As technology is becoming more popular among the folks, their demand is rapidly increasing. The target audience is expecting over the top new features in every few weeks putting heavy pressure on the enterprises to keep up with new versions so as to engage better with their potential customers.
Amidst stiff competition in the market, startups are looking forward to leveraging the advantage of the time by launching their ideas in the form of a minimum viable product. They are choosing this over, developing a full-fledged product with several features that would take more time.
But what makes it tricky, is the kind of impact it makes on the target audience. Definitely, a minimum viable product is not as engaging as a fully developed product with advanced features. But it buys enough time for the company to come up with the advanced features by the time the audience gets accustomed to the basic version of the application.
Thus, making the right impact on the audience is essential for the popularity of the product. In this article, we would be discussing how you can maximize the impact of a minimum viable product. But before we jump on the wagon, let us first get into the basic details about what a Minimum Viable Product is.
What is a Minimum Viable Product (MVP)?
MVP is the basic version of a product that has the fundamental functionality and lacks advanced features. An MVP can be delivered much before a full-fledged product that is loaded with all the advanced features.
The key idea behind launching an MVP is to get the product as soon as possible to the market so that the companies could get an early share of users, start making the revenue faster, and get feedback and reviews from the target audience to include all the required features in the upcoming versions.
All of these ensure better market coverage where the company leaves no stone unturned to market their products right from the beginning, leveraging the power of timing. But there’s another side to the coin, and that is the impact which the product makes. Often the MVPs are not as impactful as the actual product would have been.
There is a huge possibility that the MVP might not be able to engage the target audience at the required level and this might be a setback for the company who is seeking the mileage of the early response from their audience.
It is thus important to strike the right balance of impact and minimalism to get the benefits of both worlds.
Think Lean to make the maximum impact of your MVP
With the Lean and Agile methodologies in place, you can make the best out of your MVP, by laying a maximum impact on the audience. The Lean methodology that works on the principle of Build, Measure, Learn works as the fundamental for the development of an MVP.
The lean cycle begins with the Problem statement, where you are required to define the pain points that your product is going to solve primarily. Then, based on the problem statement, a minimum viable product is developed that is capable of efficiently solving the problem. As the product is developed and delivered for use, key learnings are made from the feedback and the expected results that might not appear in the launched version.
These are taken into account and resolved using the Agile methodologies, where these requirements are presented as stories and the team is expected to solve them with every sprint. In this way, the desired product that is not only engaging for the audience but also creates value is delivered to make a large impact with each of its versions.
The main aim of MVP that is being able to test the product with the minimal input of the resources and get feedback from the live audience, helps in accelerating the whole learning process.
It mitigates the risk that involves the product, market, and customers. With an early launch, it helps the company get a section of the audience who are early adopters of the product. It is these early adopters who promote the product with their testimonials and give it an edge over others in the market.
But you can minimize the risk of early launch by limiting the geographical access of the product. This Soft Launch, not only helps you get a fair understanding about the shortcomings of the product, at the same time the risk of losing the Customers’ trust in the early phase itself can be minimized. It will help you create a bigger impact with your MVP.
This marks a win-win situation where you put in minimum resources and get a desired maximum output by mitigating the risks.
In a nutshell
MVPs have to be crafted very carefully to make sure that they make an optimum impact on the target audience to the behest of business interests. They could only be successful when they are self-sufficient, fulfilling all the basic functional requirements, at the same time, there is a scope of developing a bigger product around it with advanced features.
Do you have an amazing idea that could be turned into an awesome product? Are you looking for developing an MVP to test the waters of the market? If yes, then you are in the right place. At CitrusLeaf, we develop Minimum Viable Products that bring out your ideas into reality.