Definition of Minimum Viable Product
Here we have Greg Cohen, author of Agile Excellence for Product Managers and Lean/Agile Product Management expert from the 280 Group staff.
In this video we are going to talk about one of the core concepts behind Lean Product Management which is the Minimum Viable Product, or MVP.
Greg starts by giving us a basic definition of MVP, what is it and why is it important.
Minimum Viable Product is a technique that was popularized by Lean Startup but the definition varies widely. What we find most practical and useful is that MVP is actually a product, it is the minimum product that is useful to a segment of your users.
What we mean is usually related to an early adopter segment who has an acute pain, and they would rather use your product as is, than wait for it to be further enhanced.
In other words it’s the minimum product that you can put in the market and have people use in real life.
Another important aspect is that you want consideration from the customer, ideally that they’ve paid for it. We are testing both that the product works, the customer derives value from it, and that they’re also willing to exchange value for it.
It is not uncommon to see a customer be very excited about the concept of a product but when it comes down to it, not willing to pay money for it.
An MVP is making sure that the product is something that they’re willing to pay for that has just enough functionality to solve their pain point.
This video and blog should help you understand the very basic definition of Minimum Viable Product.