HomeSoftware/BusinessThe Importance of Minimum Viable Product (MVP) Stage in Product Development

The Importance of Minimum Viable Product (MVP) Stage in Product Development

Customer satisfaction is an important thing in a business. The importance of this has even made many companies use CRM applications to identify potential customers and improve relationships with clients. One of the vital things in increasing customer satisfaction is presenting products that suit consumers by Minimum Viable Product.

The business company will go through several stages to get their product appropriately used by consumers. One of these stages is creating a Minimum Viable Product or MVP. By creating a minimum viable product, the business company will find out how the consumers experience when using their products. So that business companies can develop their products better. Check out the following article to find out more about the minimum viable product.

minimum viable product

Table of Contents

Definition of MVP

Minimum Viable Product or familiar with the abbreviation MVP is a product development technique that business companies carry out. Where business companies will develop the new product with certain features or characteristics to be able for the consumers to try it first. Later on, the consumer experience in trying a product will help the business company create the final product. 

This is because often business owners face various problems in their product development at the beginning of the product release. The problem is like a product that does not meet the consumer’s needs to the disruption that makes the consumer uncomfortable when using the product. To overcome this, business owners create a minimum viable product first.

Minimum Viable Product
Source: Rawpixel.com

Also read: Here are The 17 Best ERP Software in Singapore You Should Know in 2021

Purposes of MVP

A business company in making a minimum viable product certainly has its purposes. Here are the purposes of making a minimum viable product by a business company:

Consumer product trial

A business company will conduct a trial of its products to consumers. This business company does this to find out if their product is in accordance with the consumer’s needs or not. In addition, a business company will be able to find out if its products have shortcomings when used by the consumer.

Minimize the expenses

By creating the minimum viable product, a business company will be able to minimize the expenditure on the manufacture of a product. Moreover, through this strategy, the products from business companies will get suggestions from the consumer.

Release the product immediately

A business company certainly wants to release its products as soon as possible. Therefore, the creation of MVP by business companies aims to be able for the business company to release their products immediately to pursue special occasions, such as Christmas and the new year season.

Minimize the potential of failure

Creating a minimum viable product by a business company will certainly minimize the potential of failure that may occur. In addition, through the product’s essential features, the business company can find out the consumer behavior and expectations of the product. Both of these can be components in creating the final product.

Characteristics of MVP

As one of the product development strategies in business companies, MVP certainly has several characteristics. Here are the characteristics of a minimum viable product:

  1. Have enough value so that the consumer wants to use the product even though the product is still not perfect.
  2. Future benefits of the product can be shown to the initial consumer.
  3. The consumer suggestion is being a component in product development.

Also read: Direct Selling: Definition, Types, and Tips for Product Sales

Several Stages in Making MVP

In making a minimum viable product, there are several stages that the business company must pass. The process of making an MVP starts with conducting market research. Where the products that the business company will create must be able to meet the consumer needs. Not only that, but the business company must also determine the idea to add value to the product.

mvp
source: freepik.com

Mapping the consumer flow is the next step in creating MVP after market research and determining ideas to add value to the product. In this case, an easy-to-understand consumer flow must be determined in order for the consumer being comfortable when using the product. No less important, business companies must prioritize the features of the MVP they make. These features must be prioritized to fit the consumer’s needs.

Market research is very important to find out the market tastes and values that consumers need in a product. Often, companies experience confusion in conducting research. For this reason, survey applications are now available to facilitate business company research. This app makes it easy to collect answers with automated survey creation.

After all the stages above are complete, business companies can launch their minimum viable product. When MVP has been launched, make sure that the product is easy-to-use by the consumers and matches their needs. So, many consumers will be interested in using the product.

If a minimum viable product has been launched, the business company should be able to collect all the consumer suggestions of the MVP release. These suggestions will help the business companies in developing their products better.

Also read: FMCG: Big and Profitable Business

Conclusion

Creating a Minimum Viable Product or MVP is one strategy that business companies use to develop their products better. The development of this product will certainly increase consumer satisfaction in using the product. The purpose of making a minimum viable product is to minimize the potential of failure and company expenses.

Minimum Viable Product

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