Agile methodology is used widely in software development because it simplifies the development process by segmenting each phase into micro-projects known as sprints. The methodology is built on client participation and feedback at every level, ensuring that the final product meets the client's exact specifications.

By creating an MVP (minimum viable product) you can avoid wastage of resources as it helps minimize testing costs and optimize the whole production process as well as the end results.

A minimum viable product, or MVP, is not a complete product but is functional and contains the key features of the final product. It is more like an experiment that is tested with users to ensure that it meets their needs.

The results obtained from testing an MVP are significant inputs used in Agile to obtain the best possible actual result. However, you must follow the right way to create an MVP in Agile and we are going to discuss the required steps in detail.

• Define a Clear Concept of the Product

Behind every project, product, or software development is a concept. For example, the purpose of developing an ERP (Enterprise Resource Planning) software application is to provide a solution to manage and integrate core business processes. Similarly, for any SaaS product or software or application, you must be well-aware of:

- Which set of queries are getting a solution through it?
-What is your target audience?
- Whether the concept/blueprint/the whole product is enough to meet the requirements?
- How is the concept different from the existing products in the market?

• Perform a Market Analysis

A market analysis provides vital insights into consumer preferences and the competition, enabling you to develop an MVP that resonates with your target audience. After conducting a deep market analysis, prioritize features to include in your MVP based on consumer preferences and the competitive landscape. Here are some metrics to follow:

• Your competitors in the market
• The set of exclusive features of such products from the competitors
• How the audience is responding or interacting with such products
• How efficient are those products to solve some specific query/ whether there are any add-ons offered by them or not
• What are the unique features of you product that can make it high on demand in the present market

It is always a good idea to perform a thorough market analysis before starting with your MVP. You should make this stage of the process as extensive as possible: it can give you important information that will be useful in your Agile methodology and help optimize the features of your MVP.

• List Out the Features & Solutions

List out each feature and its respective solutions (if one feature implies several solutions, number the features accordingly). One feature may require several solutions, so you can map each solution to a particular requirement from your audience.

Don't limit yourself to the core components of your product. Add features that complement your core functionality, as they're easier to implement and will help you stand out. If your product is a customer support system, for example, consider integrating a ticketing feature.

Remember, this is one of the most important stages as the set of features and solutions are going to determine the efficiency of the MVP.

• Segregate the Solutions Based on Priorities

A minimum viable product (MVP) does not necessarily have to include every feature of the original product. Only the main and most required ones should be incorporated initially. Features can be categorized based on their priority levels, such as tier 5- the most important and tier 0- the least important. It is important to keep this transparency with end users so that they can see what will be available when the product is released in real time. There are also a few principles that can help you execute this step such as:

- Prioritization Matrix
- MoSCoW Matrix
-Pareto Principle

MVP in Agile: Common Mistakes to Avoid

It is equally important to be well-aware of the common mistakes to avoid while doing MVP in Agile. Some of the most frequent ones are listed below-

• Don’t keep postponing the launch of the MVP with basic features or it may delay the whole process
• Always focus more on the core features/solutions and not that much on the UX
• Never include too many/extra/unimportant features in your MVP in agile or the purpose will be lost
• Don’t target too broad audience
• Don’t forget to utilize the result as input before launching the actual product

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