MVP: notion, stages, advice 📇

Did you know that 42% companies fail due to the lack of demand for their product? In order to avoid this, you need MVP. It will help you allocate resources correctly and test the product viability.

What is MVP?📌

Launching MVP is a crucial stage of a product’s life cycle. Minimum viable product (MVP) — a basic version that covers the product's fundamental components and features and targets the core requirements and needs of customers. This stage allows entrepreneurs to try themselves on the market spending a minimal amount of resources.

Typically, MVP includes a brief description of the idea and a minimal set of functions. Wherein, the idea canvas should meet market’s needs and wants, solve users’ problems, and demonstrate its value. Despite its ‘rawness’, MVP should provide an idea of what the final product is going to look like.

Stages 🖇

Introduce yourself, an idea, and get a feedback from your audience. You can begin with a landing page which will guide a user to a targeted action. The aim is to find out whether consumers are willing to pay for the solution you are developing.

Low-fidelity prototype
Having assessed the product demand, create its minimalistic prototype and make a test launch on a few users. As a rule, 5 users is enough to detect evident problems. The ultimate goal — to identify obvious errors in terms of usability and understand the wants of the audience.

High-fidelity prototype
At this stage, you should improve the user’s interface, foster the product’s usability, and increase the number of users. The aim of high-fidelity prototype is to start monetizing your efforts.

Anyways, even at the stage of testing, you should focus on creating an affordable user-friendly product of a good quality. It is supposed to attract customers who are ready to pay for the solution of their problem.

Have you ever created MVP? Share your experience in the comments! 💬