The minimum viable product or MVP consists of creating the simplest version of a product that can be tested with users to get feedback and learn from their needs, preferences and behaviors. This way, you can iterate and improve the product until you get the right fit between what you offer and what is in demand.
Did you know that 95% of new products fail in the market? This is because many companies do not properly validate their product ideas with potential customers, and end up investing time and money in developing something that nobody wants or needs.
To avoid this risk, there is precisely the minimum viable product (MVP). In this article, we explain what is MVP or minimum viable product, typologies, as well as all its benefits when developing a product.
What is a minimum viable product?
The minimum viable product is a simplified version of a product that contains the basic features to be tested with a target audience (real or potential users). An MVP is not a finished or final product, but a tool to learn about customer preferences, behaviors and needs. The goal of an MVP is to get quick and valuable feedback on a business idea from users with as little effort and cost as possible. It is important not to be confused with proof of concept.
This technique not only helps to discover its feasibility; it also allows the research team to detect shortcomings and strengths in order to make the necessary modifications and implement the most effective marketing strategies.
In fact, the idea behind the concept of the minimum viable product is to obtain consumer feedback, which in turn will help to make the desired changes to the final product.
Now that you understand the meaning of MVP, it is worth noting that it is an essential step in new product development. Thus, we divide the development of a minimum viable product into 7 distinct phases:
- Initial Ideation
- Preliminary study and maturation
- Ideation and concept phase
- Proof of concept and validation
- Development phase (this is when the MVP is created)
- Testing and improvement phase
- Manufacturing phase
What is the purpose of a minimum viable product?
When asked what is an MVP in projects, explain that besides allowing to validate a product design idea from a global perspective and without building the complete product, a minimum viable product can also help to minimize the company’s time and resources, which translates into a high level of public loyalty. So much so that the first step in developing a minimum viable product is to make sure that the product will align with the company’s strategic objectives. Along these lines, we must ask ourselves what the product we want to develop will be used for and whether it will attract new users.
In short, an MVP will serve to: find out what works in the company’s target market and what doesn’t, offer new functionalities to current customers, translate your product design into a development action plan to bring it to market as soon as possible, and test an idea with real users before investing in full product development.
What are the benefits?
Here are the main benefits of a minimum viable product:
Reduce risk.
By testing the product with users before investing more resources in its development, you can validate or invalidate assumptions about the problem to be solved, the proposed solution and the target market. Thus, failure can be avoided, in addition to the waste of time and money in developing something that nobody wants or needs.
Increase learning
By getting direct and honest feedback from users, you can learn about their needs, preferences and behaviors. Thus, you can iteratively improve the product, adapting it to what customers really value and expect.
Accelerate time to market
By creating a simplified version of the product, you can reduce the time required to design, manufacture and launch the product. Thus, you can take advantage of market opportunities, stay ahead of the competition and generate revenue faster.
Types of minimum viable product
There are two types of minimum viable product:
Low-fidelity minimum viable product.
They consist of products that are easy to develop. Hence, the results are of a basic nature. They can help us to understand the needs of the public, but in general terms.
High-fidelity minimum viable product
On the other hand, a high-fidelity minimum viable product deepens the results. Thus, it is a process that takes more time and effort than the previous one; but it is highly recommended to be carried out. With a high-fidelity MVP you get a highly efficient solution and, therefore, an aid to optimize the different actions related to the product as the value proposition itself.
How to develop a minimum viable product
Don’t know how to carry out a minimum viable product? Here are the necessary aspects to take into account:
Define the problem
Although the most important part of this definition should be done in previous phases of the project, it is time to restate the problem from the MVP perspective.
- The problem to be solved with the product must be identified and described, as well as its causes and consequences.
- Specify who the users affected by the problem are, what they need and what they expect from the product.
To define the problem, you can use the “Why?” technique, which consists of repeatedly asking yourself the reason for the problem until you get to the root of the problem.
For example, if we want to create a product that helps people sleep better, we might ask: Why don’t people sleep well? Why do they have trouble falling asleep? Why do they wake up during the night? Why do they feel tired the next day? Why does this affect their health and performance?
Define the solution
The solution you want to offer with the product, as well as the benefits and advantages it brings, must be devised and described. Specify what features the product has, how it works and how it differs from the competition. To define the solution, you can use the “What?” technique , which consists of asking yourself what added value the product offers the user and what makes it unique and desirable.
We could ask ourselves: What solution are we going to offer? What benefits will it have for the user? What characteristics will the product have? How will it work? How will it be different from other similar products?
Define the hypotheses
It is necessary to formulate and prioritize the hypotheses to be validated with the MVP or minimum viable product, i.e., the assumptions or statements made about the problem, the solution and the market. The success and failure criteria for each hypothesis must be defined, as well as the metrics or indicators that will be used to measure them. To define the hypotheses, the “How?” technique can be used, which consists of asking how the hypotheses will be tested to see if they are true or false and how the result will be evaluated.
We could formulate the following hypotheses:
- Problem hypothesis: People have trouble sleeping well because of factors such as stress, noise, light, temperature, etc.
- Solution hypothesis: A device that emits soothing sounds, dim light and soft aromas can help people sleep better by creating an environment conducive to rest.
- Market hypothesis: There is sufficient demand from people who want to improve their sleep quality and would be willing to pay for a product like ours.
Manufacturing the MVP
Depending on the type of product you want to create, you must choose the most appropriate type of prototype to represent its features and functions. Some types of prototypes are: mock-ups, mechanisms, 3D prints, electronic circuits, etc. The degree of fidelity, cost and time required for each type of prototype must be taken into account.
- Design the prototype: Design the prototype following the principles of simplicity, functionality and usability. The appearance, size, color, shape and materials of the prototype should be defined. The parts, components and elements that compose it must be specified. The operation and interaction of the prototype with the user should be schematized.
- Build the prototype: Build the prototype using the available tools and resources. Follow the previous design and make sure that the prototype meets the minimum requirements to be tested. Verify that the prototype is stable, secure and operational.
Test the MVP
On the other hand, the minimum viable product must be tested with actual or potential users to obtain their opinion and feedback on the product. The data obtained should be collected and analyzed using previously defined metrics or indicators.
For example, if we want to validate the hypothesis of the problem and following the example above, it is advisable to interview at least 50 people who have trouble sleeping and confirm that the factors mentioned are the main causes.
Therefore, to validate the solution hypothesis, the device should be tested with at least 20 people who have sleeping problems and who report a significant improvement in their sleep, as measured by a mobile application (for example). And to validate the market hypothesis, create a landing page with the product concept and obtain at least 100 registrations from people interested in buying or testing it.
Iterate or pivot
That is, evaluate the results of the MVP, comparing the data obtained with the success and failure criteria established for each hypothesis. It is necessary to decide whether to validate or invalidate each hypothesis, and whether to maintain or change the product strategy. Also, iterate whether to validate the hypothesis or repeat the process with new hypotheses or product improvements. In addition, it is important to pivot if the hypothesis is invalidated, that is, to radically change the problem, the solution or the product market. To iterate, we must ask ourselves what actions should be taken based on the results obtained and how it will be communicated to the team and users.
- Iterate: If the results of the minimum viable product are positive and validate the hypotheses, we could iterate the product by adding new features, improving the design, extending the market, etc. For example, we could add a smart alarm function that wakes the user at the optimal time in their sleep cycle, improve the aesthetics and ergonomics of the device, or expand to other countries or regions where there is demand for our product.
- Pivot: If the results of the MVP are negative and invalidate the hypotheses, we could pivot the product by changing the problem, the solution or the market. For example, we could change the problem and focus on helping people relax during the day instead of sleeping better at night, change the solution and offer a mobile app instead of a physical device, or change the market and target a different customer segment, such as students, athletes or travelers.
Minimum viable product: examples
How can Infinitia help you? Here are some examples from our lab on how to validate an MVP and develop a successful product:
-
- In-depth interviews: In this case, we used an in-depth interview to study the user who is in charge of cleaning the home. It should be noted that to conduct an interview of this type, you must use a script with open and closed questions, and record or take notes of the answers. In Infinitia we have IUtest and fed by a large community of real and representative users of the market.
- Prototyping: Another example of how to validate a minimum viable product is to use a low-fidelity prototype of the device, using simple materials such as plastic, metal parts or 3D printed parts; that help us to simulate the future functions of the product. This is what we did at Infinitia with the fabrication of an aesthetic prototype using 3D printing. To do this, the 3D printing parts were post-processed, painted and assembled, in order to provide a realistic prototype and, therefore, very faithful to the final product.
- Web design: The products we create at Infinitia are also digital. Thus, we present this example of UX analysis in the online environment for the design of digital services. We create a digital MVP in order to analyze the user experience on the site and to optimize it.
- Metrics: Another example for testing a minimum viable product is to use metrics that allow us to measure the success or failure of the hypotheses: number of interviews conducted, percentage of people confirming the problem, number of tests performed, etc. In this way, we answered the question of a client in the food sector as to why mi is not succeeding in the market. From the information extracted in the interviews, we conducted a co-creation and brainstorming session with the participation of end users and employees of the company itself.
- Technical feasibility: From the areas of strategic design and product development of Infinitia we evaluated the technical feasibility of this MVP, in order to see if creating the final product was profitable (and not only economically). To do so, in this example of minimum viable product, we studied patents and technologies similar to what our client demanded.
- Multidisciplinary approach in product design: In this way, we did it with the design of flavored waters from an interdisciplinary approach. In this example, we not only had to validate the minimum viable product from a technological point of view, but also from a nutritional point of view.
At Infinitia, we are experts in the development of new products and MVPs. We offer a comprehensive and personalized service to accompany you throughout the process, from idea generation to product development. Our method is based on the following stages:
- Research: We conduct an exhaustive study of the market, competition and potential customers, to identify opportunities and problems to be solved.
- Ideation: We generate and select innovative and viable product ideas that fit your company’s vision and objectives.
- Validation: We create and test different types of MVP with real or potential users, to obtain feedback and learning about the product.
- Development: We design and manufacture the prototype or sample product, following the highest standards of quality and functionality.
Do you want to make sure your new product succeeds in the market? At Infinitia we can help you, as we have the best experts in innovation and product development. Contact our prototypingdesign team to offer you the best solution.