Marketing91

  • Home
  • Categories
    • Marketing
      • Advertising
      • Branding
      • Sales
      • Retailing
      • Consumer Behavior
      • Distribution
      • Market Research
      • Pricing
      • Product Management
      • Strategy
      • Segmentation
      • Targeting
      • Positioning
      • Services Marketing
      • Articles
    • Digital Marketing
      • Blogging
      • SEO
      • E-commerce
      • PPC
      • Email marketing
      • Social Media Marketing
      • Facebook Marketing
    • Brands Analysis
      • Marketing Mix
      • SWOT
      • Strategies
      • Competitors
      • Lists
      • Expensive
    • Management
      • Customer Management
      • Communication
      • Leadership
      • Decision Making
      • Delegation
      • Organizational Management
      • Motivation
      • Personal Development
      • Project Management
      • Risk Management
      • Team Management
      • Time Management
    • Careers
      • Interviews
    • Business
      • Business Models
      • Logistics
      • Supply Chain
    • Human Resources
    • Skills
  • News
  • Academy
  • About Us
    • Contact Us

Minimum Viable Product (MVP) – Description, Steps and Features

July 25, 2020 By Hitesh Bhasin Filed Under: Product Management

A Minimum Viable Product can be defined as the product with just enough features to satisfy early customers of the company with the intention to provide feedback for future product development.

Minimum viable product is a development technique and approach in which a new product is introduced in the market by the company with some basic features but enough to get the attention of the customers towards the product and its features. The final product is released in the market post getting sufficient feedback from the initial users of the product.

It is the most pared-down version of the product that can still be released in the target market. The Minimum Viable Product has three main characteristics:

  • It has enough value that people are willing to use it or buy it on its initial launch level.
  • It demonstrates enough future benefits to retain early adopters of the product in the market.
  • It provides a feedback loop to guide the future development of the product.

The vital key to this development technique is that it assumes that early adopters of the product can envision the final product and provide the valuable feedback required to guide product developers the way forward.

The approach also suggests that technically orientated products procured and used by the technical users in the market may be most suitable for this type of technique.

Table of Contents

  • Description of MVP
  • The MVP is a smart way to
  • Purpose
  • Steps for creating a Minimum Viable Product
    • 1. Identify and understand the overall needs
    • 2. Find the Opportunities
    • 3. Decide the crucial features to build an MVP
  • Features to include
  • Features to avoid
    • 1. Cool add-ons that serve no real purpose
    • 2. Copycat or Competitor Feature
    • 3. Features requested by early users and customers

Description of MVP

It is the most basic version of the product that the company wishes to launch in the market and by introducing the basic version to the customers; companies want to gauge the response from their prospective customers.

Also Read  Classification of Industrial products - Industrial products classification

The technique facilitates the companies in making the final product much better than its launch version. With the help of this concept, the research and the marketing team will come to know where the product is deficient and what are its major strengths or weaknesses.

The concept of MVP comprises of three distinct features: One is that it will have enough features and attributes for the customers to purchase the product, second is that it will have some sort of a feedback mechanism where the users would be able to send their feedback about the product to the company. And, lastly, the product should have enough future benefits for the customers to adopt the product first.

The main aim and idea are to get feedback from the customers that will help in making the desired changes and developments in the final product. The concept tests the usage scenario of the product as it is much for more help for the company to make changes in the final version of the product.

The MVP is a smart way to

  • Release the product in the market in the shortest possible time frame.
  • Cut down on the implementation costs.
  • Test the demand for the product in the market before releasing the final full-fledged product.
  • Avoid failures and huge capital losses.
  • Gain valuable insight into what works and what doesn’t work for the product and the company as a whole.
  • Work directly with the customers and analyze their behaviors taste and preferences.
  • Gather and enhance the customer base.

Even though the concept of the minimum viable product might seem simple and easy in its overall approach, some companies still misunderstand its whole idea and work. In the case of a perfect product, some companies lose their focus on the core value and objectives trying to include every single feature in the product. And if the MVP is overloaded with features, the company may lose its money and fail to succeed in the market.

Also Read  Product mix and Product line

Another mistake that many companies indulge in is to overdo filtering the product features and to cut out on the key functions of the product. It’ is very crucial to understand that a basic set of features doesn’t mean you can release a rudimentary product to the customers. You have to provide the customers with a viable and working product that will allow them to complete the entire journey achieving the goals.

Aftermath, you can gradually add more and more features to it for its betterment. The golden principle is that each extra feature or each new release of the MVP should offer a better solution to the customers solving their problems much faster and in a better manner.

Purpose

As mentioned earlier, the main aim of a minimum viable product is to provide a working product that serves core functionality for a set of users. It is also used to gain feedback from the customers and to showcase the potential of the business to them.

The minimum viable product also provides a rich and learning experience to the companies that allow them to learn more about their end-users and their target market that they wish to enter.

It also sets the stage for the future development of the product and clarifies the successive steps to be taken whether it is changing directions totally or continuing with the set development path.

Steps for creating a Minimum Viable Product

Steps and features for a viable prototype

1. Identify and understand the overall needs

  1. a) Decide on the long-term goal of the product and write it down
  2. b) Answer the simple and most crucial question, “Why are we doing this project?”
  3. c) Identify the success criteria that will indicate whether or not the product will be successful in the target market

2. Find the Opportunities

a) Map out the customer journey

  • Identify the customers
  • Identify the end goal
  • Identify all actions that customer must take to meet that end goal
Also Read  Role of marketing in new product adoption

b) Create a pain and gain map for each and every action

  • Note down the action the customer completes when using the product
  • Note down the pain points for each and every action
  • Note down the gains for each and every action

c) Summarize all the pains and gains into opportunity statements

Use how might we statements or a similar method to summarize the pains and gains you have identified as per the above step

3. Decide the crucial features to build an MVP

  1. Use opportunity statements to finalize the product features
  2. Work on the breakdown of the features and attributes to include in the product roadmap
  3. Use a prioritization matrix concept to prioritize product features and attributes.

Here is a video by Marketing91 on Minimum Viable Products.

Features to include

Determining what all product features and attributes to include in the Minimum Viable Product is a difficult task but keep in mind that the main features to be included are the only features that are connected to its overall goals and objectives.

The main team members of the company will have to work together to create a detailed workflow and the overall process to represent the MVP and prioritize only the main and vital features that are required to take the product to the target market.

Features to avoid

1. Cool add-ons that serve no real purpose

These features and attributes can be defined as the ones that only serve an aesthetic purpose and they don’t actually add value to the MVP.

2. Copycat or Competitor Feature

Copying every feature your competitor in the product is definitely not recommended as the main aim and purpose is to develop an MVP that aligns with your business goals and objectives.

3. Features requested by early users and customers

Even though initial users and customers feedback shapes each and every stage of the product but the company has to still proceed with caution. Implementing user-requested features and changes should be based on thorough research and analysis over time a period of time.

Also Read  What is Product Demonstration? Types of Product Demonstration
Liked this post? Check out these detailed articles on Topic of Product Management

Alternatively, check out the Marketing91 Academy, which provides you access to 10+ marketing courses and 100s of Case studies.

Marketing91 Academy

About Hitesh Bhasin

Hi, I am an MBA and the CEO of Marketing91. I am a Digital Marketer and an Entrepreneur with 12 Years of experience in Business and Marketing. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. You will generally find me online at the Marketing91 Academy.

Related posts:

  1. Adaptation of product or Product adaptation
  2. Product mix and Product line
  3. Product line competition – How to compete on the basis of Product lines?
  4. Understanding the Product Hierarchy and Examples
  5. What is Product Strategy? How to develop a product strategy?
  6. What is Product Demonstration? Types of Product Demonstration
  7. Marginal Product: Definition and Examples of Marginal Product Explained
  8. 8 Steps of the Right Product Development Process
  9. What is Product Quality? 7 Steps of Products Quality Management
  10. What is a Low involvement product or Low involvement purchase?

Join the Marketing91 Academy

Marketing Masterclass

Management Masterclass

Management Masterclass

Communication Course

Communication Masterclass

View All Courses
Economics Masterclass

Economics Masterclass

Sales Masterclass

Sales
Masterclass

Advertising Masterclass

Advertising Masterclass

View All Courses
Leadership Masterclass

Leadership Masterclass

Branding Masterclass

Branding
Masterclass

Strategy Masterclass

Strategy
Masterclass

View All Courses
Not found what you are looking for? Search this website.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement
Recent Posts
  • Informational Power: Definition, Sources and Importance
  • Reward Power in Leadership: Definition and Examples
  • Expert Power: Definition, Examples and Development
  • Legitimate Power: Definition, Examples, Advantages and Disadvantages
  • Nike, Adidas, Shein, and Temu Sent Letter From House China Committee About Forced Labor
Advertisement

Marketing91

MORE INFO

  • About Marketing91
  • Marketing91 Team
  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Terms of Use
  • Editorial Policy
  • Advertise
  • Contact us
  • Sitemap

WE WRITE ON

  • Marketing
  • Business
  • Management
  • Brands
  • Digital Marketing
Search
[email protected]

Copyright © 2023 Marketing91 All Rights Reserved