In general, Minimum Viable ProductsMVP are medium to large-sized projects that have the potential to lead to a standalone digital product or service that is launch-ready for the market.
Minimum Viable ProductsMVP focus on quality design and implementation since any future development work (regardless of the number of iterations) will rely on them as a foundation. In short, they represent the first official version of any new digital product or service, containing only the core features that make it unique and valuable.
Minimum Viable ProductsMVP have the ability to collect valuable feedback from live end-users and help the new digital product or service avoid failure. Also, they enable entrepreneurs, start-ups, and businesses to save time, money, and other resources.
Due to their nature, Minimum Viable ProductsMVP are capable of creating a fan base quite early and their feedback will serve as a foundation or reference point for further development.
Minimum Viable ProductsMVP allow stakeholders and development teams to understand the market dynamics and the response of the market towards the newly created digital product or service. They are ideal if the ultimate goal is the creation of a valuable user-centric digital product or service.
Minimum Viable ProductsMVP provide a workable first version of a digital product or service to real customers (considered early adopters), open the door for potential revenue, and satisfy a need for high retention at relatively low costs.
Key Features For Minimum Viable Products
- Verifies feasibility, assumptions and usability directly with the market
- Essential to the development process
- Creates higher value for users through continuous feedback
- Offers high retention through a smaller investment
- Lowers the risk of wasting time and money during development
- Helps to satisfy overall business objectives
- Medium sized project focused on quality and ongoing improvements
To get a better understanding of Minimum Viable ProductsMVP, in relation to Proof Of Concepts and Prototypes, we invite you to check-out the POC vs. Prototypes vs. MVP page.
If you wish to discover how Minimum Viable ProductsMVP can help you and your business to bring ideas to life, don't hesitate to contact us.