Over time, the software publishing activity has refocused mainly on the Product with a capital P. Today, the Product vision must respond to an understanding of the market and must remain agile and adapt to the commercial reality on the ground. In this context, the MVP (Minimum Viable Product) has become essential. The Startup model that spends years defining a product idea, developing the concept, and investing a substantial budget in production, with the ultimate risk that the Product will not meet the expected success, is over.
These five fundamental principles aim to allow startups to be more flexible and adaptable to change, the observation being that no business plan is truly in tune with market needs. The three fundamental steps of the Lean startup are to build, measure, and learn before starting a new construction cycle. This is called the ‘build-measure-learn’ loop. The first so-called construction phase consists of producing a Minimum Viable Product (or MVP). Concretely, during this phase, it is a question of focusing on the most critical aspects and, above all, the essential and main functionalities for
- go from an idea to a usable, functional, and ‘viable’ Product
- test it with real users or customers
- collect as much feedback as possible
This makes it possible to validate the project’s outline and ensure that the Product meets a real need, even before starting software development, which will always be lengthy and costly during its lifespan. This verification strategy allows a natural alignment between the Product and its target and ensures to focus on the user need while identifying and minimizing the risks.
Agile Product Development With The MVP
MVP (minimum viable Product) is essential for agile product development. Above a venture the board strategy, dexterity is a perspective to embrace with the crucial target of upgrading group arrangement and avoiding the passage impact. Deftness likewise makes it conceivable to answer all the more rapidly to unanticipated occasions while restricting the intricacy because of the division of the undertaking into feasible assignments. Consequently, the advancement group can take a different path if the venture requires it. The accompanying components additionally mark the idea of coordinated item improvement:
- It is iterative: iterative development includes pacing the advancement of an undertaking by continuing through a specific number of stages, cycles, or emphases, which makes it conceivable not to address all the intricacy of the double.
- It is incremental: we slowly add new highlights and convey them throughout the task.
- It allows quick and immediate adaptations.
The MVP (Minimum Viable Product): A Question Of Definition
Large companies are also opting for project management in agile mode, or even for implementing agility at scale, to minimize the risks of investing in a product that does not correspond to the market. Adopting an MVP from a large, established company that already benefits from an image does not require the same effort as when it comes to a startup. In this specific case, the MVP can only rely on its value proposition and must fulfill, at a minimum, its essential function(s).
The meaning and usage of the term “Minimum Viable Product” has evolved. As it is a question of designing at a lower cost, in the shortest possible time, a product capable of meeting a need and seducing the customer, the competition aspect also comes into play. Therefore, we have seen MVP variations in MAP (Awesome Minimum Product) or even MLP Minimum Lovable Product because customers are not satisfied with the basic functionalities but will need a little extra soul, depending on the case.
The Pyramid of Needs, commonly known as Maslow’s Pyramid, shows the minimum requirements an MVP must meet. For a customer to buy a product, that Product must meet a need that the business might have created. The client must also have the feeling that something is missing. Once they have covered their basic needs like food, sleep, and safety, most people look for something else, such as luxury or social recognition. The demand for such products or services can be represented in pyramids of needs.
The MVP Is Not Necessarily The Miracle Recipe
There are pitfalls to avoid. For example, here are some possible problematic situations:
- The MVP works fine, but more is needed to solve the user’s problem. The MVP does not meet the targeted need. The customer will turn away from the Product. The MVP targets too large an audience: too much information makes it challenging to collect constructive feedback with too many different opinions and, therefore, potentially too many features to develop
- The MVP is validated, but you still need to ensure its promotion: you must listen to the opinions, improve your Product with new versions and make it known. There is no magic. If you wait for the customer, nothing will happen.
- You think your MVP is perfect, and you need to pay more attention to customer feedback. So the process could be more helpful.
- On the contrary, you are constantly changing your mind, adding new features, and integrating new people into the team…. Little chance that the final version of the Product will be released one day
The goal of the MVP is not to be perfect but functional to check the fit with the market, get feedback and continue development by integrating feedback. The Product activity deserves to be challenged and helped throughout the growth of an editor. And it is the whole point of our approach to offer a complete offer ranging from due diligence to technical transition management, including organizational consulting, long-term support, and the establishment of entire hybrid teams. for significant transformation projects, particularly towards the cloud.
Also Read: Create A Project Plan – Step By Step To A Successful Project