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What do Whatsapp ,Facebook, Instagram and other tremendously successful apps have in common?
These all apps had used the concept of minimal viable product and just started with a simple features. Now today, these apps are matured enough and loved by all their users.
Nobody wants to waste their time and money in building a product that no one will use and pay for.
Here comes the concept of Minimum viable product. MVP is that version of a new product which allows a team to collect maximum amount of validating learning about customers with the least effort. It is a product with just a basic set of features, released in order to test a new business idea and measure people’s reaction quickly. Before releasing a full- fledged product, the idea of MVP is to provide immediate customers feedback while minimizing development costs and time.
Minimum means build as little as possible.
Viable means that the product you need to build should be feasible enough to get positive response from customers.
Product is what actually delivered to customers after completing the process.
Here is difference shown in picture below between a Minimum Viable Pproduct and a Final Product.
Here your goal is to create the best donut ever. But problem is that you are hungry and have nothing to eat, then this simple and easy donut recipe is the basic solution for your problem and you can put your dream of making best donut on hold. MVP is all about solving the problem by the most basic solution.
In order to see the feasibility of your product and see that your target audience is actually interested in your product, you have to build simplest, cheapest version of your idea. If your audience like your idea and there’s a real demand for it then you will get green signal to invest more to build complete version of the product. You will continue to build a product that your audience will simply love with their immediate feedback. And if they aren’t interested, no need to worry, you only just made a small investment.
Like the first version of Facebook only contained a single profile page, friend requests and send messages options, but now there are news feeds, events, photo sharing and many more features. This is a great example of minimum viable product.
Think what you could make at a minimum that is enough to deploy the product and test key assumptions about audience interactions with the product. While building a product, you make many assumptions, some will work and some of your assumptions will be wrong. The only way to test your assumptions is to put your product in front of real users and get real demand.
Some companies instead of making simple minimum viable product build a complicated initial product without understanding the point of MVP. It is important to make a right MVP so that you can test your concept with real customers and continue to build a product with their immediate feedback. It helps you to evaluate if the initial problem or goal is solved, you can move forward.
Many projects fails as they build the thing completely and deliver at the end. This is also true that you cannot deliver unfinished product. Instead you have to focus on the needs that customer actually want. Deliver the smallest thing first and get the customer testing and feedback.
“Build something that everyone love”
» Avoid failures and large capital Losses.
» Test a product hypothesis with minimal resources.
» Accelerate learning.
» Base for the future product.
»Reduce money and time.
»Knowing your customers as soon as possible.
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