What is MVP or Minimum Viable Product?

The minimum viable product (also known as MVP) is a version of a product that has just the amount of features and functionality necessary to meet the needs of potential customers while allowing a company to obtain valuable feedback from those customers. .

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

What is the purpose of designing a minimum viable product?

The MVP in marketing is used to identify the essential features of a product that satisfy customer needs. This allows companies to save time and money by avoiding the development of features that are not needed or valued by customers. Additionally, MVP can also help companies test a product idea and collect customer feedback before investing in full-scale development. 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 unnecessary features or features not valued by customers.
• Test a product idea and collect customer feedback before investing in full-scale development.
• Ensure that the product is viable and attractive to the market.
• Adjust marketing strategy based on customer feedback.
• Improve the product based on customer feedback.

Types of minimum viable product

There are 2 types of MVP

Low-Fidelity Minimum Viable Product: A basic, simplified version of a product designed to test a product idea and collect customer feedback. This version of the product is typically lower in quality and level of detail than a full product, allowing companies to develop and test a product idea quickly and at reduced cost. Typically, a low-fidelity MVP product includes only the essential product features and can be created using simple and affordable tools and technologies.

High Fidelity Minimum Viable Product: A high fidelity minimum viable product in marketing is a detailed, complete version of a product designed to test a product idea and collect 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 high-fidelity 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 market needs and the essential features 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 gather feedback.
• Analyze customer feedback and adjust the product accordingly.
• Do a limited launch of the product to gather more customer feedback and improve the product further.
• Conduct a full product launch once you are satisfied with its performance and ability to meet market needs.
• Track satisfaction and create new improvement sketches for future product reviews.
  

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