Anyone who has participated in a startup is used to the term MVP. This was a concept that made me reflect a lot on my deliveries to customers.
So much so that I came to the conclusion that in today’s agile and rapidly changing business world, the Minimum Viable Product (MVP) concept needs to be present in all companies. And I will explain why in this article.
1. Saving resources and financial efficiency
One of the biggest advantages of an MVP is resource savings. Rather than investing time, energy, and capital into functionality that may not be needed or wanted by the target audience, companies can focus on the essentials.
This means less money is wasted and can be reallocated to other crucial aspects of the business such as marketing or research and development.
Therefore, you will deliver to your client the benefit that he really seeks to remedy a pain, or meet a need.
I’ll give you an easy example. Imagine a company that sells an umbrella. It doesn’t matter to the customer if it’s flowered, gray or red. The important thing is that it works well, that it opens and closes quickly.
In this case, instead of the company focusing on standing out from the market with “makeup” of the product, launching it in countless colors, it focuses on what really has value for the customer.
2. Speed to market
In today’s competitive environment, being first can be a huge advantage. With the MVP, companies can accelerate the launch process, bringing a viable product to market much faster than if they had strived for perfection.
This agility can be the difference between being a pioneer or just one more in the market. And after the product is launched, just improve it to the fullest.
3. Direct and valuable feedback
When an organization launches an MVP, they are essentially testing their idea in the real world. This provides an invaluable opportunity to collect feedback directly from your users.
With this feedback, adjustments can be made, errors corrected and the product adapted to the real needs and desires of consumers.
4. Flexibility and adaptation
The business world is unpredictable. What works today may not work tomorrow. By adopting the MVP approach, companies become more flexible and adaptable.
Rather than committing to a final product from the start, they can generate, adapt, and evolve based on what they learn along the way.
5. Culture of innovation
By prioritizing the MVP, companies are also fostering a culture of innovation. And this is crucial in an increasingly dynamic environment.
The process encourages teams to be creative, to take risks, and to learn from their mistakes. This can lead to unexpected discoveries and innovative solutions that might never have been considered in a more traditional and restrictive environment.
Therefore, all companies, regardless of their size or sector, can benefit from the resource savings, speed, direct feedback, flexibility and culture of innovation that the MVP provides.
In a world where change is the only constant, adapting and learning quickly is more than a strategy — it’s a necessity. And the MVP is the tool that can make that possible.
