Digital solutions may not be your business’ first solution nor an urgent need.
However, this era has changed as many has started to adopt digital
solutions, specifically driven by the recent pandemic. Yet, there are many
who thinks that these solutions are not affordable and require a complex
process. Don’t worry, this is where your MVP product can help you. Hold on,
what is an MVP Product?
While the concept of MVP Product started back in 2001, many industries are
still left unaware of what it is. An MVP Product, or Minimum Viable Product, is
a product developed with enough features to attract early adopters. In other
words, it is a complete functional product with a reasonably minimum
complexity and core functionalities. This concept was initially applied to help
development process of digital solutions with a goal to simplify development
process while still achieving its product aim.
Using the concept above, it is imperative to define your product aim and
your target market before you come up with an MVP product. Who are the
people who will be using it, and what are their needs and pain points? This
will help you focus your efforts and ensure that your MVP product addresses
the needs of your audiences. Once the goal and audiences are defined, you
can continue to identify what are the most essential features based on the
addressed issue. For example, if you’re building a task management app, the
core feature may be the ability to create and organize tasks. Keep in mind
that the focus is simplicity.
Once your product is launched, your next step is for you to gather feedbacks.
Feedbacks obtained from your audiences can help you with your business
decisions. You can choose to further analyze any problems and improve your
product. Improving your products may involve in adding new features,
making changes to existing features, or removing the ones that aren’t useful.
On the other end, you may choose to stop investing in the product if it is not
achieving your goal. Consider that an experience for you and next time you
can come up with better products. But the next time, you have the
advantage of having actual data from your audiences that can help you
come up with better solution. Ultimately, an MVP product allows you to
release a product to the market as quickly as possible and test the idea with
real users before committing a larger budget into the development process.
Nowadays, this concept is widely used in tech companies to build digital solutions. Big companies such as Airbnb, Foursquare, and many others are adopting this concept when coming up with their products. You see, it is not as complex nor expensive as one may think it would be.
