Minimum Viable Product or MVP is a term popularized by Eric Ries, the man behind Lean startup methodology.
The main mistake that many startups make in their early days of inception is to waste a lot of time and effort in perfecting a product development based on just the founder’s assumptions rather than actual data on what would work in the market. This eventually leads to startups running out of capital and shutting down without achieving the product-market-fit.
Lean startup principles, in short, proposes a solution to overcome this by laying out a set of principles and practices that would improve the chances of success for a startup
At the forefront of this is the Minimum viable product, a product that has to be launched by the founder, not by assumptions, but that needs to be evolved from customer feedback. An MVP will not be perfect as it is just the first version that is used to validate a product idea. Once the product idea is validated using a Minimum Viable Product, it would pave the way for future product development.
Over a period of time, Metric Tree Labs has gained extensive experience in launching multiple successful products for businesses globally. We have the right resources, operations, and tools to get your idea to market in the shortest possible time. Talk to our team to launch your MVP fast to market.
MVP development allows companies to test their product ideas with a small group of customers before investing significant resources into full product development. This helps to validate the product concept, identify potential issues, and gather feedback to inform future development.
The key features of an MVP are those that are essential for the product to function and provide value to customers. These features are the minimum that are needed for the product to be usable and testable.
The steps involved in developing an MVP include: defining the problem and solution, creating a product roadmap, prototyping, testing with a small group of customers, analyzing feedback, and iterating on the product. Here is the step by step MVP development guide
Your MVP is ready for launch when it has the minimum set of features that allow customers to use it and provide feedback. It should also be tested and validated by a small group of customers to ensure it meets their needs and addresses the problem it was designed to solve.
The cost of developing an MVP can vary depending on the complexity of the product, the skills of the development team, and the development methodologies used. Typically MVP development cost can range from few thousand to tens of thousands of dollars.
At Metric Tree Labs, we understand this and our team shifts the gear with you when you want to sprint or scale which makes us the best MVP development company
Software product development is a continuous, evolving process. To build a successful software product, you need a software partner who understands that MVP development is a sprint and once your idea is validated, it becomes a marathon.
When it comes to Minimum Viable Product (MVP) Development, the founders should know that launching fast and failing fast is the key. When we say fail fast, that doesn’t mean that a company should fail. It just means that by failing an experiment, we have the key information to make the necessary change in our product and move ahead.
