Benefits of Starting With a Minimal Viable Product
If you’re a startup looking to bring a new product to the market, designing a Minimal Viable Product (MVP) is an important step in the development process. A MVP is a product that has the least amount of features needed for testing the viability of your idea with customers. The MVP helps to begin the process of learning as quickly as possible, testing on customers, and making changes as necessary. Here are some other benefits of building an MVP.
Tests Key Business Ideas
When you build an MVP, you’re getting a version of your product out there early to test your key business ideas. Building an MVP narrows your vision and gives you the opportunity to define exactly what value you would like to provide to your ideal customers. Once you clarify exactly what you would like to offer customers, your time spent developing your product is more focused. By having just the basic features in the initial product, instead of all of them, you can test your hypotheses, gather user information, and ultimately get your product to market faster.
Allows for Product Evolution
Once you begin testing your product, you get valuable feedback that you can use to continue developing your product. If particular features didn’t work well with customers, you can start the process over and make changes where you have to. After testing, you will know what features you can add to your product, or what may have to be taken out.
Builds Relationships with Customers
Building an MVP and targeting early adopters is one way you can build customer relationships sooner. Compared to the early majority, early adopters are more likely to give feedback about any changes or additions that could be made to your MVP. Their feedback would also help you evaluate whether your MVP is bringing value to customers. Targeting early adopters can contribute to creating a community around your product early on.
Building a mature product takes a lot of time and money. Instead of waiting for years to develop a product, the MVP can allow you to drive the highest value for your business in a shorter amount of time, reducing the cost. After the MVP is tested, you can then continue the development process with all the feedback and evaluations in mind.
Ultimately, building an MVP is an intelligent choice. It allows you start small, and build a better and more polished product over time. By interacting with customers early on, your product’s value is clearly defined, saving you time and money.