While MVP is most commonly known to stand for most valuable player, in the tech world, MVP stands for Minimum Viable Product. Oooo, riveting.
According to Techopedia, the best way to describe a MVP is:
Sufficient features to satisfy early adopters.
The final, complete set of features is only designed and developed after considering feedback from the product's initial users.
It basically means building the leanest possible functional version of a product or feature for launch, and then fixing it up as you go.
We thought it would be useful to deliberate on how and why we take this approach at Chip alongside the rollout of Interest Accounts.
So, we sat down (and by sat down we mean exchanged messages from other sides of London) with Chip Product Manager, Corinna, to provide a little bit of insight on how we do things at Chip.
Corinna: When we deliver a new product for our users, we identify what is the smallest number of features which would satisfy early customers so that we can build, test and release them as quickly as possible.
This approach is super important because it enables us to go to market with new products quickly and get as much feedback as possible from our users.
We then use this feedback to iterate the initial product accordingly to refine it to exactly what our users want and need.
Corinna: We don’t release the perfected product simply because we don’t know what the final product looks like.
We could guess what we think the perfect product would be but that would be extremely hard without testing it with our users and getting their feedback.
Imagine, If we just released final products and none of users wanted it or needed it, that would waste a huge amount of development effort.
Corinna: For us, a minimum viable product is:
Corinna: We do a lot of user testing even before we start development to understand how users would behave when using a new product.
We use AB testing, which enables us to experiment with a new product feature. We show two variations of the same feature to random groups of users and we use statistical analysis to understand which one performed better.
We are very lucky to have our Chipmunk community, who will give us their feedback on new and existing features on our forum and social media pages.
And lastly we monitor how each feature is performing post release. We use data to understand how many people use it and how and to identify problems users may have.
Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.