Nowadays, MVP development is widely used by many IT companies before the launch of diverse websites and applications. When it comes to planning a particular product, this kind of development is the most convenient for any entrepreneur, and here is why.
Taking into Consideration MVP Definition
A Minimum Viable Product, or simply an MVP, is a product’s design framework with the essential functions only. This framework is then tested on the market to find out whether the overall product can generate interest of the target audience.
The MVP product has only the core functions, and nothing else is required. An MVP version is a way to discover the odds for success of the product. In addition, this practice requires fewer expenses and time. It can be implemented for all kinds of products, such as websites or mobile applications.
How an MVP Works in Real Life
To get a better understanding of how an MVP works, let’s take a look at the following example. For instance, you need approximately up to 8 months and $200K for the final product development. Then, you get users’ feedback and see engagement only after the product launch on the market. There are two potential outcomes. Users can like or dislike your product. In the second case, all resources, budget, and time spent is a real waste for your team.
Therefore, creating an MVP is a good way to launch your product prototype first. You will be able to get the assessment of the idea and receive users’ feedback on your product, which includes only core features. Generally, the process takes up to 4-6 weeks, and up to $15K is needed. The difference in costs and efficiency is stunning.
Main Advantages of an MVP
As we already mentioned, an MVP version is designated to collect data that will demonstrate the level of customer’s interest around the product. In case the reaction is positive, the team can keep working on developing the complete product version.
Here just a few benefits you gain by building MVP instead of the complex product development:
– There is a significant economy of time, budget, and other resources. The first results will show whether the product can be profitable in the future;
– You can see the resulting audience engagement around the product;
– You can determine the main trends for further full product development;
– Getting to know basic clientele and audience acquisition;
– Saving a lot on the costly market research;
– Get the opportunity to draw the attention of potential investors on the early stage.
Famous Examples of MVP-based Apps and Websites
There are a lot of products and services which were developed as MVPs in the first place. For instance:
– Foursquare. The company came up with an MVP idea and launched it on the market for testing. They got a positive users reaction, and as a consequence, they kept on expanding product’s features. Right now, they got more than 50M users and 8 billion check-ins.
– Instagram. Their MVP included photo filters that a user could apply to any picture and save it to the camera roll. Instagram users really loved this product, and today, Instagram has a wide range of other features that include videos, geo and user tags, hashtags, direct messages, stories as well as integration with other networks. Among other popular websites, services, and apps, there are Dropbox, Airbnb, Spotify, Facebook, and Snapchat.
MVP Development Recommendations
While developing an MVP product, the main task is to come up with a balanced combination of valuable features and simple design. This version is supposed to demonstrate the most prominent functions of the product. The real challenge is to save the unique characteristics that make the product attractive and keep the development process as minimal as possible.
At the same time, making the product excessively simple may turn an MPV version inconvenient for market demand. If a user is not able to understand the product’s purpose and gets some controversial impression, it can also negatively affect the brand image.
For your MVP product, the best advice will be to concentrate on the core product’s functions and develop them the best way. Other secondary features can be added after you get users’ responses. By doing so, you will ensure that other functions you add to your product align with clients expectations and match their desires. Below you can find the main do’s and don’ts for creating an MVP.
– Combine high product quality with essential functions;
– Opt for a big market and get into it as fast as possible;
– Come up with a suitable monetization model;
– Keep an eye on user behavior and adjust your product accordingly;
– Do some research on the competitors;
– Brainstorm a marketing strategy and make a plan to draw maximum user attention.
– Don’t add extra features that are irrelevant and unimportant at the beginning;
– Don’t postpone market entry making attempts to add more functions;
– Don’t lose sight of the product’s viability;
– Don’t give up even if the first results aren’t positive.
What Product is Considered a Viable?
An MVP should have viability as the core attribute. Product’s functions and purpose are the most valuable things. A product can be called viable when it meets user requirements and performs one key function as good as possible. Keep in mind that according to the latest research, users don’t use 60% of product functions. Respectively, these useless functions are a complete misuse of resources, time, and money.
MVP development is successful when viability and a minimal set of features are equally implemented in the product. Therefore, if you thinking of a new product launch, we highly recommend developing an MVP version first to make a successful, reasonable, and demanding product. If you need a consultation regarding the minimum viable product development, feel free to reach out to our MVP experts for help.