A minimum viable product, or MVP, is a concept that has gained popularity in the startup world as a way to quickly test the viability of a product or service. An MVP is a stripped-down version of a product that has only the essential features necessary to test its marketability. The goal of an MVP is to gather data and feedback from potential customers, so a company can make informed decisions about how to proceed with development.
Benefits of Creating an MVP
One of the primary benefits of an MVP is that it allows a company to save time and resources by not building out a full product before testing its marketability. This can be especially important for startups, which often have limited resources and need to be strategic in their product development. By starting with an MVP, a company can gather data and feedback from real users, which can help guide the development of the product and increase the chances of success.
Another benefit of an MVP is that it allows a company to test different versions of a product and gather data on which features are most valuable to customers. This can be particularly useful for companies entering a new market or trying to solve a problem that has not yet been addressed. By creating an MVP and gathering data from real users, a company can gain valuable insights into what features are most important and which are less important, which can help guide the development of the final product.
Finally, an MVP can also help a company to build buzz and generate interest in their product or service. By launching an MVP and getting it in the hands of potential customers, a company can create buzz and generate early adopters who can help spread the word about their product. This can be especially helpful for startups that are trying to establish a presence in a crowded market.
So, how do you go about creating an MVP? There are a few key steps to follow:
1. Identify the core problem that your product or service is trying to solve. This is the most important step, as it will help you determine which features are essential to include in your MVP.
2. Determine which features are essential and which ones can wait. It’s important to keep the MVP as lean as possible, so focus on the essential features to solve the problem you identified in step 1.
3. Build the MVP and test it with a small group of users. This will allow you to gather feedback and make any necessary changes before launching the MVP to a wider audience.
4. Iterate based on feedback. Once you have gathered data from your MVP, use it to make informed decisions about which features to include in the final product.
Choosing a company to help you create an MVP can be a valuable decision for your business. A company specializing in new product development will have the expertise and resources to guide you through the process and help you create an effective and efficient MVP. They can help you identify the core problem your product is trying to solve, determine which features are essential, and build and test the MVP with a small group of users.
Pivot has over 50 years of experience creating products from initial concept through full manufacturing. We have teams a project managers to guide you through the development process. Contact us today for a free consultation.