MVP (Minimum Viable Product)

MVP stands for Minimum Viable Product in the Product Development context. An MVP is a concept that is related to developing and delivering a working product with minimal but must have basic features to review and receive feedback from early users. This strategy is to bring to the market quickly a simple functional version and to test the viability of a product idea. This helps to learn from user interactions and validate the acceptance and value of the product idea which can lead to iteratively improving the product based on actual usage and the value this can bring to customers.

Features of MVP

1. Minimal Features: The MVP will only have essential features
2. Quick to Market: The goal of an MVP is to launch a product quickly and effectively
3. User Feedback: MVP goal is to get the required feedback and customer feel about the product you plan to build
4. Risk Mitigation: Delivering an MVP helps mitigate the risk of investing in resources with Time and Cost Efficiency. Launching MVP with basic and key features with a small budget helps in risk mitigation.
5. Market Validation: MVP can be used to test the market conditions for user needs and demands to see if the product planned will add value to customers and the company. This also provides early Learning and Validation to verify the product viability.
6. Agile Principles: The concept of MVP aligns with Agile principles and Iterative development.

How to Plan and Build an MVP?

1. Validate your idea: Before building an MVP, identify the problem the product will solve and validate your idea with market research and a reality check.
2. Define the Vision and Objectives: Planning an MVP includes clearly defining the vision for the product and establishing key objectives for it. Define the problem or need the product targets to address and outline the desired outcome.
3. Identify your target Users and Persona: Identify the target users and create a user persona by understanding their needs and specific requirements the MVP will deliver and the pain points it will solve.
4. Define your MVP’s core features: Identify and define the key features and functionalities that address the need of the customer or the pain points it will solve and enhance user experience to bring value to the customers.
5. Build your MVP: Develop the MVP with the features and functionalities identified for the MVP to make it usable, and reliable and solve the user problems or pain points.
6. Test your MVP: Test the MVP with a group of selected and identified user groups or early adopters who will provide valuable feedback on what works and what will not.
7. Analyze feedback: Analyze and plan for further iteration with additional features and improvements based on the feedback and suggestions received.

In Product development and management using Agile Scrum methodologies several key aspects, scrum ceremonies, and key events mark the complete life cycle of a product. In this article, we will discuss 3 key terms from the development process, Product Backlog, Product Releases, and MVP (Minimum Viable Product) and their purpose and uses.