Why is MVP Development Important for your Business?
- 29% of startups fail as they run out of cash.
- Startups that scale properly grow 20 times faster than those that scale prematurely.
The above stats emphasize the necessity to develop an MVP (Minimum Viable Product). Here’s why you should build an MVP:
Creating an initial model: It helps in coming up with a starting point and then visual points of reference.
Conducting initial idea approval: In this phase, you share the model with your prospects and test it with genuine users to understand the issues you may face with your innovation.
Preparing to begin your journey: As you have invested several months in your software idea, building your product might feel like a big deal. An MVP, it helps you to get started and scale the development on the go.
What is MVP Development?
An MVP is a simple and functional version of your product that supports the essential features that define the value proposition. The motto behind the development of MVP is to enable faster time to market, on board early adopters, and gain product-market fit from the beginning.
Soon after the launch of your MVP, you expect feedback from your early adopters and work on them to fix the bugs and include new features.
With the MVP approach:
You get a competitive advantage as you become an early player in the market.
When you have an MVP, you can test your idea with your potential users and analyze whether your product solved the users’ problems.
Depending on user feedback, you can start working towards building a fully functional product.
How to Build an MVP?
Step 1: Start with Market Research
Ensure that your product idea fulfills your target users’ needs. Sometimes, your ideas may not fit into the market needs. So, before beginning your MVP development process, conduct enough surveys to have more information. As a result, there are higher chances of success. It is also a best practice to closely follow your competitors and work towards making your product stand out.
W. Edwards Deming said, “It is not enough to do your best; you must know what to do, and then do your best.”
According to CB Insights, 42% of startups fail due to a lack of market need. So, if your product is not addressing the problem, your users won’t be able to establish a connection with your product and resonate with it.
Step 2: Ideate on Value Addition
What value does your product offer to its users? How can it benefit them? Why would they buy your product? These are important questions to keep in mind to help better express your idea.
You should also be clear about the essential estimations of your product. As MVP implies, introducing value to the people, first outline them and build your MVP based on that.
Step 3: Map Out User Flow
The design process is one of the important MVP stages. Ensure user experience design best practices are followed so that your product is convenient to use. Also, it is important to keep in mind the onboarding process to the final action of users. In a nutshell, user flow is quintessential to not miss anything while considering user satisfaction in mind.
You have to define the process stages and the steps needed to accomplish the main objective. Your app’s focus should be more on achieving basic tasks rather than other fancy features. Your target users will have these goals while downloading your app from the app store. When you lay out all these procedure stages evidently, you can start to define the features of each stage.
Step 4: Prioritize MVP Features
Now, it is recommended to jot down the features you want to incorporate in your product before beginning the MVP process. As soon as you’re done with the MVP, verify it with your link for MVP features.
If you’re confused while making up the list of features for your MVP, as yourself these questions:
What do my users want?
Am I offering them something beneficial?
Now, you have to categorize the remaining MVP features: high priority, medium priority, and low priority. Once you’re done with the organization of all the features, you can move the finalized features to develop MVP. You can also go ahead and create a prototype of your MVP if you want to know how your future product would look like.
Step 5: Launch MVP
As soon as you have finalized the main features of your app and understood the market demands, you can start building your MVP. Also, it is important to remember that MVP is in no way a degraded product than your final product. It still has to fulfill your customers’ needs. Hence, it has to be easy to use, engaging, and solve the end users’ problems.
The main reason why products fail is that they don’t meet customers’ needs in a way that is better than other alternatives.– Dan Olsen.
Step 6: Exercise ‘B.M.L.’ — Build, Measure, Learn
Firstly, define the scope of work and then start developing the product. Once you’re done with the development of the product, it has to be tested. Your quality assurance engineers test the usability and functionality of your product before the launch and conduct the first stage of testing.
Now, after launching your product, you should meticulously carry out the review phase. It is important to collect your users’ suggestions and reviews. With this feedback, you can further shape up the future of your app’s competitiveness and acceptability in the market.
You must be in a pursuit to complete your MVP as soon as possible as the competition out there is very extreme. So, it is important to choose the right technology and a service provider to significantly lower the cost and time.
Siam Computing has hands-on experience in delivering high-quality MVPs that deliver a seamless user experience. Businesses love our work because of the in-depth market and competitor research with which we help enhance the user experience of the app idea. For more information, you can contact us or send your queries to email@example.com.