MVP stands for Minimum Viable Product.
The purpose of an MVP is to test your solution on the market. Indeed, if you are in the product design phase, you can only make assumptions about how it will be received and used by your target audience. At this stage, it is therefore important to test this product, providing it with only its essential features, with a view to minimising your budget and time.
The opposite of an MVP would be the delivery of a finished product, which required significant investments in terms of both time and finance, and whose ability to exactly meet user needs is unknown. The risk of such a scenario (which can be found in waterfall or V-cycle project management) is to realise far too late that one has made a mistake and made the wrong assumptions. Consequently, 80% of the developed features turn out to be superfluous, and a large part of the development has to be restarted from scratch.
The MVP therefore allows you to test your assumptions very early on, and to stick as closely as possible to your users' expectations.
What is the purpose of an MVP?
Gathering user feedback on this initial version will allow you to effectively guide the development of features and product improvements iteratively.
It's a strategy to understand your target audience and their use of the product, quickly and at a lower cost. The MVP specifically allows us to answer the following questions:
What are the fundamental needs of your target audience?
What features would your prospects like to see added to the product?
Can your product idea be launched as is, or does it require changes and adjustments to be successful?
Prioritise the features of your application, from the most essential to the least important. Set yourself a minimum level of features that you will provide to your users, because despite its minimalist nature, the MVP must absolutely offer added value to your customers.
Develop the solution. Whether it's a mobile application or another type of product, build this solution and put it to the test on the market.
Collect user feedback and validate your solution. Analyse user behaviour with your product (user testing), facilitate feedback collection, and don't hesitate to interview your users. Focus especially on your early adopters.
Make the necessary modifications based on the collected user feedback, integrate new features, and prioritise them again in your roadmap.
At Galadrim, we are accustomed to supporting entrepreneurs in launching their projects and we are able to advise you from the very outset. We work alongside you at all stages of your conceptualisation: from the need identification phase, to ideation, and even the development of the MVP.
We can develop an MVP with you in 6 weeks, then iterate with you until you find your product market fit.
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