Is MVP the right approach for launching consumer products?

I’ve come across many people, particularly UX designers:-), growling when they hear the word ‘MVP’ (acronym for Minimum Viable Product) — it’s because some of their favorite features/designs get missed out.

Most people think MVP is just a bunch of features that are being planned for the first release of a product/solution or just another scoping exercise. Some of the traditional definitions too confirm that thinking.

• MVP is a set of minimum features, a minimum feature set
• MVP is a feature set that allows the solution to be deployed, and no more
• MVP is a set of features that ‘can be’ delivered by the expected date
• MVP is a set of top features that users asked
• And so on…

On the contrary, I believe MVP needs to be conceived with a 360 degree perspective on how the initial offering will benefit customers and stakeholders. And of course, within budget and schedule constraints.

To summarize, an MVP needs to:

• epitomize core value proposition with the right mix of features/experiences
• justify ROI vs. risk
• help determine user acceptability of the offering
• help identify demand for specific new features
• promise great new things ahead

Would love to hear other insights and feedback!