What is a Minimum Viable Product (MVP)?

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A minimum viable product, or MVP, is the first version of your application that contains only its essential features. This makes it quicker to develop and is more cost-effective.

MVPs enable quick user feedback to validate market demand and refine the product based on user input.

From Airbnb to Spotify, many successful apps implemented this strategy in their early stages.

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Although the term has been around since 2001, coined by Frank Robinson, the concept was made popular by Eric Ries, who introduced the idea of the minimum viable product as part of his lean start-up methodology.

Reasons why you should create an MVP

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To analyse market demand:‍

The primary cause of app failure is often a lack of market need.
Therefore, testing your app to see if there is a real market need is always a good idea. Doing this first could be crucial to penetrating today's saturated market. Validating your product before investing too much time and money could differentiate between a failed app and a hit.

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To remain cost-efficient:

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Just like any other app, MVPs cost time and money. However, they are cheaper and less time-consuming than the full version of an app. The difference is that you can test the waters with an MVP before sinking too many funds into it. It prevents your business from pouring too much funding into an app only to discover that it has no real market need.
An MVP can also help you test and plan which monetisation methods you would like to implement in your app early on; this can help you determine which strategy would be the most efficient and user-friendly.

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To launch your product quickly:

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Launching your product before competitors is crucial if you want it to succeed in today's crowded marketplace. Plenty of apps exist to compete with; therefore, timing is essential to address the market need and get the drop on your competitors.
This does not, however, mean that speed should be your only priority. Although MVPs are quicker to develop, there must be a balance of speed and value. To do this, you must prioritise the core, must-have features that demonstrate what your app is all about.

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To gather user feedback:

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MVPs are a vital way of gathering and applying user feedback. When you release your MVP to the world, you can use it to collect users' insights and opinions; this then helps you refine your app. Once you validate these insights from your users, you can implement them into your next app update. Your MVP will help you form a feedback loop, improving your app with each new version, always considering what you have learned from the feedback you have gathered. This data can be collected either in-app, via social channels, forms or other methods in which the user can leave a review. Showing users that you care about their experience is an excellent way to build trust and foster brand loyalty.

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How to Develop Your Minimum Viable Product?

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Here are a few strategic steps to take when developing your MVP and knowing when it is ready to launch.

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Ensure your MVP objectives and your business goals are aligned:

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Before deciding which features and functionalities to build, you should ask yourself if developing an MVP strategically aligns with your business goals.

What are those goals? Also, what is it you wish to achieve by creating an MVP? Will it attract users from a broader market? Will it help nourish existing customer loyalty? Will it bring something new to the table?

Depending on these goals, you can decide if it is the correct time to develop an MVP. Implementing an MVP might be strategically viable if the plan aligns with your current objectives.

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Identify your target audience's pain points and how you can solve them:

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The next step is to think through specific solutions you want to provide your users. You must be decisive and sure which essential functionalities to include in your MVP.

You can determine these by considering several factors, including the funds and time you must dedicate and how quickly you can improve its functionality based on user feedback, competitive analysis, and user research.

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Turn this strategy into a plan of action:

Once you and your team are aligned on a strategy and have settled on the MVP's core functionalities, it's time to turn this into an action plan for development. It's essential to remember that the product must be viable, with a high-quality user experience. Despite its limited functionalities, it must be a working product that your customers can use and test. It is better to have a product with basic functionalities that work than an interface with half-built tools and features that don't deliver a decent user experience.

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Examples of an MVP

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The founders of Airbnb used their apartment to test their idea to create a market offering short-term rental housing online. They made a simple website, published photos and details about the property, and almost immediately found people interested in the accommodation.

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Foursquare started as an MVP with only one feature: check-ins and gamification rewards. The Foursquare team then began adding other features until they had validated the idea with their growing user base.

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Spotify also went with a simple first approach; they built a landing page that had basically no features except the ability to find and play a few hard-coded songs, and there was no legal agreement or economic model. Only then did they move on to implement other features for users to experience.

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It is commonly known that Facebook started as a social network used only by Harvard students to connect. The first version of Facebook was a mockup profile page that enabled messaging. Only later did it become the powerhouse it is today.

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It is normal to want to put all your efforts at once into making your app the best version of itself. However, putting too much effort into building the first version of your app is a risky move.
You must find the sweet spot between the minimal optimal version and one too basic. Communicating the benefits of your MVP to your consumers is more important than a flashy app that is hard to understand and utilise—keeping in mind that even the minimum product should receive maximum effort.
Plan strategically and accordingly to prioritise the essential features to introduce the best version of your MVP possible. Take your time with the planning phase; having a solid plan is critical to success. Remember that your success depends on user satisfaction; listening to your audience's demands, reviews, and criticism is essential, as these help you approach a redesign that will meet their expectations and requirements.