An MVP product is the fastest way to realising an idea. Lots of established brands, including Instagram and Uber, have started once as MVPs and then evolved into what they are today. A minimum viable product helps you test your idea in real market conditions before coming with a full-fledged product.
So, whether you are considering custom software development or a general application, developing an MVP will be the initial step for you.
Here are the key reasons for building a strong MVP for your business –
- Winning stakeholder
In most cases, businesses rely on stakeholder or investor buy-in in order to secure funding, as well as get the green light on a mobile project. And the key to receiving this buy-in is to build confidence in the product. Developing an MVP is an effective way to secure this buy-in. This is because it allows businesses to understand if their idea will work before going to investors. And thus, it helps ensure that when they do, they will have a solid business case, which demonstrates the market validity of the product.
Besides, as an MVP is a fully functioning product, businesses can show investors a physical product. Stakeholders want to invest in apps that will be successful in the long run. And a minimum viable product not only proves the merits of a product but also offers a physical product that stakeholders can see and use. And when buy-in is granted, a product can be launched into the market without stakeholders having to wait for months to see the return on their investment.
- Testing business concepts
The biggest perk of developing an MVP is that it allows businesses to test their business concepts before launching them in the market. By offering the core features in place of a full-blown product, businesses can get an idea of whether their product is going to please their target market. Besides, it offers them an opportunity to change the direction of the product according to their findings.
When the product is launched, businesses can identify the types of social groups who are active users and how they would interact with the product. And this information can be used to tailor the app functionality to suit the needs of the users. With a feature-heavy product, it would be difficult for businesses to make the software development company changes, and they would need to rebuild the entire product. An MVP product saves businesses from this hassle.
- Testing UX and usability
Creating a mobile product that will result in deep user engagement is a daunting task to accomplish. According to recent studies, less than 35 percent of users use an app after three months, and around 20 percent of users abandon an application after one use. So, it is vital to have a goal that will go beyond the number of downloads. Retaining users by offering continual value is a key goal of UX design. And an MVP will test the potential of the product for app longevity, engagement and lifetime value.
- Reduce the cost of growth.
Always keep in mind the more complex startups necessitate larger investments. You will be charged for each additional feature or more attractive design. However, you’ll only need a few resources to create an MVP (it’s still a product, even in its most basic form). And if an MVP proves to be a failure, the cost of the error will be greatly reduced. Then you can try again or pick a different business concept with the money you’ve saved. By the way, you can reduce construction costs by choosing the right combination of fixed price and time and materials contracts.
- Make the most of your time.
Imagine you spent weeks and months of sleepless nights developing your mobile app, only to have nothing spectacular happen after you launched it. Without popularity, there is no benefit. Doesn’t that sound like a nightmare? You could use this opportunity to do something more productive. You’ll need as little time as possible to build an MVP. Users’ reviews will assist you in developing a highly sought-after and engaging experience. Would you rather spend months creating an app that could struggle or use that time to build an app that is more appropriate and friendly to its users? The response is obvious!
An MVP allows businesses to start smaller and iteratively build up to produce a better product. And with every release version, the product moves towards a fully mature application. If you also want to build an MVP product with a software development company, then choose Unico Connect, the ultimate destination for all kinds of software solutions. Share your needs today!