Minimum Viable Product Planning

What is Minimum Viable Product

Planning a minimum viable product (MVP) is always a significant challenge. MVP must comprise of features that are both table stakes and value proposition. In poker and other gambling games, table stakes is a rule that a player may bet no more money than they had on the table at the beginning of that hand; they cannot go back to their pocket for more money once a hand is dealt. This limits the amount that a player can lose, while also limiting the amount other players may have to bet. A value proposition is a unique of value to be delivered by our product design. It is also a belief from the customer about how such unique value (benefit) will be delivered, experienced and acquired that are better than other competitors.

The Challenges: Monetization + Market Entry

What is the actual thing that is sold? The answer to this question is the fundamental base of the product or service that is responsible for revenue generation. Sometime, it is not the product we sold are making the money, it is the service led by the product we sold can generate revenues.

With the MVP approach, you can make an early market entry and leading to a competitive advantage. Enable early testing of the idea with actual users to check whether you are able to solve their problems efficiently. You can work effectively towards developing a fully-fledged product based on user feedback and suggestions

The Solution:

Not worry about the price during the New Product Introduciton(NPI). Early release under a ‘free in beta’ model, or long free trial allows you to focus your attention on improving your product features and eliminating pricing as a point of friction.

No need to overdo your launch of MVP. If you intend to enter a market with a small MVP, you need to find an emerging market with a single scenario use case. The more scenarios you serve and the more use cases you automate, the larger your MVP needs to be.