MVP/MAP/MLP

Launch

What is MVP Minimum Viable Product or Service?

A Minimum Viable Product (MVP) is a product or service with just enough features to satisfy early customers and provide feedback for future product development. It is a concept in product development that aims to launch a product or service in the market with minimal investment and time, while still providing value to the early adopters.

The MVP typically includes the core functionality of the product or service, with basic features and user experience. The idea is to test the market with a simplified version of the product or service and gather feedback from early adopters. The feedback can then be used to improve the product or service and add more features based on customer needs and preferences.

The MVP process allows startups and entrepreneurs to test their assumptions and validate the market demand for their product or service, before investing significant time and resources into building a complete product. This iterative approach to product development helps to minimise risks and optimise resources for maximum impact.

Minimum Awesome Product MAP and Minimum Leading Product and 1 and 2 levels up from MVP.

What are the benefits of using MVP/MAP/MLP?

The benefits of creating a Minimum Viable Product (MVP) include:

  1. Faster time to market: By focusing on the core functionality and essential features of the product or service, an MVP can be launched much faster than a fully-featured product, which can help a business get to market quickly and start generating revenue.
  2. Lower costs: Since an MVP has only essential features, it requires less time, resources, and investment to develop, which can help a business save costs and optimise resources.
  3. Customer feedback: An MVP allows businesses to gather feedback from early adopters, which can help them understand the needs and preferences of their customers, validate their assumptions, and make necessary changes to the product or service.
  4. Reduced risk: By launching an MVP, a business can minimise the risk of building a product or service that may not meet customer needs or may not have market demand. The feedback obtained from early adopters can help a business make informed decisions about future product development.
  5. Competitive advantage: By launching an MVP and iterating on it based on customer feedback, a business can gain a competitive advantage over other businesses that may be slower to adapt to customer needs and preferences.

Overall, an MVP is a useful strategy for startups and businesses that want to launch a product or service quickly, test the market, and validate their assumptions before investing significant time and resources into building a complete product.