Succeed in MVP Development: 6 Characteristics Of A Good Minimum Viable Product
Tech companies of different sizes can make use of an MVP, or Minimum Viable Product, to validate their business idea and market assumptions directly to the market. As its name suggests, an MVP has to be both minimum and viable. Thus, only minimal resources are required since the MVP must not go over the bare minimum. This cost-effective strategy enables companies to get direct feedback and data from the market even before the actual launch of the fully developed product.
Despite having a strategic aim, there are certain characteristics that set a good MVP apart from a bad one. Though there are certain benefits to be reaped, the reality is that not all MVPs end up successful. Thus, it is important to know the traits and qualities that make a good MVP.
6 characteristics of a good MVP
An MVP can either be good or bad in terms of being able to achieve its goals. Let’s look into 6 qualities that distinguish a good MVP.
1. Addresses the most basic needs of the target customers
A product that is able to bridge a gap, meet a market need, or grant a viable alternative to existing options is a product that is considered good. Similarly, a good MVP must be capable of addressing the target audience’s needs. It may be a need for a better price offer, or a need for an alternative way to address issues. If this goal is reached, customers who are interested would not easily leave in the course of time.
Because an MVP is simply the bare minimum, it must be able to address a single essential issue that the target audience finds most frustrating. This is where companies should start with and it is also one of the hardest parts of the process.
2. Grants feedback generation and collection
One of the primary goals of MVP development would be to collect feedback that could be useful for the further development of the product. Thus, this is essential in distinguishing a good MVP. Feedback would be especially useful if the feedback comes from the specific target audience or the ideal customer. Through the MVP, companies should be able to receive feedback that would be relevant for further decision-making.
Feedback may not take a single form. Survey responses, landing page engagements, pre-orders, and other forms are examples of feedback. The kind of feedback that can be generated would depend on the type of MVP to go with.
3. Keeps users
Despite being at the early stage of product development, a good MVP would be capable of keeping its early adopters or initial customers. Hence, for this to be possible, a continuous user experience must be offered by the MVP. Through the consistent provision of user experience, product users would be able to stay in contact with the product even as it pushes through the next stage of the development.
From a marketing perspective, the greater the customers’ involvement in product creation, the greater the chances of customer loyalty.
If a product is incapable of engaging with target users at the initial stage, this would mean that the viability of the product is questionable.
4. Narrows down and focuses on a specific market segment
Knowing who the product is for is crucial to the success of the product launch. The more specific the target audience, the better the marketing turnout and the more optimized the marketing budget would be.
Good MVPs would be capable of narrowing down the assumed target audience into a single specific customer persona with very specific qualities. Even more, ideally, an MVP may be capable of helping companies distinguish the customer persona who would grant the greatest benefits. This may be the customer who would need the least amount of support yet pays the most.
If the target market is not narrowed down, large amounts of resources may be spent without being able to generate relevant insights or significant returns.
5. Emphasizes validation and testing
Behind product development lie certain hypotheses and assumptions. Because of the minimal resources required, an MVP is a cost-effective way to validate and test these market assumptions.
In order to reap optimized results, the MVP must be targeted enough when it comes to assumptions to test. On the other hand, it must also have a degree of flexibility wherein it could grant alternatives or let users give their feedback on the alternatives that they may have in mind.
6. Has a contained launch
The launch of the fully developed product and the launch of an MVP are not synonymous. The former can be done when the demand is validated.
Because the MVP is a product’s initial version, mistakes may be expected and encountered in its first versions. It is important, though, to regulate and manage these mistakes so that only a small portion would be affected by them. Thus, the launch of an MVP does not have to be as large as the launch of the actual product.
Given this, it is also important to manage and minimize costs for the launch. As much as possible, free and organic methods of testing should be utilized. Mass marketing techniques and channels must be saved for the official product launch, which can be done once the target market is confirmed.
When pursuing MVP development, it is important to not just build and launch an MVP but to build and launch a good one. If executed well and successfully, companies can reap the exponential benefits of making use of an MVP before going all-out in the product development,
To know more about MVP development, check out the Ultimate MVP Guidelines.
