As an entrepreneur, you will like to launch your product with all of its features and completely functional, responded to all problems discovered during the interview process. Unfortunately it will never be perfect no matter how much you research and validate your product.
An effective approach to launch your product and the best method of validation, is to get the item into the hands of the customers and let them use it. Then on the bases of customers feedback make improvements.
So one of the best practice is known as minimum viable product (MVP).It is a development technique in which a website or new product is developed with sufficient features. The complete features of product is finalized, designed and developed after considering the feedback of users from the early release of product.
Advantages of MVP are:
1. Clear understanding of the complete requirements.
2. Ability to minimize development costs and maximize learning dollars.
3. Ability to release versions/iterations to learn from recent mistakes.
4. Provides opportunity to build a core group of customers.
5. Understanding of the limitations and capabilities of brand new technologies.
6. Chance to evaluate the design early in the process.
7. Lower the overall risk of project failure.
8. Ability to save money in both manufacturing and design costs.
9. Fast and more effective.
Disadvantages of MVP are:
1. MVP requires a lot of effort to collect feedback from customers continuously.
2. Significant dedication required for small and frequent product releases.
3. Same functionality may revised multiple times, due to the feedback of customers.
1. Create MVP strategy for you.
2. Appropriate features identification of your MVP.
3. Define Scope of your MVP.
4. Product development.