Minimal Viable Product (minimum viable product) – a test version of a product, service, or service with a minimum set of functions (sometimes even one), which is of value to the end-user.
MVPs are created to test hypotheses and test the viability of the intended product, and how valuable and in-demand it will be on the market.
The results of testing the minimum viable product and feedback from the target audience help to understand whether it is worth developing the project further, what changes should be made to the strategy, and what should be left as is.
It is essential not only which metrics to choose but also how to use the indicators. Two main approaches that we can use in product development:
1. Data-driven approach
First, you get the numbers and then make decisions based on them. The team selects metrics and calculates the indicators. Then, based on the resulting numbers, you understand where to go next.
2. Data-informed approach
Metrics only partially influence your decisions. They can be essential but not the first thing to take into consideration.
There are many options for using metrics: they depend on the product, approach, logic, and marketing strategy. But the general scheme of using metrics:
- we measure quantitative indicators, evaluate (as far as possible) qualitative indicators;
- we try to look at the indicators not separately but in interconnection to see the whole picture;
- we do this at regular intervals to understand the dynamics;
- having received this information, we think about how to use it: either we simply take note, or we decide to change something, experiment;
- we continue to analyze the metrics to understand further what is happening.
Before launching a new product, try its MVP. UppLabs will help you validate needed features and collect metrics to help you achieve business goals.
