Determining the feasibility of our idea can be difficult.
If we decide based on our own feelings or the opinions of our surrounding people, the results won’t be precise. As a result, when we start our business we would probably face low demands from the market, eventually ending in failure. This results in losing lots of money and time! So how does Minimum Viable Product (MVP) help us?
There are many important points to consider when making an MVP, including its goal, costs, and how it should be. More importantly, we should know how to use them in order to receive the essential information we need. Well, this step is all about them!
Plan your MVP 🚀11:00
Do we need a lot of money to build an MVP?11:00
Is it right that the MVP should be a super perfect version of our product?10:54
How to touch our customers’ hearts?
There are many factors that make customers attracted to what we provide. However, one of the main factors is the product itself! The product should be built in a way that drives lots of customers to us. It should be what people would love!
One of the important things to consider in the initial phases of a business is building a minimum viable product (MVP).
👉 A minimum viable product is the simplest form of the final product that you are planning to provide to your target audience. An MVP only contains the vital functions of your product. MVP plays an important role in beginning your business as it is used to check whether your product/service is actually what people would like to spend money on or not, do they prefer it over its alternatives or not!
✅ Benefit: Making an MVP helps you understand the real needs of your market precisely as well as get real-time feedback on your product/service.
✅ This will guide you about how much demand is out there for your product and what are the expectations from your product.
✅ More importantly, it lets you know if this is the idea you should put time, effort, and money on or not!
A minimum viable product will also help you make the necessary refinements to your product/service based on your customers’ expectations! You may want to start your business without making an MVP and testing it out, but you should keep that in mind that in today’s competition it is a smart move to check whether your product/service meets your market’s interests and needs or not! It is actually a guaranteed way of testing the value you bring to your users with your product/service.
You can check some of those real-world MVP examples by watching the following video!👆