It is a common problem for all the startup owners to determine the feasibility of their ideas. Sometimes, they have an excellent idea that can be very useful for potential customers but they don’t know how to implement it or their product is in demand or not. So, in this scenario, MVP (Minimum Viable Product) comes in. MVP development is very fruitful for the startups as well as for the well-established businesses.
What is MVP in business?
Before going deep in the MVP Definition, let’s learn first what is the meaning of viable in MVP. Viable means to deliver the values to the users to meet their requirements. Over half of the functionality of any product are not useful for any user, in this case, MVP solutions come into existence.
Minimum Viable Product:- a product development by any company with enough features that are valuable for the users and to get feedback from the customers for future updates in the product. MVP is the combination of proof of concept and prototype. The companies who are actually working on the principle of MVP development: Facebook, Amazon, Pebble, Twitter, Foursquare, etc.
Need and Purpose for MVP Development:-
Launching any product in the market can be risky because you don’t know what will be the outcome. In order to get the best results from your product launching, MVP development is necessary. It will help you to get an early review of the usage of your software in the real market. The primary purpose of an MVP is generally for the rapid launching of a product in the market to gather the information or reviews from the end-users in a very small budget. This feedback can be helpful in future updates in any software. The fundamental reason for the MVP building is to get the information about the pitfalls and benefits of any software from the right audience. This approach helps to save time as well.
Benefits of MVP Development:-
Good response from the users at the time of the MVP phase can be used as a green signal for your software development. Here are some of the advantages of the MVP Development for businesses:-
✔ Pocket-friendly approach:-
As the MVP is useful for the early feedback from the users, it is considered as the budget-friendly. It avoids the problem of developing and testing after the product release.
✔ Less time consuming:-
With MVP software development you can save your valuable time and release the software in the market as soon as possible. After taking reviews from the users, make changes, and release updates.
✔ The opportunity of testing your software at the real market conditions:-
MVP technology provides a chance to determine the fact of how viable is your product for real users. You will get an idea of the potential customers’ reactions to your product.
✔ Feedback at an early stage:-
In MVP development, it will support your business by letting to get the customers’ opinion about your product in the initial stages.
✔ Developing trust for your company:-
Last but not the least feature of the MVP software development is that it plays a mandatory role in the reputation building of your company. As you get the reviews from your customers, it builds trust between you and your customers.
Step-by-Step Approach of MVP Development
Now, after understanding the content of Minimum Viable Product Development, it is essential to know the important steps followed by the MVP Company:-
Step 1:- Research about your idea at the market level
It happens in most of the cases when your startup idea does not fit in the market requirements. So, to track the success of your product, you can conduct surveys and ask about your idea from the potential users. The lack of market research often leads to the failure of startups. It includes questions like:- What kind of value your product will offer to the users? How beneficial it is? Why would the users purchase or download it?
Step 2:- Plan out the whole scenario
Planning is a must for any type of software development. To plan out the journey of product development is an indispensable part of the MVP phase. Planning will let you design and develop the software according to the user’s point of view. It also includes questions like -How to deliver the product to potential users? How it will look like? How the user will interact with it?
Step 3:- Designing of MVP Product
While designing MVP, always keep in mind the prospect of the user. Don’t think more about the over designing and styling, just design according to the needs of the users. The users feel free to use it without any confusion.
Step 4:- Listing of essential features
The habit of making the list helps you to build the MVP at a faster pace. In your list, prioritize the features as per their use:- Low Priority, Medium Priority, and High Priority. After this, you can incorporate the features as per the demand during development.
Step 5:- Development of MVP
After doing the market research, designing, and listing features, your development phase will become easier. But, here you also need to take care of the essentials things. For instance, your MVP would be easy to use, engaging, and perfect for the end-users.
Step 6:- Testing of MVP
Every step in MVP development is necessary from market analysis to the testing of the final product. Quality Assurance testing is the appropriate solution to check the bugs and other problems in your final release.
After following the above-mentioned steps, you will able to release your MVP to the end-users. Now, the question is how to measure success after the MVP? Don’t worry. We have the best solution to your problem.
Measuring the success of MVP Software:
After launching the MVP product in the market the next important step is to determine the results like how the MVP software is working in the market? Is the end-user like it?. So, to identify that value of your idea for the users, you consider the following aspects:
✔ Client reviews
✔ Active users
All these metrics help you to decide the success or failure of your MVP software development.
In a Nutshell:-
MVP Development is the best and cost-effective approach to be performed before the market launch. It is very conducive for both the startups and well-established businesses to save money as well as time.