What is MVP?
MVP (Minimum Viable Product) is the proposed investment capable of working successfully for a product made with less features or product made for calculating the odd and even of the product, featured with less raw material for early adopters of the product to grasp feedback about the product and then maximizing product features to avoid market risk. To have the prior marketing of the product and learn customers demand.
Tips for your MVP :
MVP is actually to test the usage of the product by customers rather than this it is more helpful for the company to validate the final product.
MVP has three distinct features:-
- One is that it will have enough features for consumers to purchase the product.
- The other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product.
- Thirdly it should have enough future benefits for consumers, to adopt the product first.
For example- In the online world, a website is launched with basic features to showcase the provided products of sell, purchase weather it’s of FMCG, goods, electronic, clothing etc. Then take clues from the users and gather what exactly they are expecting from the product.
Next step after MVP :
- Analyze the customer feedback
- Work and make changes in your product accordingly
- Than come up with your new modified final product
- Now have the final product feedback from the old customers (during MVP)
- Make the few small changes and the final product is all set to get in the market with the competitors.
- Enjoy the success of the product, if required changes have it from time to time.