## Definition of Minimum Viable Product (MVP) A Minimum Viable Product (MVP) is a [[product development]] technique that helps product managers to identify the core features of a product in the most efficient way possible. It involves creating the most basic version of a product that resolves the main [[Customer Needs]] and provides [[Customer Value]]. By focusing on the most essential features, product managers can quickly launch the product, receive customer feedback, and iterate on the product to create the best version of it. MVPs allow product managers to develop products faster and more cost-effectively (than it would take to develop the full version), which helps product teams get the most out of the resources and time they have available. ## MVP Launch Plan 1. Define the user problem. Understand the needs of the customer, stakeholders, and end users to develop a clear understanding of why the product is being developed. 2. Define the goals. Establish measurable goals that the MVP must meet in order to be successful and determine what metrics will be used to measure success. 3. Conduct [[Market Research]]. Research the industry, competitors, and target audience to gain a better understanding of the needs of the customer and how the product will fit into the market. 4. Define the MVP. Create a feature set for the MVP that meets the goals and objectives of the product and can be delivered in a timely manner. 5. Prototype. Create a prototype of the MVP to get feedback from the customer and stakeholders. 6. Test: Test the MVP with potential users to gather feedback on usability and determine any areas of improvement. 7. Iterate. Use the feedback from testing to iterate on the MVP and make changes that improve the product. ## Best MVP Development Strategies ### Five pillars of MVP 1. MVP is not a prototype of a service, but a prototype of a sales funnel. 2. MVP is not a one-step validation of one hypothesis, but a cycle that goes on until either you run out of hypotheses or you stumble across a hypothesis that works. The more hypotheses you have, the more likely it is that one of them will work. 3. Focus not on those who successfully went through the entire sales funnel up to the “Buy” button, but on those who did not get into the funnel or dropped out along the way. 4. There will always be more of them than those who reached the finish line – the potential to increase the efficiency of the sales funnel is hidden in their rejection analysis. 5. Do not use MVP to validate the obvious. On each cycle, test only the riskiest and the most unlikely hypothesis at the time. 6. MVP is not just a way to validate your correctness. Most of the time it is a way to find out where you are wrong in order to generate a new hypothesis. ## The best practices for MVP launch 1. Keep the core features simple and focused. Don’t try to include too many features. 2. Keep the design simple. Don’t get too caught up in making the design perfect. Keep the design simple and focus on the main user experience. 3. Focus on user feedback. Collect user feedback as early as possible and make sure it is incorporated into the product. 4. Promote the MVP. The most important part of MVP launch – promoting it on different channels and creating a buzz to attract the maximum number of users to receive feedback from them. <div style="display: flex; justify-content: center; align-items: center; flex-wrap: wrap; margin-top: 5px; border: 1px dashed gray; padding: 20px; border-radius: 15px; background-color: #1e1e1e"> <h4 style="font-size: 24px; margin-top: 25px; color: #fff; font-family: Arial, sans-serif; text-align: center;">Unlock Your PM's Power with Product Management Hacks & Practice Insights</h4> <a href="https://dashboard.mailerlite.com/forms/370438/82967970275394892/share" target="_blank" style="text-decoration: none;"><button style="border: none; border-radius: 25px; padding: 15px 20px; font-size: 16px; font-weight: bold; color: #fff; cursor: pointer; transition: background-color 0.3s ease; margin: 10px; background-color: #ff6600;" class="btn-email">Email Newsletter</button></a> <a href="https://t.me/@ProductManagementWorld" target="_blank" style="text-decoration: none;"><button style="border: none; border-radius: 25px; padding: 15px 20px; font-size: 16px; font-weight: bold; color: #fff; cursor: pointer; transition: background-color 0.3s ease; margin: 10px; background-color: #0088cc;" class="btn-telegram">Telegram Channel</button></a> <div style="font-size: 16px; margin-top: 10px; color: white; text-align: center;"><br>Join the World of Professional Product Managers!</div> </div> ## TOP-10 Mistakes on MVP Launch ### 1. Not Conducting Market Research Market research is essential for the success of any product. It’s important to understand the need in the market for the product, the competitive landscape, and the target audience. ### 2. Not Creating a Clear Launch Plan It’s important to make sure that a clear launch plan is in place before launch. This includes identifying the target market, setting measurable goals, and establishing a timeline for the launch. ### 3. Not Focusing on User Experience It’s important to make sure that the user experience of the MVP product is optimized for the best possible outcome. ### 4. Overstating requirements The main goal of MVP is to create a product with minimal yet sufficient functionality to create value to the first followers. That's why it's not worth to include additional and extra functionality which goes beyond the solution to the user's main problem.a ### 5. Careless work It is just as much a mistake to approach the creation of an MVP carelessly and irresponsibly. Here it is necessary to draw a clear line and create a minimal but quality product. The most important task of a minimally viable product is to test the value hypothesis for the user, and a poorly made application from scratch won’t be able to do that. ### 6. Ignoring Customer Feedback Gathering feedback from customers about the MVP product is essential for its success and helps to identify areas for improvement. ### 7. Not Optimizing for Mobile Devices Everybody uses phones. Optimizing the MVP product for mobile devices is essential in today’s market reality. ### 8. Not Measuring Success It’s important to measure the success of the MVP after launch. This includes gathering metrics on [[Customer Engagement]], [[Customer Retention]], and conversion. ### 9. Not Having a Plan for Scalability. It’s important to make sure that the MVP product can scale if needed. ### 10. Not Having a Plan for User Onboarding. This is about UX too, but [[User Onboarding]] is the most important part of user experience, especially in the new products.