Startups are the businesses that come into existence to reach to a scalable business model and once the model is found then a proper business is established to execute on that model. If a startup follows the Minimal Viable Product then be sure of the fact that you are going to grow quite faster than usual. When you are planning to launch a new product in the market and you are clueless on how your audience will react to it then MVP is the right approach to go about your product. This technique will help you test the new idea among the current users of the (similar) products.
The key feature of the Minimal Viable Product is that you have to test the product on your ideal consumers. These are the people you can get the most authentic feedback since they have been associated with you since long and they can very well tell you what is wrong and what is right! Collecting information is quite simpler when you are doing it from your people. From the many features that you introduce, you will soon realize that the customers will get their workable solution.
This is what your Minimal Viable Product is! MVP approach is quite convenient as you do not have to build a complete product for testing; you only need to create a prototype with the most basic features and that is it. MVP is a very cost effective way of testing your product. It saves you a lot of money on designing as well as manufacturing cost. As at the initial stage you are not even sure whether all features will be used or you would need to add some other features to find your Minimal Viable Product.
MVP allows you multiple trials and it is one of the biggest benefits that it offers to its users. You can easily implement ideas, study on its consumers’ use, make additional changes and can repeat this process as and when needed. And above all, everything will be done faster than you imagine. By using MVP approach you are not focusing on creating a perfect product but are actually finding those sets of features that will help in solving the problems of your customers. This actually means that you do not have to have a high end prototype but just a simple one that has basics in it.
You cannot forget the fact that you will need to keep on adding new features until and unless you get to the ideal solution that will help your customers. With Minimal Viable Product you can do a lot more by finding the correct product for your loyal customers!
For More Info:-