Tuesday, 31 October 2017

The Concept of Minimum Viable Product (MVP) in Business


        The purpose of Minimum Viable Product(MVP) is to create a product that we can use to validate a small set of assumptions about a product and its role in a business. Most business experts recommend that start Small and Simple with something called MVP.  In Product development, the MVP is a product with just enough features to be considered working to means it achieves the purpose it was built for in the most basic way. MVP helps to test your product fairly at an early stage and gain feedback for future iterations.

      The important thing in creating MVP is working out who will actually use your product and figuring out what they need. Any product that is supported by stakeholders and successful in the market needs to have both user needs and business goals in mind.

     An MVP is a Marketing Exercise: Can we build something customers want? And Can we build something people will pay money for? There are several different ways the term MVP is used,
       MVP-M: Marketing product designed to test what customers want and what they will pay for
       MVP-T: Technical product builds something technologically using the proof of concept and prototype have been used here
       MVP- I: Must Have a feature that Product Must Have
       MVP-H: that's the highest paid person' s opinion on the feature list
       MVP-X: where X is the number (1,2,3..) are derivatives used by teams who are releasing enhancements to their product and growing it. 

     Product Development:  You can use these steps for launching a new product or service you offer to your client,

1. Asks for the feedback from your customers
2. Listen to his feedback actively on the new ideas then
3. Come-Up with new version with improvements suggested by your clients

Scrap the MVP if it is not successful and try for the best ideas by listening to your customer feedback.
       In building the MVP, you should consider users and their journeys. You should work on the actions that improve or simplify their lives. Also, you must explore the business case by developing the hypothesis that we can test with the MVP. This will help to understand that we are really moving forward and reaching the desired results or learning. Use this template for connecting the MVP features with the business hypothesis.
Process: When you build a product, you make many assumptions about how the design should work, what marketing strategy to employ, which architecture will work efficiently to the business and the monetization strategy to use etc., Some of our assumptions may not be correct. The only way to find and test your assumption is to put your product in front of the real users as quickly as possible. When you do this, you'll find that to go back to the drawing board over and over again.
    When you are building a product, writing a code, or coming up with a marketing plan, you should have the answer to the two questions,
       * What is the riskiest assumptions about the product  &
       * What is the small experiment that I can do to test the assumptions

       For Ex, When you decide to build a product to a restaurant owner and he would be willing to pay for a website. So, When you start building a product, Your MVP of the landing page should describe what your product will do, shows of the restaurant website you build by hand earlier and let visitors provide an email address if they are interested in hearing more when you launch. If potential users won't give you the email address, then they aren't going to give you money either. By tweaking some text and few images on landing page saves a lot of time wasted on rewriting thousands of lines of code in the full product and makes your customer hearing more.
       MVP's are designed not just to answer technical questions about the product, but also to test the fundamental business hypothesis about the viability of the market it exists in. Here are some of the testing techniques you can put to use to get reliable data from actual users and utilize it,
      1. Customer Interviews:  These interviews are meant to explore rather than a sales pitch of your product, functional or otherwise. It includes information about the problem to solve and it is continued listing down the problems you assume your product will solve.  Then, asking what the customer thinks about them as well as how they would rank each problem.
      2. Landing Pages: It is a great marketing opportunity to explain your product's feature and have them signed up. The great MVP that lets you test your product against real world market expectations. In order to be most effective, landing pages need to be able to provide the right information to your customers in the right context.
      3. A/B Tests: It is used to measure the effectiveness of your product or marketing. The analytics tool used to test how visitors react to the design decisions you make by eliminating the guesswork when it comes to improving the product. A/B testing allows to test two different versions of the page or marketing copy and let visitor interactions determine which one performs best.
     4. Explainer Video: Dropbox explainer video serves as best validation of the market before the founder has to invest in the infrastructure and development needed for his high tech product to reach a functional level in the real world. It helps the customer to know what the product is and eventually leading to why they would want to pay you for it.
    5. Digital Prototypes: Mock-ups, wireframes, and prototypes are used to demonstrate the product's functionality in a way that mimics the actual usage. The  UXPin saves time in product development to design, share and test prototypes.

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