August 13, 2019 // By Magenic
How do you conduct minimum viable product (MVP) testing in your organization? Is it to discover if anyone will actually care about your product? If so, good. That’s the right way to think of MVP. But what if you could get your answer even earlier in the process? Now that would be maximizing your MVP. We lay out everything you need to know in our white paper, “5 Steps For Choosing The Right MVP.” Here are the highlights.
Build What People Want
This is business 101. This is where MVP testing can be valuable. It can provide usage data and customer feedback so you can zero in on the keys to a successful product.
Follow The 80-20 Rule
This is when your goal is to get 80 percent of the value for 20 percent of the cost. This is achievable if you are able to break down an idea into its essence and get it into production so you can start collecting data. MVP can get you there.
Clarify Your Hypothesis
Before you implement an MVP, think through your goals. Ask yourself three questions: What is the market you are targeting? How will your business model work? How will the customer use it? Then write a benefit hypothesis statement. This will help clarify why your product exists for stakeholders.
Keep an MVP Mindset Throughout The Lifecycle
Don’t view MVP as something to use just during the development stage. Keep it in place. The benefits are worth it. What you want is to be able to enable fast learning cycles to lower your risk and make it easy to optimize functionality as you get customer feedback. The right MVP can help liberate you from capacity planning so you can focus on improving your core features. Ultimately, the goal is to increase usage of your product, which will add to your margins and not result in a drain on resources.
If you want to dig deeper into the power and role of minimum viable product, check out the white paper, “5 Steps for Choosing the Right MVP.”