M for Minimum
“More features” equals “more value”?
When you think through the concepts of your new product, you probably imagine how the users enjoy its powerful functionalities and tailor the product for all possible needs.
- “Want to add a custom view? Nothing is simpler. Tap here, drag that box in, hit Save and here you go!”
- “Want to set up custom alerts? Swipe down, tap here, move the slider, tap Done. And it is!”
- “These features are extremely useful; everyone would like it. Besides, all major competitors have them so I have to have them too.”
This thinking is reasonable, and for sure having these features in your app could add value. However, they would definitely add to the cost and with a pre-defined budget, you have to choose what to build and what to sacrifice.
How does MVP help?
MVP (minimum viable product) is a popular product management approach that recommends going to the market as soon as the product is usable. The definition of “usable”, of course, vary. The rule of thumb is that the MVP must only include the features the users need but not the features the users like.
But how can you tell whether the user likes a feature or needs it? The answer is economically driven. If the user is ready to pay for the feature, it means that they do need it.
You can measure demand using the Landing Page approach, but after that is done, it is time to see if people are ready to pay. This is where the MVP steps in. You build the bare minimum of features and start selling the product. You collect feedback from the users, you reach out to the ones who decided not to buy to ask them why. With this knowledge, you build the future roadmap for this product.
In the worst case, if there is no interest in the product you are building, it is not too late to pivot the entire product to another direction. After all, you had only spent minimum possible investment for your MVP.
How we can help?
Bringing out technical expertise and business experience to your service, we can help you identify the MVP scope, lay out the development plan, and keep improving the product according to your vision and market needs.
Here are our recommendations for identifying the MVP scope:
- Focus on business-critical functionalities – make sure your product solves a problem the users have
- Postpone anything related to automation and scaling – these are the good problems to have, we can help resolve them when the time comes
- Minimize the variations and per-user customization – providing a top-notch solution for the problem is the number one goal, the rest complicates the system and adds extra costs to system maintenance