A Minimum Viable Product (MVP) is the most basic version of a product that allows a team to collect the maximum amount of validated learning about customers with the least amount of effort. The term was coined by Frank Robinson and popularized by Eric Ries in his book "The Lean Startup." An MVP typically includes only the essential features needed to solve a specific problem for a target audience.
Building an MVP allows startups to test their assumptions about the problem and the proposed solution. It provides real-world feedback to validate or invalidate the problem-solution fit.
Developing a full-featured product from the start is expensive and time-consuming. An MVP helps startups avoid unnecessary costs by focusing on essential features.
Launching an MVP allows startups to receive early feedback from real users. This feedback can be used to iterate and improve the product iteratively.
Startups face significant uncertainty about whether their product will be successful in the market. An MVP reduces this risk by testing the market with a minimal investment.
Clearly define the problem or need that your MVP aims to address. This ensures that the MVP is solving a real problem that potential customers are willing to pay for.
Develop a minimal solution that solves the identified problem. This involves creating only the essential features that are necessary to solve the problem.
Identify key metrics that you will use to measure the success of your MVP. These metrics should be specific, measurable, and actionable. Examples include user engagement, retention rate, and customer acquisition cost.
Imagine a scenario where a startup, "Fitify," wants
to develop a fitness app for busy professionals. To create an MVP, Fitify identifies the
problem: busy professionals often struggle to find time for regular workouts. The
solution is to create a fitness app that provides short, high-intensity workouts that
can be completed in 15 minutes or less.
Fitify decides to develop an MVP with the following features:
A collection of 15-minute workouts targeting different muscle groups
A feature that allows users to track their workout history and progress.
An option for users to provide feedback on workouts.
After launching the MVP, Fitify gathers feedback from users. They find that the Workout Library is a hit among users, but the Progress Tracker is rarely used. They also receive feedback that users want more variety in the workouts.
Based on this feedback, Fitify decides to iterate on the MVP. They remove the Progress Tracker and focus on adding more workout options to the Library. They also introduce a feature that allows users to customize their workouts based on their preferences.
With each iteration, Fitify continues to gather feedback and refine the product. This iterative process allows them to develop a product that resonates with their target audience while minimizing costs and risks.
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