Businesses are usually unprofitable in their early days. As the business scales and manages to acquire more customers – the profits grow as well. However, it takes time.
This is why it is recommended in a software project that the developers remain focus in their work an identify mistakes in time to eradicate the chance of errors during delivery.
MVP in Agile product development refers to the same.
Today, most software developers utilize the agile methodology that responds to changes quickly. The agile methodology also divides the projects in sprints to assure timely delivery.
MVP or Minimum Viable Product in an agile development project helps the entrepreneurs address their idea to early adopters. It also allows them to receive feedback to speed up development and avoid uninformed decisions.
In fact, most of the applications that we use today have enlisted the MVP approach to make their product fully-fledged. Some examples of such products include Airbnb, Dropbox, and Buffer.
Here, let’s learn a little more about the MVP module and whether you need one for your product.
What is MVP in Agile?
According to the Lean Startup Concept by Eric Ries, the development plan for any successful startup starts with the question, “Do users need my product?”
MVP in Agile methodology does not help the entrepreneur launch their startup with less money and resource. It only focuses on minimizing risks by gathering the customer’s feedback and making changes accordingly.
MVP is a 1.0 version of a new product that includes features to satisfy the demands of customers. It also enables the developers to collect data from their opinions for continuous improvement.
Take your smartphone for example. Is it an MVP?
No, because it is not a minimum viable product.
An MVP will be a basic model of the phone that comes with a handset and microphone – to fulfill its function of a voice communication device.
However, the telephone has evolved greatly from its prime function of communication to a mode of entertainment as well.
MVP stands for:
Minimum: A basic set of features
Viable: that provides value to the customer
Product: for a product ready to use immediately
The core principal of MVP is to receive clientele’s feedback before release to ensure the product is according to their demands.
This ensures that the customers will be willing to pay for the product and use it to fulfill their requirements.
As they say, the customer is always right and through the MVP protocol, you can simply determine the outcome of the project through their feedback.
• Profits will come when everything is done right
• Quick delivery is essential but delivery should only be made when the product is high-quality
• MVP’s design is aimed to solve customers’ problems through basic functionalities without adding too much ‘innovation’
• MVP is not an end product and works as a foundation for launching the entrepreneurs
With MVP, business owners can introduce their product equipped with basic features and add the functionalities over time using the data collected by the users.