How can you use agile methodologies to build MVPs effectively?

MVPs are designed in a way where it basically solves the identified user problems with an effective effort-reward ratio. It helps business to identify the key elements that is required to address the goals and then work on the other elements in iterations based on the performance, feedback and testing results. Instead of going big bang and failing the big way, agile practices helps business to test out the simple version of the product, learn from the response and then re-align accordingly. In this way even when your MVP fails, you still know why and then react quicker with a much better solution.