Is the Minimum Viable Product Irrelevant?

  • Is the quickest way to get feedback on your product idea and iterate to scale
  • Helps minimize the risk of effort when compared to a product with all the intended features
  • Aims to maximize the feedback from the customers with the LEAST effort.

Why is the Minimum Viable Product NOT Viable Anymore?

  • Saturated Competition in Most Markets
  • Customers’ Patience is Diminishing
  • Preference for Experience Over Features
  • Failure to Build Desirable Brand Experiences

Enter: The Minimum Viable Experience (MVE)

Where the MVP fails to account for the user experience, building a Minimum Viable Experience comes in.

Minimum Viable Product Vs Minimum Viable Experience

In the minimum viable product approach, the product is launched faster and iterations are super fast as well.

MVE In Action

If we take a look at recent successful start-ups, one thing a lot of them will have in common is a core focus on the customer experience. A significant instance of this can be seen in the fintech space, where new companies are focusing on building a great customer experience around handling money by introducing convenient features that customers have been looking for all this time.

Takeaway

In the age of digital startups, if you lose focus from your customers and fail to understand their preferences and expectations from digital experiences, this article should be enough to show you how you’re missing out by not giving them the seamless user experience they wish to see.

Frequently Asked Questions

What is the purpose of a minimum viable product?

A product built around the MVP approach is intended to validate the product idea and attract early adopters very early in the product life cycle.

What is MVP in product management?

MVPs are designed with enough features and functionality to attract users before launching the full-scale product, offering a better idea of product success early on.

What is a good minimum viable product example?

Jeff Bezos initially founded Amazon as an online bookstore, which helped to validate the e-commerce purpose before it began transforming into the e-commerce giant it is today.

Why do MVPs fail?

Sub-par UX, ineffective pricing, addressing the wrong problem, and the presence of competing products can lead to MVP failure.

What is an MVE?

The MVE approach prioritizes user experience over functionality, aiming to create advocates among early adopters.

Is MVP, MVE, or MAP the best approach?

MVP, MVE, and MAP (Minimum Awesome Product) are all lean development approaches. MVP places a greater emphasis on features, while MVE gives more weight to user experience. MAP borrows elements from both MVP and MVE to create products that customers will refer to as “awesome”.

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