What Makes a Good MVP?
The abbreviation "MVP" stands for "Minimum Viable Product," which is the model of your main product that is produced with the minimum effort possible in order to receive feedback from your target audience and enter the market. This work targets an early customer base that will experience a specific product or service. This concept, which can also be expressed as the product content offered to support the approval of ideas in the R&D process, appears in Turkish as "Minimum Applicable Product."
Especially in the technology and software industries, this work contributes to the evaluation of the feedback received for the development of existing products and plays an important role in verifying and renewing relevant products by the consumer profile. The main purpose of MVP is explained as helping teams to evaluate data from consumers and create new product versions. A good MVP should include feedback that makes a difference in the new product development process.
What are the Goals of MVP Applications?
The main objectives of MVP applications for businesses and companies are:
- To launch the selected product in the market in the minimum possible time.
- To test the idea before using the total investment allocated to the product in product design and R&D process.
- To identify gaps in the industry along with target audience and competitor analysis of companies.
The most valid goal of these studies is to determine the sectoral response of the created idea before presenting a complete product. This study can prevent investments in products that do not meet consumer needs. Proper use of existing resources provides a strong foundation for innovation of products that meet consumer expectations.
What should be considered in a Good MVP Study?
An MVP that spends more effort on design than functionality may not provide returns that meet business expectations. We have listed some details that should be considered to create a good MVP below.
Determining Priorities
One of the problems encountered in MVP processes is the difficulty that businesses face in determining their primary objectives. Continuously adding to a new idea or project can reduce the possible capacity of the benefit to be gained. At this point, determining priorities holds an important place, and priorities determined in accordance with consumer needs support the product to create more satisfaction.
Design Stage
In order for a project or idea to attract and be approved by the target audience, priority should be given to the design stage. However, in the MVP process, it is one of the most important details that functionality is equally important as design. Projects that are confident in their functionality should be developed and their designs should be strengthened.
Benefits of MVP Studies
This process, properly constructed, provides many important benefits such as functionality. We have listed some prominent benefits of a good MVP study below.
Functionality Factor
It is recommended to determine the basic functions of the product or service for a good MVP. Testing ideas and collecting feedback before focusing on the application phase supports the success of the work. The functionality factor of these applications helps products to be presented to the industry much faster and reduces production costs.
Testing Phase
A good MVP must have testing ease and businesses must have the opportunity to control the basic versions of their products in this process. Testing a project that has been researched to a sufficient level before moving on to the application phase allows the product to reach much wider audiences.
Feedback
Effective management of an MVP process involves objectively evaluating the ideas and opinions of the target audience. Consumer feedback on the final version of the product contributes to its development and improvement. These practices are essential for meeting the needs of the target audience accurately and completely.
Industry Recognition
Properly executed MVP studies require objective analysis of whether the proposed offerings are accepted or rejected by the target audience. Producing goods and services that meet the desires and needs of the target audience is possible through effective process management, which brings industry recognition.
Effective Use of Production Budget
Developing an MVP provides effective solutions for businesses to use their production budgets efficiently. By using consumer feedback, existing resources can be utilized properly. The equation of minimum expense and maximum benefit is proportional to how the process is managed.
By allowing your product or service to be experienced through the MVP process according to your business idea, you can make improvements based on feedback from your target audience. With this work, you can increase your chances of getting funding by presenting tangible results to investors. Click here to meet the most suitable investors for your business idea!
