You have an idea for a product or feature and think it’s worth pursuing. At this point, you could invest time and money and build a complete product, shelve the idea, or wait for a more suitable time. A fourth option exists, where you validate your idea with data and minimum expense. Whether you’re a start-up or a well-established company, a minimum viable product (MVP) is a winning strategy.
What is an MVP?
An MVP has just enough functionality to attract users by being both minimal enough and viable enough. Let’s say you wanted to travel by boat, starting by building a cruise liner would represent a great expense before you could test core features. You could create a paddleboat. After seeing core features working you can increase their number, adding sales to save weary arms perhaps. You then repeat and develop more until you have your own cruise ship. Throughout the process, the MVP method limits risk avoiding titanic failures.
Why should I create an MVP?
The MVP method lets you take a product to market with minimum risk and effort while gathering meaningful information on the market. By taking the MVP route you:
- Ensure you invest in a product with a likelihood of success
- Establish if users engage with the product
- Inform future development
- Quickly gain a user base
The MVP process begins by creating a hypothesis and criteria by which you will measure success. Once developed the MVP is tested by the market. At the conclusion of the process, you know if the product has been validated and have data to inform future development.
Parkside’s cross-functional teams follow the MVP method and nurture your ideas through validation to create next-generation solutions.