MVP development is a great beginning point for a software project (Minimum Viable Product Development).
Examples of minimum viable products from successful businesses such as Zappos, Dropbox, and Twitter corroborate the aforementioned viewpoint. In terms of MVP software development, MVP app development, and MVP website development, the MVP idea is not new.
However, there is a lot of misunderstanding about the MVP approach and how to use it effectively. Therefore, this article will walk you through the ultimate guideline to develop an MVP app for start-ups.
This part of the guideline will help you understand more about MVP development and what to prepare. Let’s get started!
Contents
MVP definition
MVP (Minimum Viable Product) is a product having enough functionality to attract early users and validate a product concept early in the product development cycle. For example, Apple has the beta version of the newest IOS update so developers can try and give feedback.
MVP App Development, on the other hand, is the process of creating a new product or website with enough functionality to satisfy early adopters. Only after collecting input from the product’s first consumers is the final, full set of features will be developed and released.
In another life aspect, MVP is analogous to a pilot’s flight simulator. While pilots are not required to fly planes (yet), they are expected to learn the abilities. These abilities must guarantee that the aircraft functions properly before it is released into the wild. Thus, developing a minimum viable product is analogous to going through the preflight skills checklist that is completed before the pilot’s first flight.
So you might understand the concept of MVP App Development. The next part will point out why you need it and how it will be beneficial for new start-ups.
Why do start-ups need to build MVP?
The goal of creating an MVP is to rapidly launch a product based on your concept on a minimal budget. This method enables you to get customer input on the main product and incorporate it into future updates. An MVP can help you identify the appropriate audience, draw ideas based on experience, and save time.
MVP enables you to promote the idea without investing a lot of money or effort. It may be a great way for entrepreneurs to put their ideas to the test. You may also utilize the MVP approach when adding a new feature, even if the project is lengthy and complicated.
As a result, beginning with MVP development reduces risks and provides many advantages, as listed below:
- Get the app into the hands of consumers straight away and get early feedback. Is it as simple to use as it appears? What features will be included in the next release? What should be dropped from the product backlog? By providing consumers with something to experiment with, you improve the likelihood of receiving honest feedback. From these inputs, you will fix the problem with the products, improve user experiences. Then you can also define the potential segment, who is attracted by your MVP.
- Examine the technological feasibility. You don’t need to create a full-fledged program to test implementation complexity, scalability, and possible requirements for uncommon talents. This, in turn, will assist you in progressively developing a reliable, functional product version that adds value from the outset and no room for error.
- Present the concept to investors in order to get seed funding and assistance. To improve your chances of success, make sure you can back up your MVP with an early business plan and a marketing strategy.
- Add new features gradually and update on a regular basis. MVP is an iterative process of improvement, therefore ensure that you are using the MVP Agile development approach. When vying for market share with large companies, the flexibility of Agile is the primary edge that early-stage entrepreneurs can depend on.
New/small entrepreneurs should consider MVP app development as a major method to build business strategies since its advantages are mentioned before and it is not easy to understand the market in the first place within a short budget.
However, building an MVP app is not an easy task to achieve, especially with start-ups. These businesses may get some problems such as:
- Can not distinguish the differences between final product and MVP
- Ignore user feedbacks
- Exceed their hypothesis
- Over testing
In fact, working with an experienced MVP outsourcing team may help you save money and launch faster than trying to iron out the bugs on your own. When you work with JSLancer, with a professional consulting team, we will provide the most suitable solution for MVP App Development without any mentioned problems.
Although outsourcing may contain risks that lead to time and cost consumption, you can take a look at our guide to find the right software outsourcing to eliminate the threats for a successful MVP App Development.
In general, the right outsourcing team for your MVP development should be the one that you can communicate well with. Therefore, they will listen, understand your ideal MVP apps, and consult you on the most suitable business plan to work.
Moreover, it will become useless if you do not have a plan and objectives for the whole journey. Hence, the next part would show you how to prepare.
3 tips to prepare for MVP building
Prepare resources to conduct market research
The MVP will be the basic version of the product that you launch, with the option to enhance it as required. Prior market research will assist you in determining the feasibility of your new product or service before you begin development.
During this phase, utilize surveys, product testing, focus groups, and other methods to learn more about your target client base. Unfortunately, some concepts just do not suit the market’s requirements. In reality, more than 40% of startup failures are due to a lack of genuine product demand.
Preparing for research requires businesses to plan for further scenarios of the project or campaign. Therefore, if this part is done by carefully measuring and distributing resources, the results will come out effectively.
For start-ups, we would recommend using available materials or secondary research to save more cost. Some useful resources for market research you should take a look at:
- Government resources
- Industry summaries
- Business location market research tools
- Survey tools
- Market trends
Define the right data to measure
When creating an MVP, you base it on the features you believe are most essential to your consumers. As soon as it hits the market, you’ll be able to see whether you’ve remained on track with these objectives. It’s all about what your users think at this stage. It is now your responsibility to gather “actual data” once you launch your MVP in order to determine whether or not your product was successful and how it can be improved. Here are several metrics to consider in order to get this insight:
- Word of mouth (i.e. traffic)
- Engagement
- Sign-ups
- Downloads, launch rates, etc.
- Percentage of active users
- Client Acquisition Cost (CAC)
- Number of Paying Users
- Client Lifetime Value (CLV)
- Churn Rate
Don’t make these mistakes
The following are the essential aspects of MVP development that you should be aware of in order to avoid failure.
- Market research should be ignored. One of the primary causes of all failures is a lack of market knowledge. Almost half of all businesses fail because their product concepts are not novel and there are many comparable services on the market.
- Overload Features. If you bring too much with you, it will be more difficult for you to progress and reach the top. Perfectionism is admirable, yet striving for perfection may be costly. The primary goal of an MVP is to test the concept before going forward with full production.
- Misinterpretation of Qualitative and Quantitative Feedback. Although getting a lot of input may seem to be a benefit when you’re just starting out, you must be selective about who you get it from and what you apply at the MVP stage.
Conclusion
MVP development is an essential step to take when you need to verify a product idea fast and with the least amount of cost. We hope that via this article you will understand more about MVP development and what to prepare. Then in the next part will show you steps to guarantee that your design project follows the appropriate user-centric approach and that you get the important information required to create a long-term successful solution.