An MVP, or minimum viable product, is the simplest version of a product you can create to solve a problem and test in the market. Introduced by Lean Startup expert Eric Ries, an MVP is designed to gather maximum feedback with minimal effort. It’s the first step in building a scalable product while keeping risks low.
To create a successful MVP, follow these four steps:
- Identify Customer Pain Points
Understand the problem you’re solving by talking to potential users and doing market research to learn their needs and preferences. - Describe the Competitive Landscape
Analyze what makes your product stand out, identify gaps in competitors' offerings, and understand the value of solving those gaps for customers. - Test the MVP for Validity
Use a beta group or internal testers to try the basic version of your product, like a landing page or simple app, and gather feedback. - Get Ready to Launch
Once testing succeeds, it’s time to refine, build, and launch your MVP. Start with the essential features, release to a small customer base, and begin the build-measure-learn (BML) feedback loop to improve and grow.
By focusing on simplicity, feedback, and continuous improvement, an MVP empowers you to bring your vision to life while minimizing risks and maximizing your chances of success. Start small, learn fast, and build smarter!