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What Is a Minimum Viable Product? How Can It Help Your Business?

A minimum viable product build can save you thousands in development costs. Using the MVP method for app development is used by many big-box retail companies and corporations. Learn more about what makes MVP the best way to release your latest app.

What Is a Minimum Viable Product? How Can It Help Your Business?

News  What Is a Minimum Viable Product? How Can It Help Your Business?
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Aug 25, 2021 12:00 AM

What is an MVP build, and how does it help identify your system's viability to customers? To find out more about this question, please read on.  

 

The term 'Minimum Viable Product (MVP)' was first introduced by Frank Robinson in 2001. The concept behind MVP stands for only those features which are crucial enough to let the customer test them and identify any potential problems before proceeding ahead with heavy investments in the development process or product launch. MVPs reduce development time and expenses. 

 

Today's IT industry is constantly evolving and growing, with releases coming out every day. But only the strong survive. Many releases fail because of public indifference, lack of investments, or lack of marketing demand. Some startups collapse. Only the most successful ones become recognizable on the market. With that being said, how can you join them? 

Understand Your Audience 

You first need to understand what your audience’s needs are and make sure your final product can measure up to their expectations. Primarily, you need to develop a minimum viable product (MVP) that is less expensive than the full-fledged solution. This will help you study the market environment without spending too much time and money. Famous companies like Amazon and Dropbox have used this method. 

 

When a company develops a new product, they follow the development pattern called Minimum Viable Product. This means their goal isn't to create the perfect whole product but instead make something good enough for public consumption. It offers value to the customer, but isn’t the full offering. 

 

ViviScape’s team of software developers and app development specialists have decades of experience creating MVPs as well as full concept products and apps. 

The Tryouts 

The way it works is that you develop your basic idea as a minimal version of the full concept and then allow customers to test it. For instance, you might develop a website and put up a beta version, or offer your product in the beginning to only a few people for testing. Whatever the case is, take note of their feedback. This is where you learn if it's a good idea or not. If your customers like what you are offering, then great! Keep going. If they don't like the product, you can tweak it and change whatever doesn't sound right or add what is missing. Eventually, your goal will be met, but remember that goals are always subject to change and being changed upon further development and testing. 

 

Later down the road, you can establish the final product and expand it. Also, you can consider additional features that weren't in the original Minimum Viable Product. This testing period allows for continued product expansion without ruffling any feathers, but always keep your core concept in mind. 

The Purpose of a Minimum Viable Product 

When building an MVP, it's essential to have the minimum set of features needed for your app or product. This allows you to identify any issues with the system and conduct audience response testing before spending too much time developing a full version that may not be what users want.  

 

So how do we build these minimal viable products? First off, make sure only the most critical elements are included to meet your customer's needs. Then after obtaining customer feedback add more features if necessary. It is also a common misconception among companies that MVP speeds up their timeline - but this isn't always true. Many unforeseen factors can be involved when launching a new venture, such as bugs that take extra effort on their behalf. 

 

So, which feature should be included in a Minimum Viable Product?  

How to Choose Features for a Minimum Viable Product 

Remember, the MVP’s primary function is to help users understand whether your idea is valuable or not and convince customers to buy a full-fledged product of yours. 

 

Create something that will allow users to interact with your service or application, preferably through testing. 

 

In this case, it's better to include features that can be tested in the MVP development process. Here are some tips on how to choose the right ones. 

 

First, determine whether a particular feature helps the customer to understand your idea better or not. Do you need this functionality to check how people react to your product? 

Secondly, choose features that will be useful or practical for users. Also, consider features that will increase a client's lifetime value. Such options are user registration, profile editing, and customization, etc. 

 

Yet, don't rely only on the features mentioned above. You also need to pay attention to those functions that can be considered as a must-have in modern applications intended for similar purposes like yours. Then you'll be able to attract more users by offering them a service that they can find helpful. Pursue the app store to see what your competitors are offering in their app. Competition can be a great source of inspiration! 

 

Nevertheless, try not to add too many features into your MVP development process until you have an idea of what clients want from your product or service. After all, it’s only the first step on the way to success! 

Basic Goals of a Minimum Viable Product 

A minimalist version of a product is an MVP, which stands for Minimum Viable Product. The idea behind this type of project is to test out the viability and cost-effectiveness of the project or idea. An MVP prevents a business from spending too much on development costs but at the same time offers a product that solves one problem at least. 

Check Viability of Product or Project 

It's no secret that startups are the most high-risk, high-reward business. Often at this stage of a startup, it can be challenging to identify what will make your product profitable and how much you'll need to spend for your idea to succeed. An MVP helps a business determine if their idea or project is viable and if there is a market for the product. This saves time and money.  

 

In essence, MVPs are a way to get quick feedback from potential customers so that you can take necessary steps early rather than waiting until after investing lots of resources not knowing whether there is a demand for the product in the first place. An MVP is also a good way to test how people react to the product, even if it is a simple version or prototype of what will be eventually built. 

Offers Valuable Functionalities 

The idea behind developing an MVP is to develop only those functionalities which are considered essential for your business ideas and applications. As this approach implies minimal time spent developing various functions of a future project, we can say that the primary purpose is to test the idea and make some hypotheses about its potential success. 

Attracting Investors 

Moreover, betting on a good idea will help attract investors for future projects and obtain their trust in capital investments. In addition, if we are talking about a crowdfunding campaign, potential investors are sure to be interested in a startup that has already tested out the MVP and got good results from it. 

Lessens Development Costs 

Before developing an MVP, it's essential to define the main requirements of your service or product. Although doing so may seem trivial at first glance, it will help you avoid spending too much time and money on it. In any case, the fundamental idea of all MVPs is to keep the product simple at this stage to test a hypothesis with minimum effort. 

Earlier Release of Product or App 

A minimum viable product is a strategy that can help you release your idea sooner than later. It's the smallest possible version of what you're trying to create while still providing value for customers. 

If you're not sure what a minimum viable product is or how it can help your business, let's chat. Our team of experts is ready and waiting to partner with you to create the perfect product for your market that will generate sales by considering how your customers think and putting our usability team to work for you.  

How does MVP benefit businesses? 

Not only does MVP development spur interest in your product or app, but MVP also protects you from major failure down the road. Best of all, MVP keeps your project focused on the customer’s needs.  

When building an MVP app, you’ll see plenty of advantages to your business, such as: consumer research, testing, lower development costs, gaining the interest of investors, and cost-effectiveness. Think about how helpful it will be to get the feedback from end-users as you continue to develop your app. You’ll get their firsthand opinions and perhaps advice about how to make your app or product even better. Not only will you improve your app, but you’ll also get a chance to study the market environment from the feedback you get.  

 

Now that you know why MVP development is advantageous to businesses, stay tuned for more information about this topic. Check our next article, where we dive into the stages of MVP development and how to build an MVP for your business.

 

Need help creating an MVP for your business? Let's talk about your idea.

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