What is a minimum viable product approach?

A minimum viable Product or MVP is a set of minimum features in a product that fulfill the user’s requirements. MVP is an early version or prototype of a product with basic functionalities that is aimed at early adopters. it includes building a minimum set of features that enable you to gather product or software reviews from early users. Once you get an idea from the reviews you can develop the product with only the necessary features. Then release updates from time to time by researching the need of customers and market trends. MVP approach can be implemented in all kinds of business domains including software development projects. Amazon is one of the best successful examples of the minimum viable product approach which was started as a bookstore in the early 90s. as time passed it has made huge progress and today it is one of the recognized brands.

 

Why go for the MVP approach?

If you are planning to launch a new product, software, or app the main thing you do is that you validate your hypothesis on the targeted customers and it is crucial to analyze with a limited amount of time and budget. So to have an efficient analysis and deliver the best product, you should go for the MVP approach

One of the main advantages of using the MVP approach in the IT industry is this process not only validates the perspective of the products but also allows the developers to build the functionality in the app over time. MVP approach includes only the features that solve a core problem for specific users allowing most of the software houses to release the product to market. This approach provides quick feedback while keeping the development costs minimized, gathering feedback data and using it for future improvements in form of updates. Also, there is room for the evolution of your product, as soon as your MVP approach-based project is deployed to market, user-based review allows developers to add more features that is in demand hence improving the deployed products day by day. A properly Built MVP reduces cost while increasing efficiency and product quality.

 

 How to implement MVP on your software products?

Implementing the MVP approach into any project requires effort not only from developers but also from stakeholders. Following is the major workflow for implementing the MVP approach on your projects

  • The first step involves the problem identification of the problem. You need to know the scope of problems your project will solve
  • Then start market research Before a business initiates. MVP Development process ensures that it fulfills the users’ needs and also do consider the competitor’s offer and how is the product idea.
  • Defining the workflow is necessary to determine the process stages. It is important to explain the steps needed to reach the final product. You should focus on tasks such as finding and buying the product or managing and receiving orders rather than features.
  • prioritize all the features that the MVP will support? Is this product offering them something beneficial?
  • Once you had decided upon the features and market needs, you can create the MVP. MVP is not lower quality than a final product must have to fulfill the customer’s needs

Successful projects launched as Minimum Viable Product

In recent years Minimum Viable Product approach has proved to be very affecting in start-up projects. But some famous and successful applications were MVPs when their first versions were released.

Mark Zuckerberg created MVP of a Facebook website for students of American schools. Although it was not a good concept, Facebook managed to remap this idea. The Minimum Viable Product of Facebook gained popularity thanks to its minimalism and ease of use.

Instagram is relatively new in the digital market. However, this thing does not stop the app from becoming one of the most used social media platforms. Initially, MVP of Instagram offered photo filters. But the project become popular as soon as developers added the sharing feature.

 pros and cons of the MVP approach

most often businesses rely on the approvals of projects from stakeholders. This approval can be got easily if the project can attain the desired outcomes like revenue and reduced checkout times. Selecting an effective MVP approach secures the product identity and allows the developers to understand how the project is going to work for stakeholders. A minimum viable Product not only proves the merits of the product but also provide a physical product that stakeholder can have from their perspective, and the product can be launched in the market without having the customers wait for months to see the outcome of the product

While the MVP approach is beneficial in the business and IT industry it has some drawbacks It is easy to lose focus while developing an MVP. Repetitive development requires focus, dedication, and knowing exactly about what product to be. Also, there is a risk competitor that they might catch up with the same idea from your deployed project. Other can see your early build project, finds its limitations, improve it, and start working on the project of the same niche

 

Conclusion

These days where there is huge competition in business and its industry, everybody is in the race of generating more revenue from their products while keeping cost low. MVP approach is one of the best approaches which has proven efficient for developers and stakeholders. A minimum viable Product or MVP is a set of minimum features in a product that fulfill the user’s requirements. MVP is an early version or prototype of a product with basic functionalities. This process not only validates the perspective of the products but also allows the developers to build the functionality in the app. It includes only the features that solve a core problem for specific users allowing most of the software houses to release the product. It is easy to lose focus while developing an MVP also, there is a risk that competitor might catch up your idea. there are many successful products that were deployed as MVPs