Minimum Viable Product Definition

The Loomly Team

What is Minimum Viable Product?

Minimum viable product definition: minimum viable product is a version of a product that contains enough basic features to function and be sold.

Minimum viable products are typically used for digital products such as those offered by Saas companies.

The process focuses on launching a “good enough” product to users that can be developed through customer feedback. It relies heavily on early adopters.

Minimum viable products allow a brand to effectively:

  • Limit financial investment
  • Market test their idea
  • Generate income
  • Employ continuous improvement

Minimum viable products first entered the marketing zeitgeist after the release of a book called The Lean Startup by Eric Ries.

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