Why is it important to define a Minimum Viable Product or MVP?
If you have undertaken your own Startup you will know how much a product changes from when the first sketch of it is made until it is launched on the market. El Minimum Viable Product It is essential to develop our product while discovering what are the requirements of our market. It is, therefore, one of the bases on which the methodology is based Lean Startup which we have already spoken about. We can define it as the minimum set of features that a startup needs to learn from the market with the lowest possible investment of resources. El MVP it therefore allows us to introduce our product to the market and absorb the most relevant information from it, as well as to know the use that our target audience makes of it, investing the least amount of effort. Why is it important develop our MVP? Choosing to use this strategy in the development of our startup is important for different reasons:
Get to know our customers
Although prior to the development of our idea we will have analyzed our target audience and their needs, developing our MVP will allow us to know with the least possible effort the market's reaction to our product, not the words of our customers (early-adopters) but rather their actions. In this way, we avoid developing products or functionalities that our customers are not demanding. But we must not fall into the mistake of thinking that a Minimum Viable Product it is simply a product that is created quickly to test our idea, because in reality it is a strategy aimed at creating and selling a product to a target audience. It is, therefore, a process of incubating ideas, refining prototypes, exhibiting, collecting data, analyzing and training.
Learn and correct quickly
An entrepreneur's worst nightmare is Develop a product that no one wants to buy. Through the MVP we can verify that our product meets a need of our target audience, prior to investing all our resources in their development. In this way, if we detect that we are moving down the wrong path, we can change course without wasting our efforts. Without a doubt, avoiding investing months in the development of a product that will not be well received in the market is the greatest advantage we can obtain from Minimum Viable Product.In the world of startups, maneuvering in unknown terrain and under adverse conditions is the order of the day, so if we are going to enter this sector we must be aware that we must learn quickly, formulate hypotheses, and react correctly in unknown situations. The best way to achieve this is through MVP.
Establish a strong foundation
Once we have verified the way in which our product will be well received in the market, we will have established the basis from which we must start to enter it and start climbing positions with our business. For validate our Minimum Viable Product there are different forms that we talked about before, but what we must be clear about is that this one must be as small as possible, such as a landing page, a 3D model that represents the product, a video that shows it in detail... Have you already developed your MVP?
