Define Minimum Viable Product

In this post you’ll learn the answers for the questions: What is a minimum viable product? and why does it matter?

 

Product development is what all businesses are about. This is even true if the product is a service, since a service can also be seen as a product on the portfolio of the company. So, the way each business develops its products including the speed and the number of features, has a big impact on the success of the business. We are led to believe that the world we live in simply doesn’t tolerate imperfection and that the products must include every possible feature. One good way of erasing this belief is by looking at the behavior of early adopters in a certain niche. Another and possibly more powerful way is by understanding the power of a minimum viable product.

 

Define minimum viable product

In a simple words, a minimum viable product is a version of a product that comes stripped out of any set of features that are not necessary to appeal to early adopters. The result of this process is a product that is simpler than you might think, but that still does the job. Take an app as an example. A minimum viable version of that app is a version that only does what the app promises to do. If the app helps you to wake up early, extra features such as: the ability to choose the sound of the alarm or the ability to share your wake and sleep time with your friends are completely ignored. The result is an app that does what its supposed to do, but without the perks that more evolved apps(apps that have been around for years) have.

Why does it matter?

The number one reason why its important to develop minimum viable products and market them to early adopters is to know, before anything else, if the product really has a place on the market place. A minimum viable product will by definition be cheaper and quicker to develop. It might look underdeveloped and even leave something to desire, but it will answer the million dollar question: “do people want this?”
This priceless answer surprisingly or not can be answered without having to spend a fortune, since, again, early adopters can be more forgiving of imperfections.

 

It is all about knowledge and experience;)

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