​#BusinessEducation MVP: notion, benefit, stages The main | Idea factory

​#BusinessEducation
MVP: notion, benefit, stages

The main factor of business success is the understanding that your product is going to be in demand. Let’s work out how MVP can boost product efficiency.

MVP (Minimum Viable Product) is the earliest version of a product. It has a minimal set of functions, which is adequate for going public and testing on consumers. However, such a product must demonstrate a sufficient value for consumers.

MVP differs from a prototype in that it’s a work product which must perform a particular function in the best way. It can be a beta-version of company’s site, whose functionality will be enhanced further.

Business use
MVP provides direct and indirect financial advantages, which allow businesses to:

⁃ get a feedback from the target audience in order to finalize a product before entering a larger market;

⁃ release a product faster and get profit even before finishing its development;

⁃ convince investors of more serious funding for finalizing;

⁃ save money on the analysis of market and target audience.

MVP stages
In order to make up a successful product, you have to create a detailed plan. Reaffirm basic MVP principles, which your team is going to follow throughout the whole process. There are the following stages to verify an idea and turn it into a product:

1. Identify the problem for a solution. Think of why the product is needed.

2. Define your target audience and narrow it as much as possible. Prepare a precise client description: identify their age, sex, kind of job, and income.

3. Analyze the competitors. Find out the strong and weak points of their products in order to define the functionality of your own.

4. Identify a user flow. This is a path which a customer goes through when interacting with a product.

5. Define MVP volume. First, it’s necessary to create a product with essential functions.

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