Product strategy is useless if it is not linked to customer expectations. What's the point of spending months or even years developing a product or a feature if no one wants to buy it? This is where the minimum viable product (MVP) makes all the differences. In this article, Harvestr helps you understand this concept for any development of a product.
MVP meaning ?
The minimum viable product (MVP) is used to quickly and cheaply test a value proposition through a prototype. The objective is to validate or invalidate different assumptions, moving forward in stages towards the construction of a definitive solution to a specific problem. This problem corresponds to the expectations of the target customer to whom we wish to sell the product.
MVP Application
The MVP does not necessarily apply to a product as a whole. It is possible to make minimum viable products for a specific feature of a product to determine if it meets a specific customer demand. This way, you can assess the interest of your product or functionality and implement the necessary adjustments, before the stage of product development.
The minimum viable product is based on a simple principle: don't invest too much time and money in a product or a feature without being sure that it will be purchased by your customer. A functional prototype can help you gauge how well your product or feature will be received.
MVP a key element of the product strategy
The Minimum Viable Product occurs early in the product development phase, when you are still working on your product strategy. The product (or feature) should never be considered as finished. The focus should be on the function of the product. Other elements (design, accessories, finishing, etc.) are not needed at this stage.
A quick warming : you should be prepared to completely redesign your product or functionality in case of an inconclusive MVP. The success of this testing phase depends largely of the audience you will get and on the quality of customer product feedback. Thanks to this feedback, you will get the best out of your MVP by clarifying the added value of the product.
Minimum viable product & viable roadmap
This is a very concrete step, which is necessary to frame your product or functionality as well as possible. It will generate new ideas and determine whether it is worth continuing the development of the product, reviewing or even abandoning it completely. The MVP will also help you build a 'viable' roadmap in line with your product's expectations.
The limits of the Minimum Viable Product
Be careful, the minimum viable product alone does not guarantee the success of your product or functionality. The MVP focuses primarily on its ability to meet a specific need, and only validates the value that users perceive, as well as its ease of use.
However, product management is not limited to these aspects (which are nonetheless essential). It also has to verify the technical feasibility and economic viability (pricing strategy, business model) of the product: two parameters that are essential to ensure the success of your product.
In short, the minimum viable product is a prototype of your product, with its main added value to address specific needs. It largely determines your go-to-market strategy. Do you want to evaluate the viability of your product or functionality before pursuing its development?
Discover our product management software!