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A Minimum Viable Product (also known as an MVP) is any early product that meets the minimum standards to be able to be shared with customers and other stakeholders for the purpose of collecting feedback and test assumptions. A Minimum Viable Product helps determine the minimum point where the product has features that are acceptable enough to the customer that they would be willing to purchase it. Seeing individuals interact with an actual product offers more insight than simply asking what customers would do with the product if it existed.
Description of Minimum Viable Product
Before the Minimum Viable Product is ready to be tested, three steps must be taken.
- Determine what problems the product should solve for customers. Meeting this standard involves using research, user feedback, and competitive analysis to determine customer needs.
- Translate the Minimum Viable Product’s functionality into a plan of action. Ensure that the product can be used to complete a task with a quality user experience.
- Ensure the product aligns with the organization’s objectives. Determine if the product helps generate revenue or other resources, if these are the goals of the company. It is critical to consider the purpose that the product serves in the company, whether that is to attract an existing segment of the market, one that has not yet been utilized, or to improve upon the needs of your core group of customers.
Praxie's Online Minimum Viable Product Tools & Templates
Unlike most traditional Minimum Viable Product processes, Praxie’s online Minimum Viable Product tools allow any team or organization to instantly begin working with our web templates and input forms.
Many Minimal Viable Products are created using software for prototyping. It’s also possible to capture key assumptions and list product functionality using spreadsheets, documents and presentation software. Get started with our Minimum Viable Product template.
How to use it:
- List the most basic, fundamental features that current products include.
- List the most robust features that could be in your future product.
- List most important features to generate sufficient value for early adopters to buy the product.
- Create your action plan focused on defining, designing, and implementing your Minimal Viable Product (MVP).
Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.