SEEDIUM

Minimum Viable Product

Minimum Viable Product helps businesses to test ideas and verify the viability of the product, and how valuable and marketable it will be. MVP helps to understand whether the project is worth developing further, what changes should be made to the strategy, and what should be left in its original form.

How it works

A minimum viable product is a starter version of a product or service that helps to get feedback from the target audience and understand further development paths. MVP can help your businesses to:

  • Сonfirm the viability of the idea and test product hypotheses with real data;
  • Identify trends that can be used in the development of a full version of the product;
  • Minimize financial losses in case of a failed product release;
  • Reduce development costs by prioritizing important features and eliminating unnecessary ones;
  • Perform internal testing and identify bugs;
  • Build user data before a final launch;
  • Take up a market niche and attract investors before competitors.

MVP Development Includes

01

Define the product concept

  • Conducting a business analysis;
  • Searching for future product ideas;
  • Comprehensive market research;
  • Development of the basic product concept;
  • Preparing a list of KPI for the project.

02

Building a product roadmap

  • Preparation of a list of features for an extended version of the product;
  • Definition of priority features;
  • Designation of the basic functions for the creation of the MVP;
  • Selection of basic performance metrics.

03

Designation of product requirements

  • Identify project design parameters;
  • Working through UX design;
  • Defining security requirements;
  • Planning future integrations with external services;
  • Selecting the right technology stack.

04

Estimation & Planning

  • Planning scope of work and deliverables;
  • Estimate MVP cost and future development budget;
  • Defining deadlines for each development phase;
  • Identifying potential dangers and creating a risk management plan.

05

Functional interface development

  • Backend development of the MVP server component and API;
  • Frontend development;
  • Preparation of supporting documentation;
  • Regular testing throughout the development process;
  • MVP technical improvement.

06

MVP Launch & Analysis

  • Deploying the project in a working environment;
  • Launching, collecting feedback and suggestions;
  • Conducting planning for the next phase;
  • Systematic improvement of the product to the full version.

Work process tools

Jira
Slack
Skype
Qmetry
Sketch
Git
Bitbucket
Google Hangouts
Invision
Zeplin

CONTACTS

Get in Touch

info@seedium.io

Office

Kesklinna linnaosa, Kaupmehe tn 7-120, Tallinn 10114, Estonia

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