A minimum viable product (MVP) is a quickly created product intended learn about your customers in a “lean” way. This minimizes the time and money you put into development. You can engage with a low fidelity MVP, which is simple but gives you some insight into the customer’s interest. Higher-fidelity MVP’s let you learn about how customers use the product .
It’s important to build an MVP because from it you receive validation from customers about your idea before investing significant amounts of money. By doing this, you can get feedback from customers as they use your product.
Types of Minimum Viable Products
Lower fidelity MVPs don’t require coding knowledge. They are generally simple interfaces and allow you to gauge customer interest and explore solutions for them.
Concierge MVPs set up a human service to mimic the functions of software. This type of MVP is common to test out transitioning from human services to automated software.
High-fidelity functional MVPs limits the functionality of your product to one or two main features yet are still usable products for your consumers. This allows you to learn about your customers and change your product to meet their needs.
What goes into a Minimum Viable Product?
Begin by applying lean principles, then build an MVP. Once you’ve got a product, launch it and measure the results.
From this, you will learn how well your product met the needs of the customers. After this step, you shouldn’t be afraid to change your product if needed.
Continue to use MVPs to accelerate your growth and find new products and new features for existing products.
Think of an MVP as a science experiment in which your validating that your product is desired by consumers. Use them wisely to create better products before you spend lots of money on development.
Click here for more detailed information about what goes into an MVP.
