Post MVP App, What You Need To Know About

What is an MVP?

An MVP is based on the concept of lean start-up coined by Steve Blank. An MVP has just enough features to capture the attention of potential audiences, to test assumptions of a product and gather feedback before launching into expensive and time-consuming features that may have to be changed as they did not meet the needs or wants of the target market.

Why an MVP?

MVP’s is the quickest way to get your product to market to test the demand of your product and gradually introduce new features. This provides time for analysing the preferences of your audience whilst learning what works and what doesn’t. An MVP also saves on expensive implementation costs and prevents failure of certain aspects as well as giving you time to gather information and enhance your user base. This approach helps you find faults quicker and come up with new ideas that will increase market opportunities

Common Mistakes

• The need to have a perfect product released the first time with every feature included.
• Not looking at the long-term vision and benefits of scaling up a project.
• Purchasing a full product without establishing the developer’s capabilities.

Testing

To accelerate learning and minimise the risk of an MVP, the product is typically deployed to a subset of potential customers. These customers are thought to be more understanding of the prototype and are willing to provide feedback. This group have generally bought into the long-term vision of the product. Testing the potential business model is vital and is especially useful for new business ideas. This enables the validation of a new idea in the business environment with the least expense. Gradual testing of different components allows for financial viability whilst gaining knowledge at each stage. These findings can be used in a valuable planning process where new features, timelines and financial viability are assessed.

Releasing the final product

As the product has been built gradually and each stage has been checked for viability, the product success will be great and should serve the needs of all stakeholders.