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#7 NEWSLETTER
MVP - MINIMUM VIABLE PRODUCT
You may associate the term MVP primarily with startups, but even if your company is further along in its development, is MVP something you can still pay attention to?
The MVP concept is so close to our hearts that we have decided not only to dedicate space to it in the newsletter but also to write a comprehensive e-book bringing together all the information that anyone wishing to create a digital product from scratch will find useful.
Scroll down and check out what we prepared for you this time! :)
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Let’s start with a quick reminder about what MVP actually is. According to Eric Ries who popularized the term, an “MVP is the version of a new product that allows the team to gather the maximum amount of proven customer knowledge with the least amount of effort.”
The MVP Concept can be associated with Lean Startup Methodology. According to it, we understand MVP as an experiment involving a high degree of risk. The MVP term refers to the minimum solution for our clients' problems without fully developing the product. It's not meant to be perfect at first, it should allow us to conduct the necessary tests, gather information, feedback, users' needs, and validate them before fully developing the product which can cause in minimizing the risk of its failure. Put simply, it saves time and money.
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What is an MVP?
A Global Perspective.
Luke Galliwade with a team of designers, developers, and project managers gathering information and trying to answer what exactly MVP is.
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"An MVP is the output of a process of investigation, prioritization, and validation of ideas (product discovery)."
Luke Galliwade
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It may seem that MVP is a good start for every new product. After a moment of reflection, the voice of rationality tells you that MVP is just one of the ways to validate an idea. You have a full range of other methods at your disposal. But how to decide what is the best way for your business?
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DON'T Start With an MVP
Why MVP is not always the best idea? Read a story about why talking to people is important. Ash Maurya the author of the book “Running Lean” explains why it is better to focus on problems before solutions.
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"You do that by focusing on problems before solutions. The challenge today isn’t building more products, but uncovering what to build."
Ash Maurya
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how to define MVP?
Our new ebook
coming soon!
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Release date: 01.03.2023
A complete guide of MVP concept starting from the definition, through strategy, measurements, and most common mistakes. Keep the date!
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"So whatever subset of functional you do bite off, it’s not going to be perfect, but it’s going to be reliable enough, usable enough, and delightful enough to truly test the MVP concept."
Kreatik
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choose the right
model for your
business
Before creating an MVP it’s important to discuss what kind of problem you are dealing with and choose the right model for the future and understand user needs better. Of course, there are a lot of possibilities and paths that you can go with, starting with less complex MVPs to the more advanced but everything comes to the main purpose – to learn, build and measure (THE LEAN CYCLE).
THE BEST-KNOWN MVP ALTERNATIVES
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MLP (Minimum Lovable Product)
- Focus on users' needs and the best experience
- Great for verifying whether the product will meet the expectations of users
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MMP (Minimum Marketable Product)
- Business model check
- Includes minimum features
- Great for verifying whether the product will meet the expectations of the market
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POPULAR TESTING METHODS
RELATED TO MVP
The Wizard of OZ
- Creates the illusion of a fully functional product without letting users know about it
- Helps with testing the market
- Does not require a product prototype
- is manually manipulated
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Concierge
- Saves time and money on the development end
- Effective and precise one-on-one communication
- Great for collecting user behavior and information
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“Financial shortfall is often cited as a primary cause of failure for small businesses. A limited supply of funds coupled with an urgency to launch a new software product in the market causes many startup founders to fail at the realization of their goals. This is where the different types of minimum viable products (MVPs) can help.”
Read more: Four Main Types Of Minimum Viable Products And How They Can Help Software Startups
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tesla case study
Want to know what an MVP is, the most common pitfalls, and what methods we can use to implement it? See how Elon Musk, Tesla’s CEO, used this innovation deployment model to achieve the desired effect, bypassing the trap of premature optimization and focusing on gradually scaling the brand’s offerings.
Antoni Leśniewski
Kreatik
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"When Tesla released its MVP – Tesla Roadster I in 2007, it was clear that it was possible to create a car whose UVP not only differs from the competition of electric cars but is not a compromise to combustion cars. Tesla Roadster I was able to cover about 400 km on one load (other electric cars from that period covered 100 – 160 km), had 250 Hp, and was able to accelerate to 100 km / h in 3.8 seconds – it was fast, it could cover more than 2x the distance than other competitors and was electric."
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If you use Gmail on your browser, you may think that's the end of our newsletter. Nothing could be further from the truth! Click "expand message" and keep reading!
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Getting the max from an MVP – Dan Olsen
Dan Olsen joins the podcast to teach how to actually control the scope of an MVP, guides us through some of his favorites, and why MVP failure can be considered a success.
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"So whatever subset of functional you do bite off, it’s not going to be perfect, but it’s going to be reliable enough, usable enough, and delightful enough to truly test the MVP concept."
Dan Olsen
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What is Minimum Viable Product, and what are its benefits?
Our partner Altkom Software brings out the topic of MVP and its advantages. At the same time showing us their approach from a Software House's perspective.
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"The MVP approach allows entrepreneurs to perform the necessary tests and gather as much information as possible with a minimum of effort. Both sides benefit from this: the creator can develop his product according to the recipients’ expectations — or avoid a missed investment — and the clients receive a solution that responds to their real needs."
Dariusz Kropop
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Next step -
scaling up
your MVP!
During the process of creating the product, we come to the stage where appropriate steps should be taken to strive for its continuous development in an equivalent direction. It is the way from MVP to MMP - a product with a minimum amount of functionalities, thus suitable for introduction to a wider market and gathering another portion of feedback from our customers. At this stage, we should focus on adding value to our product.
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“The post-MVP process isn't straightforward. It's a long way from the product's first launch to product-market fit. As a result, ensuring that you have the financial liquidity for more and, most importantly, that you have the proper team on your side during the development of the right growth strategy is critical to a minimum marketable product release. However, once you have a plan in place and a solid software development team, scaling up the product that your consumers enjoy will be much easier.”
Read more: 6 Effective Tips To Scale Product From MVP
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Dan Olsen
Dan Olsen is an author, speaker, and product management consultant. He is best known for his book “The Lean Product Playbook”, which provides guidance on how to develop successful products using lean methodologies.
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"The Lean Product Process consists of six steps: Determine your target customers Identify underserved customer needs Define your value proposition Specify your minimum viable product (MVP) feature set Create your MVP prototype Test your MVP with customers."
Dan Olsen
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ASH MAYURA
He is best known for creating the Lean Canvas business model tool. Mayura has written several books on entrepreneurship and startups, including “Running Lean: Iterate from Plan A to a Plan That Works”.
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"No methodology can guarantee success. But a good methodology can provide a feedback loop for continual improvement and learning."
Ash Mayura
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MELISSA PERRI
Experienced product manager and consultant who has worked with startups and large companies. She is the CEO of ProdUX Labs, a product management consulting firm.
Read now |
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"The most important piece of the MVP is the learning and it should be the minimum amount of effort to learn. This keeps us anchored on outcomes rather than outputs."
Melissa Perri
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The MVP process is a strategy for launching new products by testing and validating the most essential features with a minimum amount of resources. |
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It helps to gather valuable feedback from early adopters and refine the product based on their input, reducing the risk of launching a product that doesn’t meet customer needs. |
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MVP is an iterative process that involves continuous improvement and refinement of the product based on customer feedback. |
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An MVP should be simple, but still provide a valuable experience for users. |
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A successful MVP is a crucial step in the journey toward building a sustainable and successful product. |
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Creatures responsible for this newsletter
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Joanna Tulińska - Ładomirska
UX Designer at Kreatik. She works on digital products from the first idea to implementation. She researches, and tests, and is not afraid of change and improvisation. Defender of accessibility and fan of the Jobs To Be Done framework.
Privately, a professional violinist and organizer of virtual and hybrid conferences. She is nuts about her teenage daughters and.... plants in her own garden.
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Filip Krawczyk
UI designer at Kreatik. He designs websites and mobile applications.
Graduate of the Academy of Fine Arts in Warsaw at the Faculty of Painting with a specialization in the Conceptual and Intermedia Graphics Studio. Professionally, he focuses on creating modern projects, looking for interesting solutions in the area of application and website design.
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