Minimally Viable Product

New approaches and the extensive use of technology have increased the speed of business. One of the more recent developments is making new product development more profitable, and more effective, in a shorter amount of time. How does this happen?

Many organizations have adopted a revised process called Minimally Viable Product. This approach yieldss a stronger product and better sales performance in a shorter period of time.

Once upon a time, companies developed large product plans that covered every conceivable detail related to product development. Its marketing and appeal to the buyer were tirelessly scrutinized prior to the release of every new product. Its size resembled a business plan. Once those documents were vetted and updated through multiple iterations and approval was given, the product was produced and marketed to its intended audience. All of that took time, but it made the companies feel secure that they had certainly improved their chances of success. Some companies succeeded, some did not, but this approach was common practice for a long time.

When the focus turns to creating a Minimally Viable Product, the idea is to find a product that can sell, and can get to the marketplace much more quickly. The same market, product, pricing and distribution analysis happens, but with a higher level of review and a reduced level of detail in all the pertinent areas. Emphasis is on speed to market, and good ideas become profitable much more quickly. (On the other hand, bad ideas fail early, before they have racked up significant costs and drained the organization’s resources.)

Here is why it works: the marketplace does the vetting. Feedback from those who buy the product allows you to modify all aspects of its design and marketing according to your buyers’ reactions. It also builds trust between you and your customers, because people like being listened to.

The payoff is an optimized product and sales process with direct market feedback generated in the shortest amount of time.

Minimally Viable Product works for many organizations, and it might just work for you. Contact Franklin Management; we can help.