Minimum Viable Product – a little investment can go a long way
Minimum Viable Product is the process of creating a product or service that uses the minimal amount of resources to gain the maximum level of consumer insights. Minimum Viable Product was coined by Frank Robinson in 2001 but has since been popularised by Eric Ries in his work on the lean startup method. Lean is a change management philosophy that aims to use up fewer resources while creating more value for customers.
The aims of developing MVP include gaining valuable early feedback, saving on resources, and reducing time to market. Assessing the impact of an MVP provides vital market analysis before businesses invest considerable time and money into a product or service. This makes it an ideal option for companies who want to test the waters without drowning in expense. Unlike the open source movement, early adopters do not actively contribute to the product’s features, but offer indirect guidance as to how development should progress.
MVP represents an informative strategy that most businesses could take advantage of. MVP may not always be the best approach for a legacy company that consistently develops high quality products for a loyal customer base, but focusing closely on the early uses and interactions through MVP can provide cost effective deep insight.