An MVP (Minimum Viable Product) is a business process that involves bringing to market a product with the minimum characteristics necessary to function and meet the needs of customers. The main objective of an MVP is to obtain as much information as possible from the market and customers with the lowest possible cost and time.
The process of developing an MVP is based on the premise that the company must develop a product that has a minimum of features that allow consumers to understand its functionality. This means that the MVP is not the final solution to the problem, but the first step on the way to the final product.
What is an MVP for?
An MVP is a simplified version of a product, focusing on the key elements of the product. The product must meet the customer’s basic expectations, but it does not need to have all the features that have been planned for the final product.
Launching an MVP in the market helps companies minimize financial investment risk and gain insight into the success of the product before spending large amounts of money on its development. In addition, it allows companies to collect customer feedback and opinions and use this data to improve and develop new features in the final product.
Advantages of launching an MPV
Among the advantages of launching an MVP we can mention the following:
- Minimize financial risk by launching a product with minimal necessary features.
- It allows to obtain valuable information of the market and customers with a lower cost and time.
- It provides insight into the success of the product before spending large amounts of money on its development.
- It helps identify opportunities for improvement and new features for the final product, through customer feedback.
- It facilitates the adaptation of the product to the needs and preferences of the market, since changes and adjustments can be made before the official launch.
- Increase efficiency in development, focusing on key functionalities and avoid wasting time developing unnecessary features.
- It allows entry to the market more quickly, which can be essential in very competitive markets.
- It favors the development of a culture of innovation and agility in the company, by promoting the launch of new ideas and products more quickly and effectively.
Examples of successful MVP releases
There are a plethora of examples of successful MVPs that have transformed the way companies bring new products to market. Some of them are as follows:
- Dropbox. By launching its MVP, Dropbox offered users an extremely simplified version of the platform, allowing users to store and share files. As the company collected data and feedback, it added new features to the product, allowing them to improve functionality and grow their customer base.
- Zappos. Another example of a successful MVP is that of Zappos, the online shoe sales company. At launch, Zappos offered a very limited selection of shoes, allowing the company to focus on providing an excellent user experience and customer service. As the business expanded, Zappos was adding more products and features, which allowed them to position themselves as one of the leaders in selling footwear online.
- Instagram. A more recent example of a successful MVP is Instagram, the photography-centric social media platform. At the time of its launch, Instagram offered very basic functionality, allowing users to share and filter photos with their friends. Over time, the company added new features and tools, including the ability to share videos and the “Stories” feature. Today, Instagram is one of the most popular social networks in the world, with millions of active users worldwide.