The basics of MVP, simplified.
MVP stands for Minimum Viable Product. It is a core product which you could transform from an idea in the shortest time, at the lowest cost, carries the minimum amount of risk, yet be attractive enough for initial market acceptance and adoption.
The idea.
The only way to know if it’s a good idea is to speak to your potential target audience. There is obviously risk surrounding disclosing proprietary ideas. All conversations must be conducted under a Mutual Non-Disclosure Statement. Generally speaking, if people are willing to adopt your product over other products on the market then its a good idea. Take feedback in a constructive manner and put yourself into your customer’s shoes. Update the idea and go again. Keep in mind that some people will be cynical and it is to be expected.
The purpose.
Identify the purpose of your idea early on is substantial, the following 3 questions are a must ask. The stronger the purpose the higher the success rate.
What potential pain points or problems could your idea solve.
How is your idea solving problems and pain points?
How is it different from other products accessible by your audience.
The budget.
The budget should not be dictated by how much money you have sitting in the bank. It is always advisable to start with a UX Prototype. A UX Prototype will significantly help with budget management. This is when the User Experience Flow and Product Specification could be developed cheaply when compared to actually developing the product itself.
The future.
MVP is great for getting an idea to market fast amongst heaps of other benefits. MVP also is an excellent foundation for agile development. Talk to us and discover what your MVP should look like.