In order to remain competitive in today’s challenging market, organizations need to continuously deploy new innovations in their existing product portfolio. This process often takes a back seat since increasing churn rate and adding new customers takes precedence over developing innovative products or features. That’s where a minimum viable product or MVP comes in.
An MVP has the key features inculcated within a prototype which lets you determine its potential in the market and garner enough validation by deploying minimum efforts and resources. This not only reduces the strain on developers that are working on already stretched-out R&D budgets, but also lowers the risk associated with market adoption.
With Nitor’s Idea to MVP offering you can test your new products in the realm of the real world and gain valuable customer insights with which you can deploy necessary iterations to optimize your final product.
A minimum viable product (MVP) is developed around the main features so you can introduce a prototype in the market and gather feedback from your end customers, all without putting in extensive and expensive resources. Adequate MVP strategies can be advantageous to you in the following ways:
Having a game plan is key to turning your innovative tech ideas into a minimum viable product. Here’s what our approach looks like:
Research: Understand your target audience, competitors, market demands, etc. to finalize the use cases to establish the true need for the product Validate: Verify the feasibility of your product before you decide to launch it Test: Test your product to ensure that it will meet end user requirements Solution blueprint: Create a solution blueprint that will enable you to improve business processes as required Proposal: Curate a proposal that includes the problem statement, your offered solution, and the costs associated with it Execute: Ensure that all the feedback has been taken into consideration to optimize the final product with an agile approach
Delivery and support: Enhance usability of the final product as well as experience delivered to the end userOur dedicated domain and technology experts guide you throughout the entire process of innovation and initial ideation to architecting, development, launch, and support. By skillfully balancing meticulous adherence to processes with flexibility as required, we ensure that your product has the maximum chances of market success. Nitor can help you:
Explore and operationalize your innovative tech ideas supported by our research driven approach
Boost your journey of idea to MVP with our relevant domain consultants & experts
Attain constant support through our dedicated peer product management team to speed-up your tech growth
Convert your idea into an MVP in a fixed period of time with cost-effective measures
We are proud that our numbers speak for themselves:
It is advisable to adopt a fail fast product approach that minimizes risks and increases the chances of market adoption
Download7 steps to turn your tech thoughts into a minimal viable product
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