Minimum Viable Product or MVP is a term widely used in Agile Projects. If you have a product idea and want validation in its initial product development cycle, then MVP is the product for you. It gives the privilege to collect maximum validation about the customer with minimal effort determining their actual product interest.
But what is an MVP? A minimum viable product is one that has just enough attractive features to suit a customer. Let’s take an example. Suppose you want to launch a digital product. You will need to understand how the market will respond to the product. The MVP will help in improving the product by generating quick feedback.
Let us take an example of Airbnb. They started their business from a single apartment with a simple website. However, Airbnb immediately found customers paying them. Airbnb is an example of a basic MVP that has henceforth developed into the magnanimous online portal.
THE PURPOSE OF AN MVP
MVP is the fundamental concept behind the Lean startup methodology used for the development of business and products that aim to shorten the product development cycle and check if it is viable.
When a company wants to launch an MVP, it has three goals in mind:
- To release a product as fast as possible.
- To test the idea before making more expensive improvements.
- Learn what the target customers demand from the company
Besides, it validates the concept of the product without actually developing it. When you develop an MVP, you need to follow the building-measuring-learning process. The early customers serve as your experiments in the market research. After releasing the product and information collected, you gradually improve the product through successive iterations.
MVP IN AGILE PROJECT
MVP plays an integral part in its development of an Agile product. Now when we say ‘successive iteration,’ that’s where the word Agile comes. Agile holds to its literary meaning of moving smoothly and quickly. But in software development, the term describes a methodology that practices and aims in constant development of the software development life cycle of the project.
An MVP requires a release in the market with just a few target functionalities. Agile uses constant development and testing to meet these needs.
It is a subject of cross discussion and routine inspections between the teams involved. MVP promotes faster and efficient delivery to the customer, giving insight into how the product will perform in the market. It saves resources that might otherwise be needed to build the product.
WHAT METHODOLOGY TO CHOOSE
While developing your digital product, thousands of ideas come into your mind. You might get confused to choose the one that would suitably apply. But, before that, you need to make another critical choice. You need to select a specific agile approach that will create your MVP.
Suppose a project adopts agile methodologies to develop a minimum viable product. The company must choose between Scrum and Kanban. Both of them are Agile in nature. But choosing any one depends on the requirement of the project.
While both are effective, the choice should be made between Scrum and Kanban properly so that it doesn’t cause unnecessary scruples.
Scrum and Kanban are both Agile methodologies. They are both iterative and can be used to develop MVPs. It’s always easy to cut up a steak before eating it. Scrum uses month-long iterations to achieve team goals, whereas Kanban takes up work only according to its capacity. It has no time-bound.
So, if the team is new to Agile and the work is stable, Scrum is suggested. Whereas if the unit is efficient and perceptive to changes, Kanban fits well. It helps significantly to optimize workflow.
Convert Business Idea to Digital Product through Experts
Some experts can be of great help in creating digital products from nascent business ideas. While developing my products, I came across Venture Leap. For the last couple of years, they have helped me understand the market and improve the outcomes.
When an entrepreneurial team approaches them with their idea, they help. Venture Leaps identify the core product and provide IT development, operations, and business strategy.
They recognize the product and present its functionality to the customers. Besides this, the help is the growth of the MVP to achieve its goals.
According to the needs of the client, they launch the MVP in a specific period.
Once the MVP is in the market, they take over the further operations in the product and IT department. Their team can help you with:
- Entrepreneurial teams-who have a business idea for a digital product.
- Digitalization of manual businesses
- Corporate innovations
- Artificial Intelligence in real estate, industry 4.0, and Operations.
Why Startups Should Consider using MVPs
A study conducted by the International Conference on Agile Software Development revealed that entrepreneurs are not aware of MVPs’ roles. MVPs can be very useful in bridging the communication gap and cost-effective product development. The study concluded the importance of startup owners about MVP.
Minimum Viable Product Examples
Many verticals have adopted MVP in the IT industry. Some gaming companies spend months and sometimes years as early access products. They develop it over the period as their community grows. An example of it is Farmville.
Other big names are of some benchmark startup that rose to immense success, such as Facebook, Airbnb, Dropbox, and Twitter.