The acronym MVP refers to the minimum viable product (in English, “minimum viable product”), that is, a product with the essential characteristics to satisfy initial customers. If you are starting a business, this article is ideal for you!
The first step when starting a business is to discover what project you want to create. Probably, once you are clear about what you want to offer, you start thinking about (many!) tasks to do.
From organizing how you are going to obtain your products to sell, what exist, what image and tone your brand is going to have, how it is going to be, everything!
Don’t worry: entrepreneurship is hard but fascinating and there are many strategies that allow you to organize your day to day to overcome each stage and grow your business. Defining an MVP is one of them and, therefore, we invite you to continue reading!
What is MVP?
The meaning of MVP is minimum viable product, which in Spanish we call PMV and refers to the minimum viable product. What exactly do we mean? To a product that will meet the fundamental attributes, those that cannot be lacking, to be marketed.
One of the definitions of says:
It is a central artifact in an iterative process of idea generation, prototyping, presentation, data collection, analysis, and learning.
In other words, it is a strategy to organize the first steps in selling a product to customers.
Defining the basic characteristics of your product or service allows you to start selling it and, thus, get information for future developments and improvements. Although it is going to be a partial version, receiving this feedback or feedback will help you to mark the way forward.
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When a brand launches its MVP, it is in contact with the first consumers who will provide valuable data on what are the most outstanding points and where it is a priority to progress.
To summarize, every MVP or PMV has these main characteristics:
- It has a value that makes it usable.
- It has the minimum or essential functionalities that already pose an attraction.
- It allows capturing the first users, who are going to test the product.
- It gives the possibility of obtaining feedback or feedback.
- Provide information about customers: what functionalities or solutions are the most valued by your company.
Some concrete examples
To fully understand the idea of a minimum viable product, let’s look at some examples.
The PMV concept is widely used in technology companies — for example, in the development of an application — but it can be very useful for any entrepreneur who is starting to .
Today the Uber mobility app is one of the leaders and best known by all. In its beginnings, Uber was just a prototype called Ubercap where users had to send an email to the founders to access the service.
These early adopters would enter their departure address, and from there, Ubercap would notify the closest driver. With this test, the developers confirmed that this was a service that people found useful and interesting.
With the hypothesis validated and the feedback from the clients, it is much more effective to continue advancing with the project. In addition, this way it is easier and clearer to understand which functionalities are the ones that must be further developed.
Uber currently has, for example, a package delivery service that, back then, was not a priority to develop urgently so that the brand could continue to grow.
But it also applies to ventures that are not based on digital platforms! Let’s imagine that you are thinking of , your idea may be to create varieties of candles to decorate the house. But go slowly!
It is not bad that your long-term goal is to offer a wide catalog of candles, with many aromas to choose from. You can start by trying two or three varieties, get to know your audience, understand how to penetrate that niche. Then you will add new essences and even improvements such as candle holders or other decorative objectives that accompany them.
We can also talk about an MVP when it comes to . If you are going to offer cooking courses, for example, your minimum viable product can be one with 4 modules of 2 hours each.
After this launch and based on your results and the feedback from the first students, you will define whether to add courses with other topics, extend and deepen the one you are already giving, or include courses taught by other professionals on different topics.
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With this, surely, it is already clearer what an MVP is. Even so, we want to continue delving into the subject. Let’s move on to the main advantages of creating an MVP.
What is the use of creating an MVP?
Now that you know the meaning of MVP, let’s continue delving into the potentialities of thinking, developing and offering one.
The biggest benefit of PMV is that it allows you to test hypotheses and gather evidence before spending a lot of money, time, and effort. In this way, you will avoid creating a product that your potential customers are not interested in consuming.
The launch of an MVP and the subsequent analysis of the results gives you the opportunity to learn about the product, its virtues and, if necessary, change course to obtain a better financial return.
The MVP, then, is geared toward confirming that there is a market for that product before making a significant investment of time and money.
Although the definition of the MVP and its basic characteristics will surely be maintained throughout the entire , there may be modifications. Precisely, its functionalities are going to be adapted based on the suggestions and requests of the clients who try it.
Thinking of a minimum viable product, whether digital or physical, helps you organize the adjustments that need to be made and even rethink its official launch date.
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