A Minimum Viable Product (MVP) is an early version of a product that has enough features and functionality to attract early adopters. Its a way to test your hypothesis or product idea without spending the time and money to build the full product.
Understand the Intent
What is MVP?
"Minimum viable product" is a term coined by Frank Robinson and popularized by Eric Ries, founder of the Lean Startup methodology.
According to Ries, an MVP is the version of a new product that allows the team to gather the maximum amount of proven customer knowledge with the least amount of effort.
In reality, the idea of an MVP has little to do with development. Founders and many developers often confuse the concepts of an MVP and a technological prototype.
Working with over 500 product managers and product owners at MASSIVUE, we’ve seen a lot of confusion around what an MVP (Minimum Viable Product) really means. So, we wanted to share our take on it here.
As an entrepreneur or product manager, it’s important to understand the concept of Minimum Viable Product (MVP). While there are many different definitions out there, I believe that the best way to describe MVP is as a Market Validated Prototype.
At its core, an MVP is a market validated prototype. It’s a product that has just enough features to satisfy early customers and gather feedback for future iterations. The emphasis is on the word “validated” because it’s important to remember that an MVP is not just a random collection of features or a rough sketch of a product idea. It’s a prototype that’s been designed with specific goals in mind and tested with real users to see if it meets their needs.
The goal of an MVP is not to launch a full-fledged product, but to test the assumptions that underpin your product idea. By putting your prototype in the hands of real users, you can see if your idea resonates with them and if there’s enough demand for it in the market. An MVP is essentially the bare minimum version of your product that you can release to the market in order to test and validate your assumptions. It’s not meant to be perfect, and it’s not meant to have all the bells and whistles of a fully-fledged product. Instead, it’s meant to be a simple, stripped-down version that allows you to test your idea and gather feedback from your potential customers.
The beauty of an MVP is that it allows you to test your product idea with minimal investment. Instead of spending months or years developing a full-fledged product, you can get a prototype in front of customers in a matter of weeks or months. This not only saves you time and money, but it also allows you to gather feedback and iterate quickly.
But the key to the success of an MVP is that it needs to be market validated. This means that you’ve taken your prototype to your target market and received feedback from real users. This feedback allows you to validate or invalidate your assumptions, and make any necessary changes before you invest more time and resources into building a fully-functional product.
By understanding the importance of MVP as a Market Validated Prototype, you can save yourself time and money by avoiding building a product that nobody wants. Instead, you can create a product that solves a real problem for your target market and meets their needs. So if you’re an entrepreneur or product manager, remember to always focus on your MVP and make sure it’s market validated before investing more time and resources into your product.
So, the next time you’re thinking about building a new product, remember that an MVP is a market validated prototype. It’s a way to test your assumptions, gather feedback, and iterate quickly. And most importantly, it’s a way to build products that your customers really want.
A Market Validated Prototype involves several key steps and iterations to ensure your product idea aligns with market needs and preferences. Here’s a step-by-step guide to help you achieve a market validated prototype:
Collect feedback from key personas: Start by collecting and analysing feedback from users who have interacted with you on your ideas. Identify strengths, weaknesses, and areas for improvement based on user experiences and suggestions.
Refine User Personas: Use the feedback and data collected from your sessions to refine your understanding of your target audience. Develop clear user personas to guide your decision-making during the prototyping process.
Identify Core Features: Based on user feedback and your updated user personas, determine the essential features that resonate most with your target market. Focus on enhancing and expanding these core features in your prototype.
Market Research: Conduct thorough market research to understand the current trends, competitive landscape, and emerging opportunities in your industry. This research will help you validate your product’s market fit and identify potential gaps.
Competitor Analysis: Analyze your competitors’ products to identify their strengths and weaknesses. This analysis will help you differentiate your prototype and highlight its unique selling points.
Iterative Prototyping: Develop an iterative prototyping approach. Start with low-fidelity prototypes to quickly explore and validate different design concepts. Gradually move to higher-fidelity prototypes as you refine the product based on user feedback and insights.
User Testing and Feedback: Continuously involve your target users throughout the prototyping process. Conduct usability testing sessions to gather valuable feedback on each iteration and make data-driven decisions for improvements.
Pivot if Necessary: If the feedback indicates significant flaws in your initial concept, be open to making necessary pivots. Sometimes, the best course of action is to modify the product idea based on user needs and market demands.
Value Proposition: Clearly define your product’s value proposition and ensure it aligns with the pain points and desires of your target audience. Highlight the unique benefits your product offers compared to competitors.
Validation Metrics: Establish specific metrics to measure the success of your prototype. These metrics could include user engagement, conversion rates, customer feedback scores, or other relevant indicators.
Market Validation: Once you have a well-refined prototype that has undergone several iterations based on user feedback, test it in the market with a limited release or beta launch. Monitor its performance and collect additional feedback from a broader audience.
Refine and Launch: Based on the insights gained from market validation, refine your prototype further. Address any remaining issues and prepare for a full-scale launch.
Remember, the process of moving from a Market Validated Prototype to a Minimum Viable Product is not linear, and it may involve multiple cycles of feedback, iteration, and validation. Continuously staying in touch with your users and adapting your product to their needs will increase your chances of success in the market.
At MASSIVUE, we help startups and enterprises on their product delivery journey. Reach out to today to get your products delivered efficiently.
