Benefits of building an Minimum Viable Product (MVP)

Do you know what is an MVP?

Minimum Viable Product (MVP), is a minimal version of a product that has enough features to satisfy the customer requirements. Product flexibility level increases while implementing Agile development for the entire process and the key elements.

Do you think it is important?

At Intrepid IT Services we contemplate MVP is the stage between the earlier development and the final product, so this would be considered as the most important stage in the development. MVP is a scaling test for the application to test the audience engagement and interactions with the product towards their needs.

Purpose of MVP:

Building a Minimum viable product (MVP) helps your product team to release a product to the market as soon as possible. Developers can test their idea with the users before attempting to develop a larger budget product.
Without building an entire product the company has to validate the idea for it, Meanwhile an MVP can help you to keep down the time and resources.

Rapid development:

Obviously developers need more time to add features that you want in your product. MVP to be considered while before developing an app, meanwhile it takes only 1 to 2 months to complete an MVP, which can acts like an copyright of your idea.

Low risk on investment:

Risk of the investment isn’t succeed, MVP which is also known as a prototype of your final product and you can test their feasibility among the target audience. If the MVP turns out to be the most popular from the audience then the developers would decide to build the final version of the app. This would help you to prove the investors with the high viability your product idea.

Captivating investors:

You have to think twice before attracting your investors, since, company depends on outside investments. MVP is the right option here. Functioning product can gain more funds for the development. Usually investors are afraid of product development and have to wait months for feedback from the user, whereas now MVP can inspire more trust from the investors.

Benefits for developers:

Initiating development of web or mobile apps would insist on a functional product with wordy-wise features so the development would take more months to complete. Intrepid IT Services assures that Large scale development surely brings more income to the business. Such developments doesn’t requires much comprehensions for developing an MVP.

Testing on business fields:

Your concern must be ready to develop an MVP and you can test your business concepts by using this MVP with core features rather than providing fully blown product. If a product has been launched then the concern has to concentrate on the social groups to target the active users and how the interactions between the user and the product is going. So the interactions can be used to customize the app functionalities. Rebuilding an entire product would much harder to change anything.

Focus on product:

MVP will find you clarification on your product and concern was able to solve many issues for users. Adding lot of options to solve specific issues to simplify and strip away, which means your customers would get a simple product. Finding bugs in all new products along their way becomes great and whereas simple MVP product makes bugs easier to fix.

MVP’s market studies:

Purposely MVP is for testing and verifying about the product. In certain ways they’re about to understand the requirements of the market, sometimes concern assumes the need of the customer has been satisfied but it might not be the case that already exists on the market. With the use of MVP many companies can check their upcoming product’s demand in the market.

Strategy to generate revenue:

Creating a sustainable product which must be competitive. There are various approaches for app monetization which have been proven to be successful and harder to decide the best strategy. By this scenario MVP would be the best thing to proceed with. If an App development company builds an app monetization strategy with app purchases and they can use MVP’s to test their strategy and assess their users pay for updates and add-ons features.

User Experience Testing:

A mobile product which results in increase of user engagements then that would determine how the product’s intent and flow is happening. Companies can collect data and feedback from the users with the use of MVP and identifying ways of improving functionalities in according to provide a best product to the market. App tends to have a least of around 20% of the users uninstalls it, that is because of the UX design’s lack of attraction. Goal must go beyond the number of downloads to attracting customers with User Experience.

More Effective:

With the least amount of features your approach in MVP can be done. This consists of less amount of developers and line of codes, So you can able to discover the needs of your customers and proceed with the final product design. Best outcomes of the year is mature good and suitable with your price tags. If you’ve invested in any previous versions of your app then you can able to reinvest the income generated because minimum approach helps to avoid more complex solutions. MVP helps to direct your product design in a cost effective way where they can be more smarter.

Find key areas of your business:

It may happens, a great product unaccountably works wrong but bad product works wonderfully. It is all about your implements which haven’t tested so far and until they are released. It is when all your business keeps a contact with the real business world and isolate it’s weakness to improve each transaction. Successful business requires more than just a standard product. MVP acts as a key of your business to identify each of its functionalities.

Empowering business spirits:

An accurate way of getting to know about each of your ideas deciding which would succeed and faces failures. Since only way is to launch an Pre-product (MVP) and see what happens. Time and funds are limited so if a project needs minimum six months to develop MVP can identify your business outcomes within 3 months of the entire project completion. Passionate entrepreneurs would always love to have Minimum Viable Product (MVP) as their pre-product for a great hit.

Process of MVP development:

Discovery: A superior product development company would always begin with your product idea, which means completely understanding the product requirements and launch market to competitor’s products. This gives an detailed idea about features of the product.

Design finalization: Design is the next phase to the discovery where your idea has converted into documentation and define what your product is. Crucial step to visualize your idea with prototypes and mock-ups.

Development of MVP: Streamlined process of software development would program your MVP for design specifications. Entire duration of development process depends on the engagement model, after most your MVP built and tested for quality.

Quality Assurance: An essential process is to test the MVP for the better performance and the standard of your design. If you launch an MVP with bugs and defects then it would render the concept.

Launch: Full scale product takes duration in months to be developed, MVP would be ready to launch in a weeks or months. This stage is meant for deploying your project and leaving it for testing with the beta users and process the feedback.

Future phase: Choosing a phased approach allows them to evaluate valuable feedback at every rehearse. They can prioritize the features for each phase and flexible to change in accordance to market trends.

Examples of MVP:

Some of the examples of notable MVP’s are;

Airbnb: Connects local people looking for rent their homes or looking for accommodation.

Twitter: Known as “Micro blogging” which allows to send and receive short messages as Tweets.

Amazon: e-Commerce organization launched MVP among users at low cost.

Why some MVP’s fail:

Some of the common mistakes in MVP development

Misplaced priorities: Wrong product goal before development.

Miscommunication with users: Without feedback you can’t find what customers need.

Lack of iteration: Considering the alternatives can be a better solution and absence of sketching.

Launching delay: Average of development delays depends on complexity.

Surplus of features: If features are designed poorly then they are unclear and feedback becomes fragmented.

Intrepid’s Experience:

Intrepid IT Services had worked on several MVP’s, reviews from beta users were positive and so later everything turned to fully-featured application.

Our applications are available on both Play Store and App Store. We use assorted technologies like Node.js for back-end and React.js, Vue.js for front end meanwhile Swift for iOS development. We used to integrate Facebook and Google for logging in. Find more about us in our chronicles.

Need help for developing an MVP?

To save your money, time and resources, we highly recommend an Minimum Viable Product (MVP).

At Intrepid IT Services, we offer full consultations for MVP development. Do you have any questions on how to develop an MVP? Feel free to get in touch with us.

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