Time to market is pertinent in every industry. In the technology world, the concept of MVP (Minimally Viable Product) is a development technique in which a new product or service is developed with sufficient features to satisfy early adopters, the final product or pilot is only designed and deployed after receiving feedback from an initial set of users.The problem with "MVP thinking" is that one can make the mistake of launching a barely functioning product without enough thought and consideration.
In contrast, the right way to iterate and launch new products is to go-to-market with a Minimally Awesome Product to focus on what will move the needle. It’s a disciplined approach to quality over quantity and an emphasis on what will make your product stand out. And consumer brands are finding creative ways to do just that.
Many companies in the tech world are well known for successfully using iterative development to effectuate speedy product launches. Companies like Google, Airbnb, and Instagram are the trailblazers of this approach - they are quick to market with products and then follow up with subsequent product iterations after receiving valuable consumer feedback.
Today, brands and retailers should not feel compelled to deliver the perfect ultimate solution at launch. Rather, they should borrow from the wisdom of Silicon Valley and rely on an iterative development process to quickly bring technology to market.