An MVP (minimum viable product) is a product that has the basic functionalities of the core business, with the main functions necessary to operate, without all the details of the final product.
An MVP (Minimum Viable Product) is a product with the basic functionalities of the core business, ready to take out to the market. The purpose is that early-adopters could try and test the offer and, based on their experience and feedback, to optimize it. The main goal is to work based on our consumer’s real needs.
For example, on an eCommerce website, the MVP should have the products, allow user registration and purchase. Once this is in operation, we could add special features for product evaluation and sharing products on social media, among other functionalities that could improve the site’s conversion rate and usability.
MVPs allow testing our product to determine the steps in the developing stage. Usually, we lack complete information in a planning stage and could set the wrong priorities or invest in secondary functionalities before needing it. Moreover, it is common in developments, especially for functional websites or applications, to confuse the product’s primary objective. For those cases, MVP enables identifying the user’s main necessities and developing what is needed based on data. This helps minimize the first stage of investment and makes updates more manageable and cheaper to implement.
The key to success? Balance.
The key is finding the right balance between launching the perfect project and deciding to launch a project bound to the knowledge it generates to get to the optimal product. In the second scenario, one must understand mistakes as a means of generating progress.
For TeamRednodo, an MVP is the beginning of a product developed for reaching excellence. It is a product developed throughout a process of continuous innovation that allows differentiation from the competition.
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