You have probably heard more and more about the Minimum Viable Product or how it is abbreviated MVP, and you keep asking how you eat that, what it is for or how it is done; Today we offer this post that can help you to have the basic ideas you need to give impetus to your next venture. Let’s start by answering the main questions.
What is a Minimum Viable Product (MVP)?
Basically it is about showing your first clients an early or basic version of your proposal to evaluate if it satisfies or solves their problems, usually these first clients are characterized by being more tolerant and prone to share their opinion what can be used to provide feedback and go working on polishing your product for the end user.
How does it work in MVP?
The creation of a Viable Minimum Product is part of a process of idea generation, prototyping, data collection, analysis and learning in a cycle that allow you to adapt the product to the market to minimize your risk of rejection in the end user .
When talking about the Minimum Viable Product, one can not stop mentioning the Silicon Valley entrepreneur and professor, Steve Blank, who was one of the first to spread the Lean Startup movement and from which the concept of MVP, among others, emerges; So speaking of this topic we can mention one of his phrases when referring to the idea of the viable minimum product: “you are selling the vision and delivering the minimum set of characteristics to visionaries, not for everyone”.
The strategy of developing an MVP is common in technology companies because of the high costs implicit in the launch of a finished product, so the creation of a prototype can serve in multiple ways, however nowadays it is recommended to apply it to any sector , since it can help to evaluate if the idea creeps into the market, to generate traction to develop projections and scalability for business plans that may result in long-term investments or simply polish the usability of the product or service in order to minimize its risk in the market.
How is an MVP developed?
Now we are going to give you a small scheme so that you can develop your next Viable Minimum Product.
- Identify the idea you want to develop: For this it is important to evaluate what satisfies or solves your proposal, as well as the profile of your potential ideal client and your demographic data.
- Discover and identify all your competitors: It is not about doing a stalker or stalker job, you simply must know its main advantages and how they offer it to their clients, get their faults and evaluate how you can improve them
- Build your own MVP: Based on all the data you obtained, create an early version of your product or service without wasting your budget. The important thing is that you cover the basic functions.
- Create a small group of your potential clients: Now go and choose a small sample of your potential clients, the best thing is that it is composed of people close to you or with the intention of knowing something new, since the main idea is that Be honest and share your opinion. And do not forget, the most important information is to know if they are willing to pay an X amount of your money for that product you are offering.
Now, I hope you have been useful and now you have a clearer vision of what is a Minimum Viable Product, so do not wait any longer and start your next adventure.
