Minimum Viable Product

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Create a Minimum Viable Product (MVP) to get validated feedback from customers during product or service development.

What is MVP

A Minimum Viable Product (MVP) is a version of a product with enough features to test with its customers and stakeholders to gain feedback for future development. It is not limited to product but can be also applied to services and projects (internal and external).

For example, a company may require a formal annual report. Rather than fully develop an entire annual report and then seek feedback, the first MVP may be the agenda for the report from which stakeholders and primary users of the report could question “Will the report include an appendix with real data?”, “Will the report include 10 business units or just 6?”. This ‘MVP’ will guide future development of the report, as it will provide enough information for stakeholders to enable them to give validated feedback.

The team producing the report will learn from the MVP and it will guide what they develop in the next stage.  

Why is MVP important

The purpose of an MVP is to start a feedback loop early in product or service development for faster iteration, so that we go to market faster with the desired product/service and deliver value faster to meet our customers needs.

There are three key reasons why we need an MVP for early feedback: 

Validate our thinking
We develop features based on our understanding, interpretation and assumptions of what the customers need. MVP provides opportunities for validation along the product journey.
Customers needs may change
Even if our assumptions and interpretation of customers need are valid, there is a chance that they now want something else or different because competitors are offering something new or they change their mind after actually seeing the product.
Macro environment may change
Some businesses are operating in a highly regulated environment and the earlier they test and iterate using MVP, the greater likelihood all regulation and requirements can be met. Evolving macro factors such as political tension and pandemic can bring change to product/service/project requirement as well and therefore creating an MVP enables us to test the product as the environment changes. 
MVP provides an opportunity to lower the risk of developing something the client does not need or desire anymore and increase chance of success by delivering better and faster.

ADAPTOVATE helped the following organisations develop their MVPs:

An energy retailer build a $1m MVP with funding milestones decided for a lighthouse project, which led to a future product roadmap with expected $10m+ in Portfolio Net Added Value.

A leading global airline to build a stopover product MVP that delivered 15x increase in stopover-nights and personalised upgrades offers led to ~20% increase in revenue per offer .

A government department to build and mobilise 8 MVP teams across a diverse range of projects, resulting in a 90% improvement in planning and prioritisation and a 71% increase in employee engagement and 72% improvement in efficiency.