MVP stands for Minimal Viable Product. This term was coined by Eric Ries in the "The lean startup framework" book. A MVP (Minimal Viable Product) is a version of a product being introduced in the market allowing its team to validate the learning from the data collected about its customers with least effort.

The team uses limited amount of resources to get feedback from its customers. This data helps you get the unbiased data based out of scientific experiment make a enhanced version of your product.

Another advantage of running MVP is that one could know at the early stage if they would face any failure and accordingly plan.

There steps involved in running an MVP experiment

• List out the problem/opportunity
• identify the all assumptions from the safest to riskiest
• Build a testable hypotheses around those assumptions
• identify what the minimum criteria of success is for them
• Pick the type of MVP you would like to run & run them
• Evaluate the learning from the experiments conducted

Types of MVPS: Part 1

• Email: Maintain a list of emails of your customers and send them emails pitching them new product, record the reaction and plan the next steps.
• Shadow Button: Create a button on your website and the number of clicks from the users/customers will signal the amount of interest
• 404 & Coming Soon Page – Simulate adding new feature and user navigates to the page, 404 errors comes up
• Explainer Videos- Making Fake Promo/Tutorial - Example : Drop Box
• Fake Landing page pitch experimental- Building singular page benefiting the product and record traffic to the page - Buffer

Types of MVPS: Part 2

• Concierge service – get one on one support to execute task on manual basis (issued to small set for beta version)