Minimum Viable Product
Building a product no one will use or pay for is simply a waste of money and other valuable resources and you definitely don’t want to waste your time on it. So the best way is to talk to your customers and understand their needs. But thats just not enough. Eventually customers may not want what they asked for and rather would be looking for something more sophisticated. Here comes the role of Minimum Viable Product
A minimum viable product (MVP) is “that product which has just those features and no more that allows you to ship a product that early adopters see and, at least some of whom resonate with, pay you money for, and start to give you feedback on”. It is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users. It is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
Find some of the companies and #tools available online which can help you in validating your ideas. Always note that each tool might have difference in the benefit it brings, so choosing the right one to use and how to use business.
Too many startups begin with an idea for a product that they think people want. They then spend months, sometimes years, perfecting that product without ever showing the product, even in a very rudimentary form, to the prospective customer. When they fail to reach broad uptake from customers, it is often because they never spoke to prospective customers and determined whether or not the product was interesting. When customers ultimately communicate, through their indifference, that they dont care about the idea, the startup fails.
An MVP can be part of a strategy and process directed toward making and selling a product to customers. It is a core artifact in an iterative process of idea generation, prototyping, presentation, data collection, analysis and learning. One seeks to minimize the total time spent on an iteration. The process is iterated until a desirable product/market fit is obtained, or until the product is deemed to be non-viable.