Before we dive into this question, we should understand what an MVP is. MVP or Minimum Viable Product can be defined as:- “that product which has just those features and no more that allows you to ship a product that early adopters see and, at least some of whom resonate with, pay you money for, and start to give you feedback on”.
So why minimal? because it costs lesser and it is ready to be shipped sooner. It saves time and money, the two most important components in any business. The below picture depicts the idea of MVP: One thing we should understand is that an MVP is not a cheaper variant of a final product. It is actually a smarter variant and is created as a part of business strategy.
Now lets discuss some of the benefits of building an MVP.
This is the most important reason, why many consider building an MVP. Since you are not delivering a complete product, you need not worry about the perfectness of the product; you just have to build a product which contains the most important feature, which the customer would need, to solve a concern. As we know that the timing of the release of the product is another factor which has a huge impact on the success of the product, releasing an MVP at the correct time will add on the worth of the product.
Building an MVP means developing a prototype of the final product with the most basic features of the product planned, which translates into work done cheaper. You save the money you would have spent on building extra features and functionalities. This is very important because, it’s quite an early stage and we might not know what kind of features customers would like and use and we might end up spending more on features that the customers might not like or need.
3.It gives early feedback:-
What more would you want? When you build a product for a group of customers, the most important thing you expect is the feedback from these users about the product. Its like waiting for test marks after having written a test. So when you release an MVP and start getting valuable feedback from the users, the final product is strengthened up. It reduces the risk of final product being turned down by the customers. This is the most easiest and reliable validation for your product idea.
4.It builds relationship:-
First users are always the best critics. When you create an MVP and have a small group of users, you get feedback, you work on it and improve the product, these first users, who were critics of the product, will become fans of the product because their feedback is valued and acted upon. This builds a relationship and creates a community of users around your product, which will be useful for your marketing strategies later. Building an MVP has benefits far more than the above said few. There are some things we should keep in mind while developing an MVP. Firstly, we should not be afraid of negative feedback. It is quite reasonable and we should understand, that the customers may not be quite happy with the only few features available in the MVP.
Indeed, you may face some angry comments, but they will become happier when we take the heat and upgrade the product. Secondly, there is a widespread thought running in business circles, saying the customers do not know what they want. This absolutely makes no sense and heeding to the opinions of the users and acting upon the feedback will the best thing you can do to your product.
So MVP is an absolute necessary entity in your products life cycle and taking calculated risk on deciding the features to be available in the MVP and deciding on the time of release would be the key to success.