Benefits of a minimum viable product (MVP)
A minimum viable product is an efficient way to validate whether there is a need for your product in the market – without spending significant time and money to get it there. You might expect a certain customer response, but you won’t truly know whether customers will purchase your product until it’s live in the market.
Launching an MVP allows your business to start collecting early feedback around features, product-market fit, pricing, and more. This information allows you to proceed with product development with confidence and tailor your product to your customer needs.
A minimal viable product also serves to mitigate risk. If your business completes product development and executes marketing strategy without early market testing, you run the risk of expending resources on a product that won’t succeed.
Common MVP pitfalls
1. Minimal functionality
It’s a misconception that an MVP should have minimal functionality. The level of functionality should be determined by the information you seek to obtain. If you release a product without enough functionality for a customer to really get a sense of your product and whether it meets their needs, you aren’t likely to get actionable feedback for further product development.
2. Seeking perfection
While it might seem counterintuitive to release an imperfect product, remember that the purpose of an MVP is to glean valuable information to inform product iterations. The sooner you get your product into customers’ hands, the sooner you can work to perfect it. If you invest too many resources into the product before getting that feedback, you might lack sufficient resources for future iterations.
3. Targeting everyone