Minimum Viable Product
Minimum Viable Product (MVP): A Strategic Approach
The Minimum Viable Product (MVP) is the most basic version of a product that a team can deliver. But is launching an MVP really a good idea?
Imagine a company planning to introduce a new product to the market. The team meets and decides to add a set of features they believe customers will love. They spend months designing, developing, and testing the product. However, when the product finally launches, the company realizes that half of these features are of little or no interest to users. Basically, this scenario would be disastrous!
In reality, the practice of developing an MVP aims to prevent such situations. This is because, by launching a minimal product, the team can quickly learn what customers want and what they don’t. Then, based on this feedback, they can make adjustments to deliver a product or service with greater value and usability. Conversely, they may determine that the product has no market viability and abandon it with minimal investment.
What Is a Minimum Viable Product?
Eric Ries, the author of The Lean Startup, was the first to popularize the term MVP. He defined it as:
“A minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
In other words, an MVP is the simplest version of a product or service designed to test ideas. In fact, it includes only the essential features required for functionality—nothing more. However, an MVP should not be confused with a prototype. While a prototype is created to generate ideas, explore possibilities, and analyze concepts, an MVP is meant to test the market and gather detailed insights into customer needs. To sum up, by offering a simplified version of the product, businesses gain a clearer understanding of what customers truly want—and what they don’t.
See also the article about refactoring.
How to Create an Minimum Viable Product?
To develop a Minimum Viable Product, the team should follow these key steps during product backlog refinement:
- Identify the key assumptions
- Determine the minimum features needed to launch
- Test assumptions and functionalities
- Gather feedback and refine the MVP
Key Benefits of a Minimum Viable Product
In summary, an MVP is a streamlined version of a product or service that reaches the market as early as possible. The primary person responsible for defining its core requirements is, basically, the product owner. The main goal is to collect feedback on customer preferences. Since MVPs are typically developed in a short timeframe and with a low budget, they also help reduce risk. By following this approach, businesses avoid spending months or even years developing expensive products that ultimately fail to attract users.
Finally, by strategically leveraging the MVP concept, companies can enhance their product development process, minimize wasted resources, and maximize customer satisfaction.