A minimum viable product (MVP) is a concept or term used to describe the most basic version of a functional product or service, which in turn allows collecting the maximum amount of validated data through customers.
Expected benefits of an MVP.
The primary benefit of an MVP is that the interest of customers or users in a product can be studied and understood without fully developing it. The earlier you can tell if a product catches customers’ attention, the less expense and effort will be spent on a product that will not be successful in the marketplace.
The founders of Airbnb had no money to build a business. From their own apartment, they created an idea of a market that offers short-term rental homes between individuals and all online. They created a minimalist-style website, posted photos, images, and other details about their property, and quickly found several guests who paid immediately.
This is a good example of how implementing a single main feature can lead to success, rather than wasting time with interesting features but not essential to the operation of the product.
The idea was to create the best music streaming site, and for the creation of their MVP, they focused on just that feature: streaming music.
From there, a desktop application was created and developed, and a closed beta was run to see how the market reacted. The MVP product and a freemium pricing model were proven to be exactly what the public was looking for. So the Spotify team spent time finding and recruiting more artists while developing mobile apps.
Currently, Spotify has 17 offices, 5584 employees, and 345 million active users in 187 countries.
Who is the product or application developed for?
Is there a specific market/region that you are targeting?
Do these people have something in common?
These can be identified by finding answers to the following questions:
What are the problems or pain points that the target audience is experiencing?
What aspects can be developed to solve the weak points?
Is there an alternative solution available in the market?