Many new ideas sound amazing in concept, but there are no assurances of success in reality. Do you know that roughly 90% of all startups fail?
The most common reason behind startup failure is that the first product is based on assumptions. And also, failure can be caused by being in the wrong market, a lack of analysis, improper partnerships, ineffective marketing, or not being a subject matter expert.
However, creating a minimal viable product is the best way to bring your idea to life or prove its viability.
The majority of successful product companies and startups started with a minimum viable product.
But exactly, what is MVP? What are the advantages for startups and businesses? And how can you develop an MVP for your business? Let’s find out!
What is MVP?
It is defined as a solution with the necessary features and functionality to communicate the app/software/platform idea to real app users.
Developing an MVP with the help of an MVP development company involves swiftly putting together the most basic version of your app idea. In this manner, you may test your ideas and tweak your ideas for product/market fit based on early user feedback. MVPs can be built with the support of experienced MVP developers who are skilled at identifying the main components of the final product and setting them up in a way that matches the user experience.
Building an MVP is an ongoing process for understanding user demands and deciding the appropriate product features to suit those needs and requirements. The MVP is seen as an experiment when it comes to proving business assumptions. Rather than executing a single business plan, MVP assists new businesses and startups in identifying business opportunities.
Importance of MVP Development for Startups and Businesses!
MVP’s purpose is to reduce app development costs and also the risks that can occur when a new app is launched to the market. Some further advantages include: –
Market validation
Cost-effective market validation is one of the major advantages of using an MVP for a startup. You will indeed be able to verify your idea in the real world faster with an MVP than you would otherwise. Because real-world market conditions are impossible to predict, putting your product out there early in its development is a terrific approach to see how customers react. Furthermore, you will be introducing your product to the market, resulting in a loyal following for your startup and paving the road for future versions.
Helps to find clarity
The MVP approach assists in gaining clarity and focusing on your product’s primary functionality. It helps you test your business concept for the least amount of money and time possible. Before an app ever hits the market, the majority of product owners are prone to introducing redundant functionality. It’s easy to lose focus on the exact problem you’re trying to solve when you add many features.
Helps to identify market demands
The importance of collecting data and thorough study of the target audience cannot be overstated. Early adopter feedback is far more significant than organizational analytics and experienced consultants’ best predictions. The sooner a user can test the service, the better. Your users will tell you which functions they like best, which they dislike the most, and which you should include in the next edition.
Continuous updates
Another advantage of MVP development for startups is the ability to respond quickly to the market’s changing needs. You may build and release updates quickly by using short iterations and the MVP approach. You’ll also be able to incorporate new technology into new app versions without disturbing the entire process. The ability to quickly adapt to a fast-paced market and incorporate cutting-edge technology into your work provides you with a huge advantage in today’s app world.
Successful Startups That Have Adopted an MVP Approach!
You’ve heard of MVPs’ advantages, but you’re still not impressed. Take a look at real-life examples of startups who implemented MVP development!
Spotify
At first, Spotify was an MVP. And now, Spotify is currently one of the most popular music streaming service used by musicians and users worldwide with a substantial net worth of $10 billions. Also, with 155 million paid users worldwide, Spotify presently have 345+ million monthly active users.
Uber
Uber has grown to the point where it no longer requires an introduction. Uber is one of the most popular applications in the world, including services such as Uber Eats, supermarket and pharmacy delivery, and so on. However, this app’s sole purpose in 2010 was to connect iPhone users in San Francisco with drivers. The app evolved to its current size over the next decade, but it all started with the simplest MVP.
Dropbox
The Dropbox’s MVP was really a brief and simple video that used a real-life example to describe the problem statement that users having with downloading & sharing the files. Then company has proposed the solution. And as of right now, Dropbox has over 700+ million registered users and brings approximately $1.91 billion annually.
Zappos
Zappos is an American online store for shoes and apparel that was established in 1999 by Nick Swinmurn. The company initially debuted as an MVP with a simple website, where Nick posted images of products from his neighborhood shop, watched to see if anyone placed an order through it, and then went out and purchase the product to send to the consumer. And now, Zappos has over 500+ millions in revenue.
Groupon
Groupon began as a small website which was called the point that emailed coupons to users as PDF files. Following the success of the concept, the company developed its own voucher system and a comprehensive web and mobile application and renamed it to Groupon. It has grown to become the greatest marketplace for events, discounts, and numerous promotions.
How to Develop an MVP?
MVP development is so important. This is because it allows you to assess the potential of your project and attract investors. Let’s look at the actions you’ll need to take to develop your MVP today.
Clear your vision
Before you start researching, you should have a clear idea of how your app should look once it’s finished. Before you start working on MVP, make sure you can address the following questions:
- What is the purpose of your product development?
- What it takes to indeed have a successful product launch?
- What will be the distinguishing qualities of your product?
Do competitive and market research
Create a user persona to help you define your target audience.
- Which specific issue is your product intended to address?
- Are users’ demands being met by what’s presently on the market, or can you provide them with a new, all-encompassing solution?
It’s critical to keep an eye out for competitors and their approaches to implementing your idea. Examine user feedback from similar apps and take notes on what they have to say. And once you’ve made your decision, hire the MVP development company. Examine whether the team shares your overall vision and will be able to execute your ideas.
Select the platform
For what kind of platform or solution are you planning for, specifically? The two popular types are: –
- Web-based solution – Web-based solutions are solutions that are delivered through a web browser and do not require any other software. These never take up any space on the smartphone, but they require an internet connection.
- Native apps – Native apps are those created specifically for a platform, such as Android or iOS, and written in the appropriate languages. They are loaded on the smartphone, unlike web apps. Native apps are the most costly and time-consuming to develop, yet they are unrivaled in terms of speed and reliability.
- Hybrid apps – A hybrid app technology allows a single piece of code to run on multiple platforms (Android, iOS, Windows, etc.) without requiring any major changes. Simply said, hybrid apps are websites wrapped in a native wrapper, and their speed is mostly determined by the user’s device.
Also Read: Native vs. Hybrid vs. Cross-Platform
Define user flow
Create a graphic diagram that depicts a user’s journey through your app. From the initial entry to the last activity, it should reflect the complete user experience in the app. The journey must be simple and logical for an MVP, with no unnecessary steps. Creating a clear user flow diagram will aid in determining which phases are optional and which are required later.
Define features & functionalities
Remember that you’re working on an MVP, not a finished product. Only test the app’s essential features to ensure that your target audience finds it useful.
Prioritize the features that your product requires after you’ve defined them. Your essential feature is the one that your user will find most useful or interesting, and it answers the problem you identified earlier. Remember that incorporating too many user-requested functionalities too soon may divert from the product’s fundamental aim and worsen the user experience. The only functionality you should give should be relevant to your product’s ultimate goal.
Look for top DevOps consulting services
Getting the help of the best DevOps consulting services is one approach to ensure that you’re getting the most out of MVP. The methods, infrastructure, and software required for deployment can all be implemented by DevOps consultants. Also, you may improve the productivity of your MVP and business tasks with DevOps consulting services while lowering expenses and hastening delivery.
The DevOps services use continuous development and integration to automate the entire process, ensuring quick application onboarding and deployment. The delivery pipeline is automated by DevOps consulting services for increased productivity, a quicker time to market, improved cooperation, and lower costs. You are better able to continuously accomplish your business objectives with the world-class MVP solution built in DevOps.
Start the MVP development process
Let’s move on to the essential part: MVP development, assuming that you must have a list of important features & functionalities for your MVP.
Keep in mind that building an MVP is not a child’s play, you need to hire dedicated developers or a complete development team to build your MVP effectively & efficiently in a timely manner.
Following roles are required for successful MVP development:
- Front-end developers
- Back-end developers
- QA engineers
- Project managers
- UI/UX designers
- Business analyst
Hiring team members individually can be a time consuming and costly task! That’s why it’s better to partner up with a company that provides staff augmentation services , as it’s a time-saving, and cost-effective option to design & develop your minimum viable product. With their professional knowledge and expertise, they can give a far superior solution.
Also, keep one thing clear during the MVP development process: your MVP should be on par with your product. It needs to be able to meet the needs of your early adopters.
Read More: How to Hire Dedicated Software Development Team?
Test your MVP
It’s time to test your MVP after it’s completed properly. Quality assurance (QA), in which a team of experts examines functionality, and user testing, in which people try out your software, are the two key aspects of this procedure.
When parts of functionality are ready for QA, the MVP testing stage begins. The software testing services determines whether functionality matches project requirements and identifies any potential problems. As the product owner, you should test your app to ensure that it meets your expectations. It’s time to give the app over to users once the software testing team certifies that there are no severe faults in the MVP and you sign off.
Launch & gather feedback
It’s time to put the MVP live after testing.
You’ll have to make people aware that your MVP is ready and how they can get it. You can run advertising or post news pieces about the launch, depending on your target demographic.
Remember to do your homework. Gather data and comments from your users and keep working on the problems. It’s like a feedback loop; new data and feedback keep flooding in, and you can’t stop advancing.
Top mistakes to avoid during MVP development!
You must take extreme care if you do not want your business to fail. To improve your chances of success, avoid making these mistakes:
- Ignoring market research – Overlooking the market analysis process can cause your entire concept, strategy, MVP, and overall competitive edge to fail.
- Communication challenges – Communication issues and misunderstandings might lead to misaligned expectations and a result that isn’t quite the flawless MVP you envisioned. How can this be avoided? Record everything. Put down the ideas you have in a project brief. Create mockups to describe your design vision. Explain your product’s strengths and shortcomings in a SWOT analysis if you have them.
- Not collaborating with the right team – Another reason for MVP’s failure could be a team that was less deserving and lacked technical talent. Hire dedicated developers, competent strategists, QA engineers, and project managers from top MVP development companies who can adapt to changes in the application and provide a high-performance app in real-time is essential.
How Much Does It Cost to Build an MVP?
Well, the total MVP development cost depends on the factors like:
- Features & functionalities
- Tech stack
- The hired MVP development company
- Platform
If you want an in-depth quotation of MVP app development cost, then contact us. As a leading MVP development company, our experts would love to quote your idea.
Why Choose Matellio for Developing Your MVP?
We specialize in building eye-catching solutions that prove the marketability of your minimum viable product. As a leading staff augmentation services provider, we assist organizations in creating dynamic solutions that are a perfect fit for the market using the lean product development approach.
Also, to boost your MVP project development speed and drive innovation, Matellio offers IT staff augmentation services. To guarantee that your IT projects fulfil the need of your business, our extremely competent team offers a variety of solutions using multiple technologies and approaches.
With the trustworthy staff augmentation services from Matellio, you’ll be able to collaborate with the most reliable and efficient professionals in the field, gain useful knowledge to improve your business operations and avail the benefits of cutting-edge technologies for greater business growth.
Conclusion
Your startup idea could become the next market behemoth. The greatest solution is to keep experimenting with your ideas until you find one that works. When swiftly testing a new idea, an MVP is the most frequently acknowledged solution. We have expertise in building MVPs for a range of projects at Matellio, and we can provide you with a free MVP development consultation.
