The IT industry keeps constantly growing, releasing something new every day. Many startups fall before they even start due to a lack of marketing, investment, public indifferences, and various reasons. It is crucial to understand the customer demands from your startup and must develop an MVP. After a startup idea, MVP should be the first step to see if the product will succeed or not in the market.
What is MVP?
MVP, an abbreviation for Minimum Viable Product, is a development method for building the fundamentals of the product. It is a launchable version that supports the basic features and was created to enable fast marketing, gain early customers, and reach a goal of product-market fit from the start. To understand the customer requirement from the result, you must develop an MVP.
MVP is a full-fledged solution that costs less and helps to investigate the market need with minimum time and financial losses. MVP helps the product development team quickly by providing user feedback to improve the product. The minimum viable product method has been tested by many successful businesses like Airbnb, Uber, Amazon, Dropbox, and more and is worth considering.
Every startup needs a basic model to start with and a product with minimum must-have features. The MVP lets the company understand the next step to take by helping them analyze the problem and come up with an effective solution. Eric Ries introduced the idea of an MVP in the Lean Startup methodology.
What are the fundamental goals of MVP?
To test the viability of the product- When you want to check if the product concept is practical and have no idea where to start. MVP helps to make your ideas real and see the products’ popularity among customers. To do so, create a list of features that includes the primary functions to integrate.
Reduces the cost of product development- Working only with basic essential product functionality helps reduce operational expenditures and saves your budget. The idea of working on MVP is excellent if you have a limited budget for solution development.
Fast delivery to solve user problems- MVP creation doesn’t only minimize money and time spent on it but also strives on develop the solutions.
How to Develop MVP for Startups?
MVP can help you market the product, excite the users, and prevent your business from any damage. Though MVP has limited features, it is crucial to plan before developing. Let’s take a look at the development stages of an MVP-
Market research is the fundamental step during the development of any project. If you don’t want your product to fail, analyze the market. Developing an MVP that is helpful for users and engaging is crucial. Various platforms will help you conduct paid surveys, such as Toluna, Swagbucks, etc. Look out for your competitors and research how to create MVP.
Create a precise concept-
You must analyze the project and look for answers to questions like can my platform solve specific problems, can it be useful for consumers and how they use it, why they would use my product, and so. If you reply to all the questions, you have found a clear concept about the product.
Create a feature list-
To build an MVP for a startup, you must provide a software company with a feature list. Make a list of all the desired features you want in your app/website for the planning phase. Take a few components from the list that will be crucial to creating the MVP concept. You don’t have to add all the features you decided for the final product in a minimum viable product.
Develop and Launch-
After all the criteria and development phases, you can start developing your MVP. To create an attractive MVP to both consumers and investors, you should make it qualitative but shouldn’t be over-functional. Every bug in MVP must be fixed before launching to avoid failure, and the MVP must solve consumers’ fundamental problems and attract them with its features.
Examine the feedback-
Early app users will serve as testers for MVP and idea creators. How to develop an MVP so that you obtain endorsing results? You can create feedback about the features to design using the MVP development process. It is necessary to construct a well-balanced MVP to fulfill consumers’ requirements. Based on the acquired feedback from analytical data and first users, you can continue the development process and add more features to enhance its functionality.
What are the Benefits of Developing MVP?
Launching an MVP before the final product can be beneficial for your startup in many ways-
Initial Market/Customer Research-
The sooner your company’s product reaches end-users, the faster you’ll obtain suggestions and work on them. This way, you can understand the market and work on MVP based on the data obtained. While creating MVP, be sure the features are added to satisfy the user’s needs.
It is another added benefit for MVP for your startup. It allows you to test the concept before you invest time and money. If you launch the app completely, tailoring it according to a targeted audience would be hard. Developing MVP works with a few features, and if they are adapted well by the audience, you can introduce their new features as per feedback.
If you develop an MVP before the app, it will cost less due to incremental development. A complete app usually requires a lot of money and time throughout the development process.
If you’re looking for funding for your startup, developing an MVP can help you catch investors. Investors avoid ideas that are perfect on paper, but implementation is miserable. An MVP is the solution to tell the investors thoroughly about your vision, and they don’t have to wait for an issue in the app for long.
An MVP reduces risks and saves time, money, and effort. It also introduces early consumers to your application whose opinion is important to produce the greatest user experience. With an MVP, you have a greater chance of attracting investors’ attention.