Minimum Viable Product (MVP) - The best approach to Product Development?
Jul 03, 2021 16:21
Let's start with a brief introduction of what MVP is - Minimum Viable Product is the first working version of an idea that has enough functionality to satisfy the needs of potential customers. Consequently, it has the ability to collect and analyze user feedback on the next version of the product, with minimum effort and resources required.
MVP as an experiment
In reality, you don't know what your final product will look like, and MVP is more about the process of perfecting the product, not the product itself. From the outset, working on an identified problem, planning and development are based on assumptions - what users want, what's missing from the market etc. - and a development process that does not test these assumptions is likely to fail.
Why has Boldare been using the MVP development process for a long time?
Boldare's speciality is development. This in turn is tightly focused on the business needs of clients, and MVPs are essential to ensure that our results are always more than fit for purpose. The MVP will confirm whether or not your development process is heading in the right direction. What's more, an MVP can result in better understanding.
At Boldare, we use Scrum methodology (developers, designers, product owner, and scrum master) and short sprints (1-2 weeks) to work quickly and efficiently, often creating a series of MVPs as part of an ascending development path in a series of constantly improving iterations that test every potential element of the final product. Based on existing feedback and knowledge, we build a product with enough features to gather verified information about the product and its further development.
What are the benefits of creating a minimum viable product?
This system makes it easier to define your own and the market's needs, and to select the functionalities that are key to the product's success. It is an ideal way to test assumptions in order to clarify the vision of the path the project should follow.
It is easier to attract investors with an MVP. This is because we can show potential stakeholders that we have really dedicated ourselves to the project and have a concrete plan for it. MVP is a versatile way to test any piece of software. You can then give yourself time to gather feedback on colours, fonts, sizes and other visual features of the product. What is MVP? Your chance to create a batter product!
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