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What is a Minimum Viable Product? The MVP Meaning and its Implication for Businesses

By gswardman September 21, 2020

If you have a great app idea, you might have been told that when starting, you need to create a Minimum Viable Product (MVP). What does MVP mean? What do the initials MVP stand for? Frank Robinson coined the MVP concept, and Eric Ries, the author of Lean Startup popularized it by summarizing it as:

A Minimum Viable Product (MVP) is a watered-down version of a new app or product that lets a development team learn what they can about their customers’ needs or validated learning, using minimum effort.

1-4-1024x473

What does MVP Mean?

In the English language thesaurus, the MVP definition is given as the most valuable player or the most outstanding player.

The idea is to develop an actual app or a website-landing page to release to your customers, and in agile projects using scrum, the management may decide to boost a team’s morale by appreciating the team members by awarding developers and QA MVP awards. These are considered to be the real MVPs in the context of the team effort to build a stellar app.

A well-designed MVP lets you gather validated learning via observation of the users’ interactions with the app or website, improving the user experience. Validated learning in software development allows you more insights than questionnaires that ask the target audience about an imaginary product that does not exist. An MVP allows you to validate your idea without investing time and resources to build an entirely new product.

What is the meaning of MVP in App development?

You might be wondering at this point, what is the meaning of an MVP? Why do companies develop MVPs? An MVP concept works well in improving agile project management planning. Some of the reasons companies develop MVPs are:

· Quicker to Market

You would like to release the final product into the market as fast as possible, which allows you to gain a competitive edge over your competition.

· Testing an idea

You would be smart to try out a simple version of your app, using real users before you commit a huge chunk of your money into developing the full product.

· Learning about your customers' preferences

An MVP is an excellent tool for a company that wants to learn what its target market relates to, the user feedback, and what does not, thus enlarging its potential customer base and paving the way for the product development.

An MVP helps a company minimize the time and money it would commit to building a product, which also has a failure risk. By releasing the MVP into the market, a company gets to minimize the costs of implementation, test their product’s demand, and avoid losses or failure.

Since an MVP allows you to test a hypothesis, and in the process spend as little time and money as possible, you have three options after launching your MVP:

1. If the MVP works, and customers do need the product, you continue with the development

2. If the minimal viable product approach works partially, the client feedback helps you to alter and refine your idea

3. If the MVP is rejected, you can be happy in the fact that you saved at least 90% of the money set aside for the project

Implementing an MVP is a continuous process, and by using this technique, you can continually test your theories and determine the best development plan for the product.

The Difference between Prototype and MVP

5

Most people cannot tell the difference between a prototype and an MVP, and often the two terms are used interchangeably. A prototype is a visualization of the intended product or an early model designed to test a process. A prototype evaluates a novel design for enhancing precision by the users and system analysts. Building a prototype provides specifications for actual, working products, rather than theoretical products.

2-2-1024x505

An MVP is a prototype at best, but one that is built further down the development process. An MVP is built after you have tested all your theories via prototyping, and finally proof of concept. Ideally, you build the MVP, which can be improved, and you share it with the public as a version of a new product.

Prototyping is useful when you intend to launch an MVP or decide to launch a finished product. One product can have several prototypes, and the main idea behind the prototype is to give many samples of the product-to-be as possible.

The chosen sample of the prototype gives birth to the Minimum Viable Product. An MVP is built to serve actual customers, while a prototype only serves the developers for presenting UD and UX for the investors.

How to Build an MVP

The MVP process consists of 5 stages. However, the last stage does denote the end of developing MVPs. You can repeat the theory testing cycles until you obtain the ideal product that is satisfactory to you and the users, which is not 100% possible.

· Stage 1: Market and Customer Study

7

Suppose your basic concept meets the needs of the target audience. Useful tools in this stage are market analytics, field research, as well as group surveys. Ensure you are not competing for the same audience with other products. If you choose to enter a competitive market, you must define how unique your product is.

An MVP focuses on validating assumptions, but an MMP (Minimum Marketable Product) is a set of functionalities that address the target users’ immediate needs. The MMP is also capable of the delivery of a quantifiable value into the business. The MMP delivers core must-have functions that can improve the user experience.

· Stage 2: Define your concept

Your MVP needs to fill a void for the potential user. In this stage, decide on the product's critical feature sets, starting with the client value and competitive edges.

· Stage 3: Designing Prototype and the User Flow

Pick a form for your concept. The design needs to be determined by the user’s convenience. Choose the best and the most cost-effective way of presenting the main functions and features to the consumer. Consider the payment method and the sources of feedback. Use prototypes and choose the best one for implementation.

· Stage 4: Create MVP

The MVP creation is the lengthiest process of the processes mentioned above. Use the chosen prototype and ensure you keep an eye on the deadlines.

· Stage 5: Collect feedback and let the team learn from it

Try to promote the MVP once it is in the market. You are not looking for profits at this point. You need to find out what the users think about your product, how ready they are for it, and if they consider the features clear. Follow the reactions and gather feedback. To answer these questions, you need to follow the number of reactions, collect feedback, and use analytics. After collecting enough data, build a team, and decide on how to develop your project further, then start building a new MVP.

Examples of Successful MVPS

Most startups fail after the first round of investment. Some have been very successful such as:

· Airbnb

The Airbnb rental services operate with no intermediaries and are among the early adopters of this system, thus its resounding success. This idea took hold, and the startup MVP grew into a service to be reckoned with, with over 3,000 workers.

· Spotify

8-1024x375

Spotify got music label contracts in a couple of months by having excellent MVP feedback. The MVP of this music streaming service was launched in 2007 for a closed Windows user group, and before long it was trending in the music scenes. Having collected a fair amount of data from the first clients, Spotify founders proved their value proposition, and the app would rake in a significant income. The service receives a subscription fee from more than 87 million subscribers.

Conclusion

Using an MVP approach is a guaranteed path to building successful software that will attract an engaging user base and gain popularity. Customer feedback ensures you have enough features by the time you roll out the full product.

If you have a great app idea, you might have been told that when starting, you need to create a Minimum Viable Product (MVP). What does MVP mean? What do the initials MVP stand for? Frank Robinson coined the MVP concept, and Eric Ries, the author of Lean Startup popularized it by summarizing it as:

A Minimum Viable Product (MVP) is a watered-down version of a new app or product that lets a development team learn what they can about their customers’ needs or validated learning, using minimum effort.

1-4-1024x473

What does MVP Mean?

In the English language thesaurus, the MVP definition is given as the most valuable player or the most outstanding player.

The idea is to develop an actual app or a website-landing page to release to your customers, and in agile projects using scrum, the management may decide to boost a team’s morale by appreciating the team members by awarding developers and QA MVP awards. These are considered to be the real MVPs in the context of the team effort to build a stellar app.

A well-designed MVP lets you gather validated learning via observation of the users’ interactions with the app or website, improving the user experience. Validated learning in software development allows you more insights than questionnaires that ask the target audience about an imaginary product that does not exist. An MVP allows you to validate your idea without investing time and resources to build an entirely new product.

What is the meaning of MVP in App development?

You might be wondering at this point, what is the meaning of an MVP? Why do companies develop MVPs? An MVP concept works well in improving agile project management planning. Some of the reasons companies develop MVPs are:

· Quicker to Market

You would like to release the final product into the market as fast as possible, which allows you to gain a competitive edge over your competition.

· Testing an idea

You would be smart to try out a simple version of your app, using real users before you commit a huge chunk of your money into developing the full product.

· Learning about your customers' preferences

An MVP is an excellent tool for a company that wants to learn what its target market relates to, the user feedback, and what does not, thus enlarging its potential customer base and paving the way for the product development.

An MVP helps a company minimize the time and money it would commit to building a product, which also has a failure risk. By releasing the MVP into the market, a company gets to minimize the costs of implementation, test their product’s demand, and avoid losses or failure.

Since an MVP allows you to test a hypothesis, and in the process spend as little time and money as possible, you have three options after launching your MVP:

1. If the MVP works, and customers do need the product, you continue with the development

2. If the minimal viable product approach works partially, the client feedback helps you to alter and refine your idea

3. If the MVP is rejected, you can be happy in the fact that you saved at least 90% of the money set aside for the project

Implementing an MVP is a continuous process, and by using this technique, you can continually test your theories and determine the best development plan for the product.

The Difference between Prototype and MVP

5

Most people cannot tell the difference between a prototype and an MVP, and often the two terms are used interchangeably. A prototype is a visualization of the intended product or an early model designed to test a process. A prototype evaluates a novel design for enhancing precision by the users and system analysts. Building a prototype provides specifications for actual, working products, rather than theoretical products.

2-2-1024x505

An MVP is a prototype at best, but one that is built further down the development process. An MVP is built after you have tested all your theories via prototyping, and finally proof of concept. Ideally, you build the MVP, which can be improved, and you share it with the public as a version of a new product.

Prototyping is useful when you intend to launch an MVP or decide to launch a finished product. One product can have several prototypes, and the main idea behind the prototype is to give many samples of the product-to-be as possible.

The chosen sample of the prototype gives birth to the Minimum Viable Product. An MVP is built to serve actual customers, while a prototype only serves the developers for presenting UD and UX for the investors.

How to Build an MVP

The MVP process consists of 5 stages. However, the last stage does denote the end of developing MVPs. You can repeat the theory testing cycles until you obtain the ideal product that is satisfactory to you and the users, which is not 100% possible.

· Stage 1: Market and Customer Study

7

Suppose your basic concept meets the needs of the target audience. Useful tools in this stage are market analytics, field research, as well as group surveys. Ensure you are not competing for the same audience with other products. If you choose to enter a competitive market, you must define how unique your product is.

An MVP focuses on validating assumptions, but an MMP (Minimum Marketable Product) is a set of functionalities that address the target users’ immediate needs. The MMP is also capable of the delivery of a quantifiable value into the business. The MMP delivers core must-have functions that can improve the user experience.

· Stage 2: Define your concept

Your MVP needs to fill a void for the potential user. In this stage, decide on the product's critical feature sets, starting with the client value and competitive edges.

· Stage 3: Designing Prototype and the User Flow

Pick a form for your concept. The design needs to be determined by the user’s convenience. Choose the best and the most cost-effective way of presenting the main functions and features to the consumer. Consider the payment method and the sources of feedback. Use prototypes and choose the best one for implementation.

· Stage 4: Create MVP

The MVP creation is the lengthiest process of the processes mentioned above. Use the chosen prototype and ensure you keep an eye on the deadlines.

· Stage 5: Collect feedback and let the team learn from it

Try to promote the MVP once it is in the market. You are not looking for profits at this point. You need to find out what the users think about your product, how ready they are for it, and if they consider the features clear. Follow the reactions and gather feedback. To answer these questions, you need to follow the number of reactions, collect feedback, and use analytics. After collecting enough data, build a team, and decide on how to develop your project further, then start building a new MVP.

Examples of Successful MVPS

Most startups fail after the first round of investment. Some have been very successful such as:

· Airbnb

The Airbnb rental services operate with no intermediaries and are among the early adopters of this system, thus its resounding success. This idea took hold, and the startup MVP grew into a service to be reckoned with, with over 3,000 workers.

· Spotify

8-1024x375

Spotify got music label contracts in a couple of months by having excellent MVP feedback. The MVP of this music streaming service was launched in 2007 for a closed Windows user group, and before long it was trending in the music scenes. Having collected a fair amount of data from the first clients, Spotify founders proved their value proposition, and the app would rake in a significant income. The service receives a subscription fee from more than 87 million subscribers.

Conclusion

Using an MVP approach is a guaranteed path to building successful software that will attract an engaging user base and gain popularity. Customer feedback ensures you have enough features by the time you roll out the full product.