The most basic version of a product that early adopters will use or buy.
In the journey you’ve probably come across the Minimum Viable Product (MVP) approach, which seeks to create a product with the highest return on investment and the lowest risk. Too many ideas that you have want to see in their application require much time to make a reality. At Design Pie Creative Agency has been following the process we have done for years when developing a tangible product with a chance to miss the happy end.
The idea of building prototypes, testing, learning, failing fast and early, and quickly iterating the next version is really nothing new. The early release of the software merely with enough features to satisfy initial customers and collect feedback for future product development. Shipping an actual product to a consumer validating key assumptions in a more concrete way than the initial phase of User Testing feedback based on a prototype, questionnaires and other UX testing methods.
The advantages of an MVP app development are:
- Business risk is reduced
- The cost is lower
- Identify user pain points and test the idea with minimum investment
- Product is launched sooner with minimal functionality
- Helps to enhance the proper functionality
- Product is easily scalable
4 Principles to consider when developing an MVP
1 Valuable
Identify if users understand how the product will benefit them, and they want to use it. Define the business scope to realize customer preferences and expectations. Design to this goal and stop there.
2 Usable
Make the product usable to help fulfill its purpose.
3 Feasible
The product can be created and delivered when it’s needed, with only the resources available to the developer.
4 Encourages feedback
Users are encouraged to provide feedback that can guide future development.
Some of the MVP metrics that are applicable to the tangible products we typically design include the percentage of people:
- Interested in buying the product
- Willing to pay a particular price for it
- That will actually use it
- Who will tell their friends about it
To set the correct metrics, identify the assumptions you need to validate, user expectations and market trends before building a prototype, running a test or doing research.
Conclusion
When working on an MVP product, its features and updates are repetitive and driven by real user feedback, continuous iteration on the product offering, slighting tweaking it to address user pain-points. MVP products offer unlimited advantages, as they are low-cost and can be high return if done right. Continually scaling the product offering, maximizes efficiency, leading to lower costs and fewer risks.
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