There is a Product vision, and a bunch of stakeholders that are going to be directly involved with the Product. These stakeholders have bunch of things in mind that the product needs to do. On the other hand there is a limited tech team, which takes time to grow. On top of all this the Business Owners are eyeing to have the shortest possible time to market.
So what comes to your mind? You got it right – The Minimum Viable Product.
A term that sounds aggressive and motivating to begin with. A term that is advocated by Agile coaches across the globe. But still a term that your stakeholders generally hate!
But what really goes wrong with a Minimum Viable Product? Its the term “viable”, that doesn’t very well fit into a competitive landscape. I would define product viability as follows:
# Viability to Sell
In a less mature market, when the current needs are mainly met through substitutes, a not so “great” product might be able to sell. But let’s take a slightly mature and growing market, which is most likely going to be the case for a new product, you need to be able to sell the products to consumers. This might mean your marketing conversions for a B2C product, or on-boarding new clients in a B2B setup.
# Viability to Scale
On the tech side, you don’t need a product that’s hard to scale. You don’t want to re-do it 6 months down the line. You need something that is well architecture-d and is not a patch work that slows you down as you build upon it.
#Viability to Impress Customers
This can be harder for a new product. You need to impress your customers, you need to keep your brand image high. You don’t have to be feature rich to impress people. You have to just meet the basic needs so beautifully with simplicity to keep your initial audience glued and asking for more.
#Viability to learn
You get a MVP out in the market, but how do you gather feedback. You need to include feedback mechanisms early on in your customer journey and you need to make sure you are capturing right data points and basic analytics to track your customer behavior.
I hope you agree with most of what you read. In case you are not, I will be excited to know your views. Looking forward to comments, suggests, feedbacks, criticism, etc.