Minimum Viable Product (MVP) In Agile Methodology

What is MVP.??

It is one of the core of Agile methodology in Product Development and SaaS Platform.

This concept was introduced by Lean Startup Genius “Eric Ries”.

He define as ??

The version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least efforts.

Simplest version of a product with minimum features that you need to sell it to a market.

Why it matters.??

Low-risk and cost-effective idea validation platform before committing significant resources.

?Helicopter explanation ??

1) Use real-world information to verify ideas.

2) Building a user community before a new launch.

3) Quickly roll-out to a concentrated user base for early feedback.

4) Collect useful user behavior data to tweak the market approach and plan future product releases.

5) Primary element to prioritize time vs/ complexity, product market fit roadmap and full fledged product.

6) Cut out unnecessary expenses and use that money and time for more productive idea.

7) Reduce go-to-market time taken.?

Framework of an MVP

1) Look at customer pain points

2) Observe the competition

3) Getting to your MVP can be one of the trickiest parts of your business strategy.

4) Getting things up quickly with minimum and best features.

5) MVP needs to address customer pain points, offer a means of customer insights and be limited to only?a few features.???

6) MVP breakdown to specific Ideation and Validation.

7) Focus on testing ground for your business concept, measuring the cost and impact of the key features, and?proving value to customers and investors??

8) A/B Testing (also known as Split Testing): It’s a marketing approach used to evaluate a web-product efficiency.?

Data-driven approach helping to approve whether or not a specific change is bringing a measurable benefit?to the product.

When MVP is not required (Avoid):

When your data is ?? hands, telling you that the feature you’re eyeing is a missing puzzle piece in your current offering.

Requirement is coming from the business, users, customers where the problem statement is already evolved and defined.

Message is clear - “Build it, we want it”

In this situation, you don’t need an MVP,? the best strategy is to put on your product building hat and start creating.

When MVP is must (Do It):

When data available is incomplete, making it difficult to determine the optimal course of action.

Even there is not enough data to compare.

This is where MVP proves its value.

It becomes a tool to gather insights into the user and customers world, understand user actions and fine-tune an approach.

Popular real-world examples

1) Amazon

• In the early 1990s, Jeff Bezos identified the potential of the e-commerce market and embarked on exploring profitable ventures.
• Starting with a bookstore operated from his garage, Bezos leveraged books as the minimum viable product to gain valuable customer insights.
• This strategic approach enabled Amazon's exponential growth, evolving from a small online bookstore to the world's third-largest company within two decades.

2) Airbnb

• Facing financial constraints, the founders of Airbnb utilized their own living space to validate their concept for an online marketplace offering short-term rental accommodations.
• Starting with a website showcasing their property, they attracted paying customers and used their apartment as a testing ground for their business model, which proved successful.
• Over time, Airbnb evolved by incorporating professional photography services to enhance property listings, focusing on visuals to drive bookings, and updating its website design to reflect modern aesthetics.

3) Uber

• Uber's journey began with founders Garret Camp and Travis Kalanick developing an iPhone-only SMS service called UberCab in San Francisco, leveraging the concept of a minimum viable product (MVP) to test and refine the user experience.
• Starting with just taxis, Uber gradually expanded its scope by incorporating black cars and independent contractors as drivers, evolving into the ridesharing service used by millions worldwide.
• Through continuous iterations based on user feedback, Uber has expanded its services beyond traditional ridesharing to include pooled rideshare, accessible ride options, and even helicopter services in some markets.

Don't look for perfection and don't take yourself too seriously. ~ Jignesh Loh

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