What is a minimal viable product?
The minimum viable product (MVP) is a marketing strategy that is sometimes used to determine the minimum number of features that the product must own to offer this good or services to consumers. The idea that is worth identifying these basic functions is to get the product in front of the public and build a reputation together with the client base, allowing the product to start generating income earlier than later. As the market is growing, there is an opportunity to improve good or service to gradually increase the value for consumers, based on the feedback of the first consumers.
There are a number of benefits associated with the concept of starting a minimum viable product. One has to do with saving time and money for the development of the product itself. By focusing on the basic features necessary to attract consumers' attention, the developer avoids the inclusion of other functions that may or may not add the evaluation of the product in the minds of consumers and focuses attentionST for the main advantages. In the long run, this approach means that less money is spent on development and the need for something in the product is minimized. At the same time, the minimum viable product provides a solid foundation for improvement later based on the receipt of consumers and comments and proposals received from these customers.
The identification of characteristics that must have a minimum viable product to compete on the market will often include research on wishes and needs of a specialized group of consumers. Research can be managed using various methods such as inviting selected consumers to participate in panels or surveys, carrying out collective mail campaigns or using online surveys to get an idea of what consumers want in a given type of product. NACE data is collected and organized, the development team can use this information to identify the headsGroups of functions that are expected to appeal to the market of consumers who are able to maintain the product and allow it to generate a reasonable amount of profit.
When successful, the minimum viable product generates sales and also raises comments from consumers, which can then be used to refine the product. This approach can work for everything from the detergent for washing dishes to the design of the online store. By providing sufficient value to attract customers without many other bells and whistles, the company can build a client base, create the presence on the market and gradually improve the product so that the appeal continues to expand, while still maintaining most of this basic group of consumers.