The Maximum Viable Product
Thanks to the widespread implementation of AGILE software development, the concept of the Minimal Viable Product (MVP) is widely adopted. While MVP has created a reliable method for releasing intangible products, it falls short with hardware, and especially hardware that is expected to have a usable life of more than a few years.
The Maximum Viable Product, or MxVP, is a term I coined to describe how product strategists and developers should be thinking when defining their hardware platforms.
“Maximum” refers to the concept of instilling the product with as much capability as possible in the defined envelope.
“Viable” in this case is not the least you can get away with to launch your product. It means financial viability for your firm. How much functionality and customer benefit (the key point!) can your project afford to incorporate and still remain competitive in your targeted market segment.
Thinking in terms of a Maximum Viable Product changes your thought process from “how can we create a me-too product cheaply” to “how can we maximize the use of available resources to disrupt the market”.
Financial success is rooted in disrupting the market. Wal-mart’s and Amazon’s supply chains, Apple’s Macintosh and iPhone, and Gaston Glock’s revolutionary designs all turned their markets upside down, and they are still leaders in their markets.
Can you take time this week to look at your products in development and see where you could implement disrupters without breaking your schedule and budget?
IBM said, “Think.”
Steve Jobs responded, “Think Different.”
HP asked, “What If?”
They were all correct.
What are you doing in this time of unprecedented change to remain successful? If you are trying to simply hold on until we get back to "normal," then you are failing to take advantage of opportunities to leap ahead of your competition.
If you want some ideas to dramatically improve your product strategy and commercialization, let’s talk.
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