If you’re interested in product development, the concept of a Minimum Viable Product (MVP), the most basic version of a product that can be introduced to the market, is probably familiar. An MVP has just the features it requires to be deployed and nothing more. Launching a new product is also a strategic approach that attempts to minimize the chances of making a product that nobody wants.
There are several advantages to using this approach. If the product is successful or unsuccessful, you will quickly find out and know which direction to move in. Plus, if this approach is not used at product launch, the company runs the risk of having a product that’s too complex to troubleshoot and has too many bugs. If this product were launched in this condition, it could be a recipe for disaster. Following an MVP approach allows companies to launch products with required features, introduce future options as next-generation products, and reap more revenue over a longer period of time.
Implementing an MVP strategy is smart business. Yet, this shouldn’t be the only approach used when launching a product. The ideal solution is to think holistically. Continue reading to see how a business strategy should start with an MVP approach at its core and then incorporate necessary business requirements with our Minimum Viable Launch™ (MVL) approach.
For an MVP to work, it’s important that the product functions reliably, product quality is consistent, and the product is cost-effective. An MVP with unreliable and poorly designed features will not sell. The V in MVP stands for viable, meaning your customers must have a good user experience and be able to complete an entire task or project.
Design your product as an MVP with core features in the early stages of development. It shouldn’t have every feature possible before it goes to market, as pivots in the middle of development are commonplace. Once the MVP is launched and feedback is collected, you can improve and iterate with new versions of the product with additional features.
Just because you have a product, it doesn’t mean it will fly off the shelves when you go to launch. Since the product will not invoice, warehouse, sell, or advertise itself, it’s important to set up minimum viable business processes too. Before the product can be considered truly launched, you’ll need to track inventory, have shipping paperwork and accounting systems, and make sure you have a sales and marketing strategy. That’s where our Minimum Viable Launch™ comes in.
A Minimum Viable Launch™ begins with creating an MVP and ensures the following operational systems are also in place: scalable manufacturing, a functional retail store or other sales channel, outlined shipping procedures, tracked (and sometimes serialized) product data systems, an established supply chain, and a marketed and advertised product. This sounds like a lot, but we have this process down to a science. Custom Technologies handles it all, streamlining the path from the idea to the official launch. In the end, customers can make a purchase online, the product will leave the warehouse, and the revenue will come in.
Custom Technologies’ Minimum Viable Launch™ is beneficial for both startups and established companies. By working with us, you’ll have streamlined communications and save costs and time by hiring only one outsourced company. Whereas other companies stop at the production phase, our team of experts handle it all, including the product launch! To learn more or get started, call us at (573) 756-1433 or contact us today!