Are you an app owner who wants to understand your customer’s interest towards your upcoming product before you launch it? Well, there is a technology who can help you get an idea without even developing your final product.
It’s not easy to build a perfect application in today’s scenario where hundreds of companies are already competing against specific products. Minimum Viable Product (MVP) is a concept that focuses on the impact of learning in new product development. The best way you can get started with your product journey is by creating your MVP.
Analyzing your customers behaviour to understand what they want is necessary to find the product-market for your solution. MVP helps the app owners minimize the product development time and resources needed to build a product that won’t succeed.
Read this article to get all insights on Minimum Viable Product (MVP) to benefit your application for creating a better business value.
What is a Minimum Viable Product?
A minimum viable product is a product development technique which helps the introduction of an app in the market with the most essential features. This product is functional enough to convey the basic characteristics of the services to the users. It gathers sufficient information to draw a solid conclusion before the final product is released in the market.
A well-structured MVP enables an overall product information gathering by analyzing user interactions with the application. An MVP launch validates your application product before investing total time and money in the product development.
The MVP is aimed to attract the small sample of customers to validate a product idea before the product development is initiated. This approach is practised to align your idea perfectly with your product development strategy. MVP encapsulates the product results influencing the testing and development of the new product project.
MVP helps the product development team with user feedback to confirm the design or redesign for improvement. Hence, MVP follows the agile development to validate and redesign the product.
The Purpose Of Minimum Viable Product in app development:
The first question you must ask is why you need to develop an MVP for your app? And how MVP will bring the most benefit to your business?
The MVP offers a platform to app owners and developers to confirm the app layout and improve on designs. The MVP is aimed to maximize the value of the product to customers faster and at low costs to serve the consumer needs better.
We have listed a few scenarios where Minimum Viable Product can offer you advantages:
- Urgent market launch – If you are planning to release your application in market as soon as possible and gain a competitive edge over competitors.
- Testing business app – This simple version of the app with real target users will give you a full picture before investing in the full development project.
- Evaluating customer experience- MVP resonates the market response within the customer base to enlarge the potential market.
- Balancing product viability- Ensures the product’s minimalism and viability to focus on what your product does rather than focusing on how it does it.
- Market Analysis – MVP allows you to gain an understanding of the current trending market scenario.
- Development Strategy – The MVP development and implementation gives you a chance to refinish your final product development strategy
MVP enables the company to build a product that can assure customer acceptance and business success. By releasing a precise MVP to market, you can reduce the project cost, implementation costs, testing, and failures in the process.
How MVP will benefit your application and business at large?
Minimum Viable Product can play a significant role for your business product launch. Many companies are choosing the MVP model of developing software applications today for the following reasons:
Pre-launch User Feedback:
MVP enables you to get current market data confirming customer’s interest in your product. If the results drawn in the MVP phase are positive it gives you the green signal for developing the final product. In case of negative response from the customers, it gives you the chance to design that minimizes the risk of product failure.
User feedback reports evaluate which features customers liked and what they’re not amused about. It gives you the opportunity to think again which features need to be added and eliminated from the final app. You can also learn from user’s feedback from the comments left on the Google Play or Apple App Store.
Investing in the product without knowing whether users need it is or not is risky. MVP helps businesses to save project resources during the development stage. By building an MVP first, you can make sure that you’re investing in a project which is likely to be more successful as you have already tested the app in the market in real-time.
MVP enables you to finalize a compact and optimized application solution for your business within your budget. MVP allows you to learn and prevent you from investing time in unnecessary features.
Analyzing Market Trends
The MVP is tested to analyze the product’s potential to succeed in the real target market. It works to fetch qualitative market analysis of the application product. With the sample customer feedback, you can also figure out which segment of the market offers the potential for the product.
Hence, MVP alerts you from building any flawed product and push for improvement and modification based on current market requirements. Your market analysis with MVP will place your product in the version and the right market for success.
Established user base
One of the added advantages of launching a demo version of your product application in the market is that you get to acquire the initial user base even before you launch your final product. This creates a great network of satisfied users that have engaged with your application.
If your application is serving the purpose of the customers, they tend to continue to follow your product for the long term. These early customer base can prove an effective brand booster that spreads your product reviews to potential customers.
How do you plan your MVP?
MVP development can itself be a confusing process for business owners filled with challenges. That’s the reason, we are here to help you with detailed guidelines for your MVP development process.
The following steps mentioned below is a broad outline that will help you get your MVP in the market. It will guide you to identify and prioritize your product features for the final product development.
Steps to follow for MVP:
Step 1: Identify and understand your market problems –
Carry out market research with surveys and interviews to identify the customer problem that you intend to solve. Design your MVP precisely to solve this defined customer problem.
Step 2: Plot user journey –
It is essential to design your application flow with end-users in mind. This will allow you to design product from the very beginning (home page) till the end goal is achieved (purchase or call to action).
Step 3: Analyzing competitors –
Having a thorough competitor analysis gives you multiple perspectives towards the solution. It also offers a competitive edge to you as you can improvise your product to eliminate the existing flaws in the competitors solutions.
Step 4: Decide on MVP features –
Use the latest tools to list down all the features required for every step in your application. Ask your team questions like what do your customers want and what is the product’s need? Prioritize these features to satisfy your product’s final goal.
Step 5: MVP Development –
Now you can start building your idea with an experienced developers team in the domain. The development must be strictly within the defined inputs and predetermined scope of the product.
Step 6: Testing –
Put the developed MVP solution for a functioning demo test to check if it works successfully in the market environment. The real users are the best judge of your product who help you understand if the product solves their problem cheaper and faster.
What are the common mistakes you need to avoid when developing MVP?
Now that we’ve walked through all the details of creating MVP for your application that can benefit your business. Let’s take a look at the most frequently repeated mistakes by MVP developers and business owners.
Avoid these pitfalls and mistakes in your MVP development process:
- Adding too many features to impression customers
- Adding too less features that fail to test the product goals
- Ignored significance of conducting market research
- Ignoring Analytics
- Ignoring user’s feedback and response
- Hiring an inexperienced development team
- Inadequate product strategy
- Skipping the prototype development
- Inappropriate development
- Wrong implementation
This list will give you a broad idea of things to avoid while developing your MVP. However, the above list is not exhaustive and needs to be improvised with your business process.
Developing an efficient MVP will help you to launch a predefined successful product in the market. Making the most out of existing technology and avoiding the common mistakes will take you way ahead in the product development journey with higher success rates.
We hope this detailed guide to MVP will help you to turn your idea into a profitable product for your business. Build a perfect application for your business using MVP that satisfies product goals and gives you a competitive edge in the market.