Innovation, at times, can be quite aberrant. When it comes to incorporating the same across an organization, challenges are inevitable.
According to PwC’s Global Fintech report, a large number (61 percent) of responding institutions find themselves safe in terms of generating fresh ideas. However, only a mere 41 percent end up developing MVP’s (Minimum Viable Products).
The whole mix of art and science
The funny thing about MVP is its definition, which on paper is quite an easy one. Apparently, this is perhaps the singular reason why many companies believe MVP to be a characteristic feature of a commercially viable product and nothing else. The scenario becomes a tad difficult when you need to get it right up first-time round while launching a new version of an existing product or a completely new one. To quote Silicon Valley professional, Eric Ries, “The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” Now, focusing on the part where it demands you to collect data on “validated learning” is where one needs to invest maximum energy, taking customer metrics and analyzing the same in tandem.
More than a journey, never a destination
If we agree on the point that MVP is actually more about just minimum and not minimal, which means it tends towards maximizing the insight that one can procure from the customers, the question remains pertinent–How does one get going? Some of the prerequisites include the following:
- Knowing your customers right – Remember, the concept is entirely based on the customer than the product itself. Knowing your potential customers is the first base and having an approach to involve them and collect requirements is certainly another.
- Establishing KPIs (Key Performance Indicator) – In order to elaborate and maximize on your insight from customers, establishing KPI’s is vital. It not only helps in identifying the data collected but it serves as a tool to measure all that is necessary for growth. Continue collecting data as the KPIs you are looking at today might not be of any use tomorrow. So, the more customer data you analyze, the wiser your approach gets towards shaping your MVP.
In the Agile Manifesto, MVP helps you to gain a strong understanding of the customer interest without having to finish developing the product. The faster one gains the insights about the products appeal to the target consumer base, the lesser is the expense and effort spent on it.
Minimum Viable Magic
Any existing or new product should strive towards creating customer satisfaction right from the time of its inception. Surely the best can only survive, but the best is not good enough. To be able to gear towards substantial success, a call for a hypothesis that is foundational becomes extremely important. This helps in empowering the right experience for the right kind of product while meeting customer expectations. Here comes the next step, after getting the MVP right MVM, broadly known as (Minimum Viable Magic). So, what exactly is MVM? It is that window of opportunity that helps you gain a strong explanation of the following:
- Where do you really want to be?
- Which emotion of the customer are you looking to govern?
- What reply do you want to harp upon?
If the MVP offers you the much-needed self-assurance to walk the right path with the product, then MVM serves to add to that confidence of your product fitting the need of the consumer. MVP, in reality, works as a reference bent towards functionality. It may be devoid of charm, but it certainly gets the job done. On the contrary, an MVM is achieved right when a simple act turns your imagination into reality, something that you have not anticipated anytime. If we take an analogy of human behavior and performance to conjure the right kind of MVM, the following features stand to match up the requirement:
Cheers to MLP (Minimum Lovable Product)
It is seemingly befitting to create something that is loved by a small bunch of people than something that is liked by a larger group. Here the idea is to make happy customers and keep them for the long term. MLP puts lovability as the determining factor for products to gain popularity among consumers. It is about answering the Why, How and What of the Golden Circle of Logic, and doing one thing persistently well and building a follower base by adding to it gradually. With MLP done right, you will be able to move to the next level without getting bogged down in constant customer trends analysis.
MVP v/s MLP – The crux in between
For starters, working with an MVP approach for a product out there in the market, the customer base would cease to exist from the beginning. The reasons aren’t too surprising. Customers typically desire a product that responds to satisfying needs and not just the bare minimum. In such cases, customers deliberately shift to an alternative product for that requirements. When you have the MLP in place, customer satisfaction is the driving force for your product.
Are you facing similar issues with your new product or existing versions? Do you want to be able to assume a position where customer delight is your paramount concern? Reach out to our expert team to help and deliver the right kind of MLP that can make you stand out.
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