it more difficult to move and reach the top if you take too much with you. So, the less functionality you plan, the easier it will be for the customer and you. 

ArrowHiTech development services

For the MVP development itself, you will likely want to turn to a Software Development Company, like us – ArrowHiTech. We are an excellent IT outsourcing and software development company. We offer top-notch products and services to clients worldwide.

Step 4: Conduct the testing phase

At each stage of MVP development, it is necessary to check whether the project meets the requirements. Before the MVP launch, developers will run alpha testing. Then beta testing will begin among your friends and colleagues (or another small group of people). After that, real-time testing is put into practice. Keep in mind that your plan is not a one and done, and the feedbacks of your customers are the way to do that.

Final words

That should be it! Here is the finest definition of a minimum viable product, as well as how to make it right to avoid the pitfalls. All in all, this kind of product approach for a startup enterprise and an established corporation alike is a clear and fast journey to a fully-fledged product. It is an excellent means to remain focused on what your product’s purpose is, who it is for, and why it is needed.