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Different people have different ideas about a minimum viable product (MVP), and very few understand the nuances of what constitutes one.
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An MVP is a product with the best return on investment in relation to risk. During my many years of working with startups, I have noticed different degrees of complexity between these products. And what I’ve learned is that an MVP doesn’t always mean that you remove all of the features, or that you hit the market in a matter of weeks – or that you just launch with a landing page.
In short, there is no one-size-fits-all MVP strategy. You have to adapt according to the industry you are responding to, the problem you are solving and the existing competition.
The following points explain the concept of an MVP, depending on your product and industry, and help you decide on the features. you should build for your Version One.
1. Distinguish between “must have” and “nice to have”.
The basic rule for any early product development is to understand heart value offer. Being able to separate bells and whistles from essential features will help you get to market faster and validate your hypothesis with a lower investment.
Again, your first version should only deal with the base value, but that doesn’t require lean functionality. Even if you create your mobile app with only a few features, you still need to close the loop and create them well.
Most entrepreneurs confuse an MVP with incomplete functionality, but East limited items / must have features that facilitate the overall user experience.
What you can do is create a non-automated back-end loop or workflow with no impact on the experience of the end consumer.
In short, an MVP is not a landing page, a comp or a prototype. A minimum viable product is a product.
2. Address only one market segment to get started.
What goes into an MVP should also reflect the audience you serve. Of course, your product can and will eventually have multiple features that will meet the needs of multiple customer segments. But launching the first day trying to serve them all is not a prudent idea.
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When you start out, the product you build should be a viable solution to the problems of your early adopters. Building an MVP is one thing; the next task is to find and contact the first users so that you can start the feedback loop.
Reaching out to the first users who want to use your first version is a difficult task, and you don’t want to get too thin at first. Focusing on one customer segment and solving the problems of these customers well will help you find the right product / market.
After that, it’s a matter of developing your product and your marketing.
3. Recognize the difference between a served audience and an untapped audience.
You will not always have a completely new and untapped market to launch your product. Your product may just be a better mousetrap, and that’s perfectly fine: it’s just that, when you compete with an existing product, you have to create your own better than the existing solution.
In this scenario, you may think that you can do less construction than your competitor already has. But don’t get me wrong with this word “less”. This does not mean “creating less functionality”, but rather creating those that are part of the overall user experience in the “must have” space, without the bells and whistles.
However, even the “essentials” can be numerous, because you are entering a category or an advanced product space.
In this case, the MVP will be very different from the one you build for a completely untapped market, where such a product or service does not already exist.
Another thing: don’t get carried away with buzzwords. Use your judgment, based on the information you have from your customers and the existing landscape. That way you will get your MVP exactly.
Related: Get Your Product First