What is Minimum Viable Product?
Minimum Viable Product or MVP, is the most simple edition of a product with minimal functionality and maximum value for your customers. Its a product with just enough features to attract early adopters. It is an agile methodology that is built on the concept of testing an idea with real users. Further, collecting maximum quality feedback for future product improvements.
Business Benefits of Minimum Viable Product
MVP is an excellent approach to validating new ideas and products prior to substantial investment. It helps companies in rectifying problems, weaknesses and errors. The approach is conducive to assessing the needs of customers. It also aids in fabricating products that do not vanish quickly from the market. MVP has become a 'must-see' concept especially for new businesses and lean start-ups. Especially, the one of those stressing to escape the risk of developing a product that is too generalized or simple.
MVP is of great assistance as it allows a company to validate an idea for a product without having to build the entire product. An MVP helps in minimizing the time and resources that otherwise would be required to commit to building a complete product that is susceptible to failure.
How to Build the Minimum Viable Product?
Although MVP is minimum, the process to build it still requires an analytical approach. Frshr Technologies are always on the lookout for more creative ways to leverage data and agile concepts. We provide our customers with a more holistic experience while also delivering specific business values.
- Defining Business Need: Most new ideas and products fails as they don't delve deep into market research and competitive analysis. It is important for a company or a start-up to know the interests and needs of the targeted groups. Further, deliver a compelling value proposition that ensures buyers commit to the purchase.
- Selecting the Right MVP Approach: Once the company has a clear vision of the product, it is time to select the right MVP approach that fits best for the business. It could a no-code MVP, single feature, or product mock-up MVP based on business idea validity, viability and available resources.
- Designing Process: The viewpoint of the customer is critical while deciding the designs for an app or website. It should be intuitive and user-friendly.
- Incorporating Key Features: While incorporating the key features, it is essential to tailor MVP feature bucket list as per the requirements of the end-user. Further, ranking them from low to high on the priority scale to inch towards the prototype route.
- Build: Once the needs of the targeted groups along with features have been finalized, it is time to build M-V-P. It is critical to make it engaging and customer-friendly.
Free Consultation on Idea to MVP in 12 Weeks
At Frshr Technologies, we understand that integrating agile concepts and producing an MVP means blood, sweat and tears. Building a feature-packed, technologically robust product that delivers tangible value to the customers requires skill, commitment and the right tools. As a start-up, it can be difficult to cover all these pre-requisites. This is where the services and experience of product development partner can be put to good use to produce a pre-validated and market-ready product.
Frshr Technologies builds a fixed time and cost MVP to help new businesses. Moreover, our dedicated and seasoned team guides you throughout the process of product development. It starts from ideation to architecting, development to launching and testing to support. Hence, thereby maximizing the product success rate in the market.
So, if you have a great MVP business idea, just get it on a piece of paper, contact us and leave the rest on our experts!