It’s the month of MVP and we are here to abreast you with all the important things there are to know about MVP. MVP is a concept defined by Frank Robinson and popularized by Steve Blank and Eric Ries. It is a product which hasn’t been fully developed but which has enough features and functionalities that the customers can play around with it and gauge if it’s what they need, developers can get feedback from customers to further furbish the product.
Now that we have gone through the fundamentals, let’s look at the frequently asked questions about MVP.
1. What does Minimum Viable Product mean?
Frank Robinson defined a concept called Minimum Viable Product(MVP) which changed the way entrepreneurs started gauging the product market fit.
A Minimum Viable Product is a product which hasn’t been fully developed but which has enough features and functionalities that the customers can play around with it and gauge if it’s what they need, developers can get feedback from customers to further furbish the product. This process saves a lot on the cost and risk factor, making a fully functional product and watching it fail is like the worst nightmare any entrepreneur can ever have.
2. Why is MVP important?
MVP is a shortcut, a way to change the scenery and 1-up the competitors. The thought behind the MVP is to break the superlative idea into small steps and examine the behavior of the customers.
Here are all the benefits that MVP brings to your company –
- MVP helps in saving time and resources and also makes sure that they are invested only in the projects which would bear fruits in the future.
- MVP also helps millennials to test their idea and recognize what trends can be used and leveraged to produce an optimum product which would cater to the needs of the targeted audience.
- MVP helps in procuring early stage adopters and potential clients.
- If leveraged correctly, MVP can also be used to attract potential investors.
3. What is the key component of an MVP?
The main idea of an MVP is to get feedback from the customers so that the product can be developed further as per the needs of the customers. So there are three components that are important here, first one is enough features for customers to explore the product, secondly, a feedback mechanism which will enable customers to send their feedback and lastly, it should have scope to be developed further according to the needs of the customers.
4. Should you develop an MVP in-house or outsource it?
For an early stage startup, mobile application and web development is quite an expensive component. Hiring an in-house team and paying salary to all the employees while investing on the MVP is a lot to deal with, but if you outsource your MVP to the right offshore partner you can utilize so much of your money in developing a feature rich MVP. The cost to hire developers offshore is far less compared to hiring developers locally in the US, and it’s an additional advantage when you find an expert for less cost and that too on a contract basis. Once the MVP is done and you have received the funding you can hire an in-house team and if there is any need for any additional resources you can always fall back on your offshore development team.
5. Minimum Viable Product vs Prototype?
Your prototype is not your MVP! A prototype is a model of what your product might look like, it may or may not be a functional model, while an MVP is a fully functional product or a shorter version of the product which the customers can use.
6. How do you prioritize features of an MVP?
Feature prioritization is one of the most important phases to plan a roadmap, mark the boundaries and differentiate between the wants and needs of the customers. Now the features will defer from product to product, again it’s not a one size fits all. What you can do is make a feature bucket wherein you can categorize your features as “Must Have”, “Nice to Have” and “Not Needed”, this will give you a clear understanding of which features to prioritize.
7. What should be built first? The core team or the MVP!
If you have a CTO who has got your back, like Batman and Robin, it’s beneficial to build an MVP together, but, if you are a lone ranger, it would be best to outsource the Minimum Viable Product development to an offshore development agency. As I have mentioned above, it would save you a lot of costs, which you can use to make your MVP feature rich.
So the bottom line is that MVP should be your top priority, finding a team and that too whose skillset is in line with what you’re trying to achieve will consume a lot of time.
MVP can help you make a really awesome product, but if not done right, you’re up for a lot of trouble. Check out “How MVPs can go wrong, and how to make sure yours doesn’t” Hope you leave our site satisfied with all the information you were looking for, if you are still in a haze and need guidance with your MVP, we would be happy to help. Connect with us here.