Does Your Product Need a Minimum Viable Product?Cade Taylor, Business Analyst @ Verticode
July 6, 2023, 2 min read

In the world of product development, the concept of a Minimum Viable Product (MVP) is becoming increasingly popular. This is a product that has the basic features and functionality that can be used to test the market and, if successful, can be further developed. But does your product really need an MVP? Let’s explore the concept and see if it’s right for you.

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User Feedback

The most important factor to consider when deciding if your product needs an MVP is user feedback. You need to know what your users want and need from your product and how they would use it. Creating an MVP allows for you to gain that user feedback after users have tried your product, this can help you in the further development down the line.

Easing into the Market

Creating an MVP can also be a great way to ease your product into the market. It will allow you to test the market without investing too much time and money into the development process. This is especially important if you are trying to attract investors. An MVP can help you demonstrate the potential of your product without having to invest too much into it.

Market Identity

An MVP can also help you create a market identity for your product. This is especially important if you are trying to create a brand or a specific market for your product. An MVP can help you create a unique identity for your product that will help you stand out from the competition.

Plausibility

Finally, an MVP can help you determine the plausibility of your product. This is especially important if you are trying to launch a new product or service. An MVP can help you test the viability of your product and determine if it is feasible to launch it in the market, doing this can help you to save lots of money in further time.

Conclusion

An MVP can be a great way to test the market and determine the viability of your product. It can also help you create a unique identity for your product and ease it into the market. If you are considering launching a new product or service, an MVP can be a great way to test the waters and see if your product is viable.

If you’ve decided your product needs an MVP and need some help building it, contact Verticode today and arrange a free meeting with us!

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