Hello everyone, in this new article I want to pose some questions for you to think about them if you want to launch a new product to the market.
What does MVP mean?
The acronym MVP means Minimum Viable Product which in a nutshell is a product with just enough features to satisfy early customers, and to provide feedback for future product development.
The key purposes of a MVP is to:
- be able to test a product with minimal resources
- get the product to early customers as soon as possible
- reduce wasted engineering hours
- accelerate learning
In today’s competitive world, where the chances of someone else being in the process of developing, or already have developed, a product like yours are very high, how do you think MVP’s should be released to users?
I believe the concept of MVP is still a viable mentality for a startup nowadays, however I do think that the released product today has to be much more complex than a product released under the same mentality a few years back. Let me explain.
If you had a business and wanted to release a project management tool as your product you would do some market research and after evaluating what the competition offers you would probably ask a few questions like:
- Should I release my product with the same features that the competition has?
- Should I release my product with just some of the features that the competition offer?
- Should I release my product with just new features that the competition doesn’t have?
- Should I release my product with improved features offered by the competition?
My opinion on what a MVP should be when competing against others
Many still believe that nowadays you can still ship a half baked product to the market and quickly improve based on user’s feedback and usage.
I disagree with that!
If you are launching a project management tool in a market full of them, I think a MVP should be as complete as the competition. However, you can sacrifice in non-essential places, for example, sign-up and login pages and systems. This means that you don’t really need to innovate everywhere, as long as the basics of what you choose to not innovate are still met and doesn’t pose a blocking instance for your users.
There’s only two instances in my opinion where you can skip features that the completion offers:
- You practice a completely free business model (even if it’s just for a limited time)
- You have a completely new idea on what a project management tool should be (very unlikely)
I strongly believe that in a competitive environment you will need to match the competition’s features, and still offer something new or improved, otherwise it will be very difficult for you to market your product. This is something I would like to touch on.
Even if you have a top-notch product and marketable product you still need a great marketing machine.
Not easy to have a big marketing budget in the beginning but your product will depend on clever and viral marketing to survive. People will need to be talking about it.
If you target your product to businesses, you might need to get good sales people and you might be able to get your product out there with fewer features, but to survive in the long term you will still need to match and quickly outrun the competition.
Let me know your thoughts! Do you agree with my opinion? Do you disagree? And Why?
Thank you for taking the time to read this short article. Keep on solving problems!