What is MVP or Minimum Viable Product?

Minimum Viable Product (also known as MVP) is a version of a product that has just the right amount of features and functionality needed to meet the needs of potential customers while allowing a company to gain valuable feedback from those customers. .

The goal of the MVP is to test a business hypothesis with as little effort and cost as possible, and gather information that can help improve the product before investing time and resources in developing it to a more advanced level. In short, the MVP is a marketing tool used to gauge customer interest in a product and gather suggestions for product improvement.

What is the use of designing a minimum viable product?

The MVP in marketing is used to identify the essential characteristics of a product that satisfy the needs of customers. This allows companies to save time and money by avoiding the development of features that are not needed or valued by customers. In addition, the MVP can also help companies test a product idea and gather customer feedback before investing in full-scale development. In this way, companies can ensure that their product is viable and attractive to the market and can adjust their marketing strategy accordingly.

Therefore, the minimum viable product in marketing serves to:

• Know the essential characteristics of a product that meet the needs of customers .
• Save time and money by avoiding the development of features that are unnecessary or not valued by customers.
• Testing a product idea and collecting customer feedback before investing in full-scale development.
• Make sure that the product is viable and attractive to the market.
• Adjust the marketing strategy based on customer feedback.
• Improve the product based on customer feedback.

Types of minimum viable product

There are 2 types of MVPs

Low Fidelity Minimum Viable Product: A basic, stripped-down version of a product designed to test a product idea and gather customer feedback. This version of the product is often of a lower quality and level of detail than a full product, allowing companies to develop and test a product idea quickly and at low cost. Typically, a lo-fi MVP product includes only the essential product features and can be built using simple and affordable tools and technologies.

High Fidelity Minimum Viable Product: A high fidelity minimum viable product in marketing is a detailed and comprehensive version of a product designed to test a product idea and gather customer feedback. This version of the product typically has a higher quality and level of detail than a low-fidelity MVP product, allowing companies to deliver a more realistic experience to customers and collect more accurate feedback. Typically, a hi-fi MVP product includes all the features of the full product and can be built using advanced and expensive tools and technologies .

How to create a minimum viable product?

To create a minimum viable product for your company's product, follow these steps:

• Identify the needs of the market and the essential characteristics that your product must have to satisfy those needs.
• Design and develop a basic version of the product that includes only the essential features.
• Pilot the product with a small group of customers to collect feedback.
• Analyze customer feedback and adjust the product accordingly.
• Hold a limited release of the product to collect more customer feedback and improve the product further.
• You carry out a full launch of the product once you are satisfied with its performance and its ability to meet market needs.
• Track satisfaction and create new improvement sketches for future product reviews.
  

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