Minimum Viable Product for Feedback and Online Business Development

The minimum viable product strategy gained wide popularity after the publication of the book by Eric Rees. The author of the text called this term an intermediate solution with a minimum set of functions and services that users need in a given unit of time. Why did Eric Rees stress the need for such a strategy? What is the advantage of MVP for low-budget startups?

What is the concept of MVP?

MVP is a limited version of the product, the purpose of which is to test the reaction of the target audience to the demand for the service or product provided. Objectively, this is “reconnaissance in force.” A simple version of the IT solution allows you to pre-determine the reaction of consumers to the essence of the service. But it is recommended to use MVP development services only from trusted companies.

In the logical chain of events, it is important to take into account that the technical set for the production of an IT solution may include a number of expensive stages: development, testing, official release, marketing support. As a result, even with the most well-thought-out system, there are absolutely no 100% guarantees of success. Moreover, the modern digital age can present an unpleasant surprise at any stage of production: the solution is already being practiced, a more advanced product has appeared on the market, there is a high risk of plagiarism, and so on. To minimize risks, the MVP strategy has long proven its effectiveness and viability.

With the use of MVP, other business tasks are also solved. For example, some test solutions show how successful the application is, which helps not only to monitor the performance of the assumption, but also quickly master the product niche. A number of IT solutions already at the initial stages allow attracting the attention of investors, which allows solving the issue of budgeting and reaching a new level of quality. Even if the product does not meet the stated expectations, it can complement similar IT solutions or become the basis for upgraded versions.

The minimum viable product should be distinguished from the official release. The last term refers to the first public version of the solution, with ready-made functionality and tested functions.

MVP is needed in order to monitor the needs of users and understand the feasibility of promoting an idea or product. With MVP feedback, it is much easier to predict user preferences and pre-determine the basis for moving forward.

Varieties of minimum viable product

The MVP concept accommodates several approaches:

• The Flintstone Product. The solution looks complete, but in fact the functionality is performed manually. For example, programmers offer AI technology to predict sports matches, but in fact they perform calculations manually, thereby checking the demand for such services.
• Concierge. It also imitates the internal workings of the product, but the difference is that the target audience knows about it.
• MVP with phased implementation. Solution developers test to see if users can be persuaded to use the provided service to meet their needs without digging into the full solution.
• Model with one parameter. This is a working version with a minimum number of features that you need to test before deciding to invest in it.

With the help of MVP, you can get feedback from the target audience, narrow down the search for possible options, save on marketing research and analyze the market reaction. Dinarys will help with this.

Why is the minimum viable product so important?

MVP allows you to minimize risks. In practice, to test the assumption, one can generally do without complex development. Thanks to real feedback, consumer preferences can be analyzed with the highest percentage of reliability. In a changing market, it is extremely important to focus on the given parameters and proceed from real indicators, provided by a comprehensive check, and not by the “fictions” of marketers.

In general, MVP is a strategy that objectively shows the real picture of the market. Also, “reconnaissance in force” will help to avoid fatal mistakes, insure against rash decisions where it is problematic to collect data, conduct “field” research or interview representatives of the target audience.