Although Frank Robinson coined the term 'Minimum viable product', Eric Ries later popularized it. As an approach, MVP is not only widely adopted by product teams but also extensively applied by most large-scale companies.
The most crucial point for teams adopting the MVP approach is that MVP includes the product's simpler and plainer version, which contains the product's primary purpose and has the basic features defining the product, instead of the additional features that the product may have in the future. What is the concept of 'Minimum viable product' abbreviated as MVP? In this blog post, we would like to touch on topics such as 'What is the minimum viable product?' and 'What are the Advantages of MVP?'. We wish you an enjoyable read.
What is a Minimum Viable Product?
Eric Ries, who popularized the concept of Minimum Viable Product (MVP), a critical part of the Lean Startup methodology, demonstrates the primary goal of MVP as follows:
'It is the new product version that allows a team to collect the maximum amount of validated learning about customers with the least effort.'
Having the minimum features, MVP is a product that gets the attention of the users. MVP is the version of a product with a minimum applicable, that is, a basic set of features that provides feedback from users about the product early in the product development cycle. It is a highly speedy tool that contains the product's primary features and determines the final product more simply, without making the product complicated and adding too many additional features. It also provides preliminary information for users and is used to get feedback from early users. Considering how time is highly significant these days, this tool allows us to both reach users and obtain feedback fast by spending less time. After having sufficient input from the product's first users, the final product is then launched to the market.
What are the Advantages of MVP?
· The MVP helps the product team receive user feedback quickly to iterate and improve the product.
· By leveraging the MVP, it aims to get users' feedback by demonstrating the product's most fundamental features that show its primary benefit. Thus, it minimizes the time and resources allocated to developing a product that may not receive positive feedback.
· Moreover, the cost spent on enhancements is also minimized.
· The MVP provides an earlier product launch with a simpler version only with its primary features without including additional ones.
· Moreover, it allows you to reach users who love and adopt the product even when a product is in its simpler stage.
Successful MVP Examples
And many more… If you also have an idea that offers a solution to a problem, would like to develop a product accordingly, and test it with the help of user feedback in less time and cost, you can choose to leverage the MVP approach.
Stay healthy and happy,
Furkan Melisa Çetin
Product Management Assistant Specialist