When you are getting ready to launch your new software as a service, it is important to remember that the minimum value product (MVP) option is available for use. That is a concept that amplifies the impact of learning product development. MVP, despite the name, is not about creating minimal products.
If your goal is simply to scratch a clear itch or build something for a quick flip, you really don’t need the MVP. In fact, MVP is quite annoying, because it imposes extra overhead. You have to manage to learn something from your first product iteration.
In a lot of cases, this requires a lot of energy invested in talking to customers or metrics and analytics. This is a process that can take time but it will pay off.
What are the Benefits of MVP?
The primary benefit of an MVP is you can gain an understanding of your customers’ interest in your product without fully developing the product. The sooner you can find out whether your product will appeal to customers, the less effort and expense you spend on a product that will not succeed in the market.
This is a huge benefit because your budget is everything. You do not want to overspend on a product that has no chance of making that money back. Your SaaS MVP development cost is something you have to always have your eye on.
The quickest thing you can do is start a landing page to show off your MVP. This will allow you to have instant connections with possible customers.
What are the Downfalls of MVP?
Some use the term MVP but don’t fully get its intended use or meaning. This lack of understanding shows in believing that an MVP is the smallest amount of functionality they can deliver, without the additional criteria of being sufficient to learn about the business viability of the product.
Others may also confuse an MVP–which has a focus on learning–for a Minimum Marketable Feature (MMF) or Minimum Marketable Product (MMP)–which has a focus on earning. Too often people stress the minimum part of MVP to the exclusion of the viable part.
The product delivered is not good enough quality to provide an accurate test of whether customers will use the product. People deliver what some consider an MVP, and then do not do any further changes to that product, regardless of feedback they receive about it.
Do not be one of those people who believe an MVP is all you need.
when you are launching your new product, using an MVP is a really smart method. It can help you refine your product and make sure you are putting out the best possible thing for your consumers.
Just remember that an MVP is not the final product. You can not stop there, once you get feedback, whether it is positive or negative, you need to remember to go back and refine your product.
If you do not, consumers are smart enough now to realize that you are not putting in the work to meet their needs.