What is an MVP? | What is the goal & benefits of MVP?

Why is the #MVP approach so important in software development? What does MVP stand for in software development? Learn about the minimum viable product approach to development. 00:00 What’s inside the video 00:12 What is an MVP? 00:28 What is the goal & benefits of MVP? 01:12 MVP examples #mvp #whatisMVP #minimumviablieproduct *Minimum Viable Product or MVP* is the initial product released in the market with the aim to receive feedback from early adopters. After MVP is completed, you don’t have the final product but the initial version of it with basic features. The feedback received from early customers makes it possible to improve the product and see what is lacking or needs to be changed. *How to Start off With an MVP?* There are several steps to take to build an MVP. *1. Research the idea and market demand* According to CBI reports, more than 40% of startups fail because of no market demand. Yes, you have a great idea but it may not work in the overcrowded market. To add value, you need to be clear on these questions. a. What value am I adding to the existing brands? b. Why would customers want to buy my product or service? c. How am I different? *2. Decide on core functionalities* You don’t need to have all nice-to-have features in your MVP. This will be just a waste of resources. Focus on basic ones and if the market accepts them, your other features will only add flavor to your product. *3. Build and launch* At this point, you should have a strong foundation for building a prototype. You know whether there is market demand, what the pain points are, and what core functionality you need. Now that you are clear about all these, you are ready to test your idea in the real market. And don’t think that you need just anything for a test. Outsourcing to a qualified team is as important as it is when building the final product. After you launch the product in the market, you are ready to collect valuable information about your product. This is the time for feedback collection and analysis. *4. Feedback collection and analyses* Make sure to keep open the channels for collecting feedback. These may be the contact information of early adopters or even your personal contacts. Surveys may also do well but they are a bit more costly. After you collect information about the strong and weak sides of your product, it’s time for analysis and adjustments. Don’t ignore any single opinion and try to find the optimal line between your budget and customer needs. While collecting feedback, you may come up with a new idea based on user behavior research. It’s important to continue to test until the product is finalized. *MVP is Optional* Having said all these, we would also mention that you may want to go without an MVP if you are 100% sure about the efficiency of your product idea. However, experience shows that the market is unpredictable. You may have a great idea that it may not work in real life. Our recommendation is to allocate at least 10–20% of your product development to building an MVP. Only then you can be sure that you are not wasting your money. 👉 Latest Updates and Trends on Mobile Industry and App Development https://addevice.io/blog/ 🔥 Learn what is MVP in project management https://addevice.io/blog/what-is-a-mvp-development/ 📸 SUBSCRIBE TO MY CHANNELS https://twitter.com/helloaddevice https://dribbble.com/addevice https://www.behance.net/addevice 🌍 CONNECT WITH ME https://addevice.io/contacts/