What is Minimum Viable Product? Definition of Minimum Viable Product, Minimum Viable Product Meaning and Concept
A minimum viable product is the version of a product that includes a series of fundamental characteristics to quickly know the response of the market to which it is directed.
The goal of a minimum viable product is to avoid creating a large number of products that do not satisfy the target audience. Creating a product with these characteristics that serves to know a quick response from the public will be of great help to validate this article and the process to carry it out.
It is not a quick process in terms of development, since feedback and collaboration from the public with whom the testing is done is necessary to know the acceptance it is having.
Instead of creating an entire chain for the launch of a product, or creating an online store , if we talk about the digital world, it is about creating a prototype. Or, at least, a minimum circulation of that article to know if consumers would really be willing to pay for it, or what improvements could be made and changes if they did not.
How to create a minimum viable product?
These are the most important steps to follow for the start-up:
- The first thing is to know the ideal customer to whom the product is directed. It would not make sense to launch a product without knowing the tastes and wishes of the target audience.
- Know what the competition is doing . You have to assess the products they have on the market, prices, advertising messages they are carrying out...
- Develop the minimum viable product with the minimum features that it will need to be tested, and tested by customers.
- Creation of a video. It is a technique to show the product, what it would look like, the functionalities it has and it is often used a lot when the articles are very expensive to produce. Digital platforms are used to launch the video, and social networks to invite it to be tested and also assess the opinions that arise after viewing it.
- Landing page. A specific website is created to talk about the product, its benefits, characteristics, advantages, images, among other issues. In this way, it is intended to show that website to the potential public to assess their opinion. To promote it, you can use SEM campaigns , and promotions on social networks.
- EmailMarketing. It is another of the options that are usually used, questionnaires are sent by email to customers so that they can give their opinion about the product and collect that information to assess it later.
- mockups Another of the alternatives that exist is the creation of models when the articles are excessively expensive to produce. Show flats, or cars are examples within this option. Presentations are made, and viewings for a certain group of potential clients.
- A/B testing. It is an option that is often carried out frequently within the campaigns that are broadcast on social networks, or on Google. Two types of messages, or different images about a product are offered to different users who must choose one. Then the data is analyzed, including the areas of those tests that attracted the most attention such as a link, or a specific image that can also be discovered thanks to the heat maps.