{"id":7895,"date":"2024-03-16T20:04:58","date_gmt":"2024-03-16T20:04:58","guid":{"rendered":"https:\/\/www.valuwit.com\/?p=7895"},"modified":"2024-05-12T10:03:47","modified_gmt":"2024-05-12T10:03:47","slug":"mvp-framework","status":"publish","type":"post","link":"https:\/\/www.valuwit.com\/en\/mvp-framework\/","title":{"rendered":"Reduce Risk, Maximize Impact: The Power of the Minimum Viable Product Framework"},"content":{"rendered":"

In product development, the minimum viable product (MVP) is considered the option with the highest return on investment versus risk.<\/span><\/p>\n

Coined in 2001 by Frank Robinson, co-founder and president of SyncDev, MVP is explained as developing the \u201cright-sized product, big enough to cause adoption, satisfaction, and sales.\u201d<\/span><\/p>\n

The concept was, however, popularized in 2011 by Eric Ries, the author of the best-seller The Lean Startup. In his book, Ries describes this approach as \u201cthe version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.\u201d<\/span><\/p>\n

To sum up what Robinson and Ries said: an MVP is a version of your product with minimal\u2014yet enough\u2014features, at a reduced cost to encourage a larger percentage of your audience to adopt it.<\/span><\/p>\n

This version reduces the friction between you and your client base, gives them a taste of your main product, and provides you with enough data to optimize your main offering.<\/span><\/p>\n

An MVP, however, isn\u2019t your first iteration. You\u2019ve already tested, researched, and, in some cases, launched your product. It\u2019s also not a temporary thing. Many businesses choose to keep their MVP offering available to the market to gain sufficient customer feedback, continue to improve the product, prove it\u2019s validity to potential investors, and boost their market share.<\/span><\/p>\n

MMP vs MVP<\/b><\/h2>\n

There are two important concepts when working on a product: minimum viable product and minimum marketable product (MMP).<\/span><\/p>\n

MVP is primarily for ideal validation, however, commonly used to breathe life into a declining product, help test the market for planned upgrades, among other uses.<\/span><\/p>\n

On the other hand, MMP is an advanced strategy, involving more features designed to attract customers. Simply put, MMP isn\u2019t just about validation and accessing more customers, it\u2019s about market domination. These products have enough features and quality to woo early adopters, generate revenue, and create buzz.<\/span><\/p>\n

4 Reasons to Launch an MVP<\/b><\/h2>\n