Minimum Viable Product MVP
Greetings dear community today we are going to talk about the minimum viable product a concept proposed by Eric Ries in his book the Lean starup method, the minimum viable product is a prototype of a product that we put on the market to test its function, that is, This product represents our idea but on a smaller scale, using minimal resources.
It is important to understand that it is not necessary to have a large company to bring a product or service to the market, but if it is necessary to know that our product or service offers something worthwhile and that the public wants or needs, companies often spend time and money to offer a product and they realize that the public does not want or need it, when they have already spent enough, there they realize that in addition to money they have spent the most valuable asset that human beings can have, time, because time is irretrievable.
Thanks to the minimum viable product, you can focus on what the client wants and what he does not want, the idea is to change the strategy or the product as you receive the information from the clients, so on the strategy of the minimum product Viable you must make sure you have feedback with customers, so we must create, measure and learn, this process will give us the data we need, so it must be as short and linear as possible, so that it is understandable.
If the hypothesis of the product is positive, then we will invest in the product and in the necessary marketing, if it is the opposite and the hypothesis is negative, it means that people are not convinced by our product or service so we must change our strategy.
Large companies use this strategy, but not only large companies can also use small companies, if for example you open a pet store but are not sure what products to sell, you use the strategy of the minimum viable product, for example with clothes for dogs if you see that it works well then you invest more and bring more variety if you see that it does not work, you ask your clients what they need, the question is to try but not to invest all your money at once without analyzing the market first.
Thank's for read
@ramsesuchiha this concept of Minimum Viable Product, I relate it to the samples or small-scale presentations that product developers usually leave in large chain stores in the quest to position their product in the market, it is very intuitive what you mention about the fact that it is not necessary to have a large company to bring a product or service to market, in a way these presentations give the developer a perspective of the potential acceptance or rejection that may have their product in the market.
That's right, friend, these strategies are very useful, thanks for reading
Greetings @ramsesuchiha I did not know about the minimum viable product, it is certainly a great strategy that allows us to save time and therefore not waste money on investments that are not well perceived by our customer, in this case we are developing a large scale pilot test which allows you to detect customer requirements. Thank you for your contribution
I'm glad you enjoyed it and got to know this method, thanks for reading
Interesting post. This is a great concept really because it would cut loss and wastage to a level bearable by the company. Thank you for this.
a company using this method would save a lot of money, thanks for reading
Your “article” was very useful to me. Not everywhere they describe and present information in such detail. I also read about how to build a minimum viable product, found MVP in software development and was pleased. Let’s say I didn’t know that MVP allows you to minimize risks and development costs. Although maybe I just forgot about it because the last time I studied it was at university.
wow