If it’s not your first day in the world of startups and tech product development, you have already come across the term MVP.
Minimum viable product or MVP is a secret sauce all those big successful brands used to deliver world-famous Uber, Airbnb, and Spotify.
So if all the popular companies did it, why can’t you? MVP is just the bone structure for your final product – the simplified version with only essential features and limited functionality. Let’s find out why it’s worth your time and money!
Slow and steady win the race, huh? As far as the saying goes, developing MVP first is a bulletproof strategy to save time, money, and resources in the long run.
Read on for the lowdown on 5 main reasons why opting for MVP software development services should be your top priority.
1.) Validate Market Demand For Your Product Idea
Jaw-dropping, 42% of app startups fail due to absent market need research. App creators can get high on how great their new tech idea is.
Yet, in reality, the market demand might not share your excitement. Therefore, validation is a top reason you should bother with MVP development.
Classic research isn’t solid proof that your product is needed out there. Your idea can sound great in theory and spike interest in users.
However, not necessarily the same respondents will actually use your app on daily basis. Some startups face the harsh reality that their concept is just a nicely-wrapped idea, not a new million-dollar brand.
What is the benefit, would you ask? Knowing what the market needs and wants at the early stage before you flush all your money, time, and resources down the drain.
After validating demand, you can proceed with developing a final full-scale product or tailor your existing project to meet that need.
Only by testing the water first will you determine your niche on the market and how you can become better than competitors to stay ahead of the game.
2.) Gather Valuable Real-user Feedback
Don’t assume feedback is just proof of your idea and concept. User feedback drives your app and helps your product and brand grow.
MVP is your tool to form the so-called feedback loop: launch the experiment, measure the metrics, and learn, pivot, and improve.
The minimum viable product is the experimental version of your main app project with just one or two core features you need to validate.
After launching MVP, you collect feedback from real-life users and learn from their experience. Based on gathered reviews, you build a final product that meets public demand, covers their unique needs, and provides exceptional user experience.
Let’s take Uber, for example. MVP project had only one feature and three drivers around the city. By measuring customer experience and listening to the users’ preferences and suggestions, developers managed to create a multi-million brand we all know today with a wide range of features and side services.
Feedback is your secret weapon to build a loyal community around your brand as users see you improving the product considering their suggestions. Moreover, implementing changes and updates in the MVP stage is less risky and safer.
3.) Accelerate Product Launch
Everyone says that the mobile app development market is crowded and highly competitive. And it’s very much true.
Only in the first quarter of 2022, a collective of 5,884,296 apps was launched on Apple App Store, Google Play Store, and Amazon AppStore.
Add to this the insane number of startups stuck in the crowd-funding phase on Kickstarter or Indiegogo. All of those ideas and products are your direct competition.
Now people have become more sustainable with what they download on their phones. Hence users will only pick the best of the best out there.
So what’s the solution? Jump on the first train as soon as you see the possibility and open a niche. MVP is your skyrocket to success here. With MVP development, you save money and time needed to place yourself on the map.
The brands like Airbnb proved that sometimes one thing you need to kick off is a quickly put-together version of the product with the right timing.
You need to tackle growing demand with lightning speed. So how do you know which features to include? Apply MoSCoW analyzing model:
- Mo – must-have features (The absolute must)
- S – should have (Essential features for success, yet not vital for the product perception)
- Co – could have features (Won’t affect your product if left out)
- W – Won’t have (Irrelevant features).
Your MVP version needs only the must-have features to exist and succeed. The should-have and could-have list is better to implement during the final product development.
4.) Deliver A High-quality Product Within Your Budget
MVP is what you need to remain cost-efficient. Throwing hundreds of thousands at the app to only find out later that the public doesn’t need or want your creation is financially devastating and demoralizing.
MVP is the only solution to avoid those dangers and stay under budget. Moreover, you can even launch a minimum viable product with limited funding, start monetizing it, and search for interested investors at the same time.
Instead of taking several months and spending more than $40K delivering your product to an ever-changing market, you can spend less than half of it on MVP. Plus, it offers you time to mitigate raising concerns and risks.
5.) Attract New Investors
Lastly, MVP is the bulletproof strategy to source investments. Many truly great ideas are born every hour, yet not all of them have interested investors on their side.
Why’s that? The lack of self-presentation, market research, and proof you’re onto something. MVP is a solution that serves you on the golden platter to tackle those issues.
- It validates what the market really needs;
- It shows how the product operates in reality;
- It proves that your product can generate excellent profits.
And after all, investors only care about business and money-making and less about world-changing ambitions.
Test The Waters With Mvp: How To Find A Professional Mvp Software Vendor?
Ready to build your MVP? Discover what software development company Otakoyi has to offer!
You should only trust your MVP development to professionals who have:
- Years of experience serving preferable industry;
- Successful previous cases that can advocate for the team’s level of expertise;
- Access and skills to work with cutting-edge technology;
- Personal approach to clients.
Secure your spot alongside the world-recognized brands by launching MVP first!