Importance of Minimum Viable Product
Minimum Viable Product(MVP) as it’s being casually thrown around quite often in regards to building web app applications. That said, I noticed that knowing about it rarely goes together with understanding it . I want to walk you the subject and extend the definition with some examples of practical applications. Let’s start with… the meaning...
What is a Minimum Viable Product or MVP?
An MVP is a product with a set of features that solves a definite problems of users. ... It's important to choose the right platform for building an MVP. Source. A minimum viable product is startups for the first step in a business, which helps you to scale your startup properly.
Building a startup is hard. You have to come up with a great product idea, make the product, and invest in marketing to deliver the product to the market. This is the classic startup strategy. However, experienced ‘startuppers’ might object and say that building a product isn’t necessary. Surprisingly, it’s true: successful products like Dropbox and Pebble hadn’t yet built their products when they started receiving glowing feedback and pre-orders! If you want to replicate the success of Dropbox and Pebble, you need to think about making an MVP (Minimum Viable Product) before you launch a full-fledged solution. Interested? Let’s find out more about minimum viable product.MVP Development suggests releasing this version for the following purposes:-
*to gather feedback from the initial users in order to create the final product the customer will like; to *start promoting their brands among the target audiences in order to make it more recognizable; to gain loyal users before releasing the final product.
Why are minimum viable product important?
MVP is important for any business - be it a startup or large corporation. Carefully testing your ideas for feature validity or market viability is always a good practice, no matter how big your venture is.
*Forcing you to find your first customers fast (Sales & Marketing):-Forcing your first customers fast (Sales & Marketing);the MVP indicates that it needs to be something basic and not solve every customer’s every need. They forces you to focus on a users segment and define a set of minimal viable product features that you are looking to test. Finding the first customers, with an extremely basic product to try/sell can make you very creative with your pitches.
*Ship early to market for validation:-One of the biggest advantages of MVP is that it helps you validate your product and service or idea quickly to decide whether to continue your products idea and if so, whether and modify it.
*Saving Money and Time:-The features your MVP has, the less money you’ll undoubtedly spend and the less time you’ll end up wasting. you spend adding extra product will push your launch date back and often become a distraction from the important pieces of your product. MVP saves you from all this distraction.
*Risk is lower:-The risk is lower. Building MVP first also means lower risk, so already at the initial stage investors are more likely to support your project. It also means less risk for you as a startup owner, because you know from the beginning if there’s a need for your idea.
*You build brand awareness and expand your reach quickly. By appearing on the market quickly, you start to build your brand awareness before your competitors launch their products.
*You create a base of potential customers. You obtain contacts to first potential customers, build your contact base and gain first loyal users.
*You learn about your target audience. You gain a deeper understanding of your users, learn about their interests, likes, and dislikes. Then you can use that information for the further development of your product and marketing campaigns.
*You attract new investors. If the MVP is well-responded, that’s helpful with convincing new investors.
*Lean startups:-Lean startups must focus on improving the efficiency and they develop products, services and the speed at which they reach their target market with the right products and services, availing the all-important first-mover advantage.
*Feedback about features (Technology):-Feedback about features (Technology): the must-haves and the good-to-haves: Most first time startup founders suffer from wanting to build it all. This can end up making the product extremely bulky and difficult to use, and of course take a really long time to build. then you can add product features based on what’s most required by your users.
If you want to create MVP, you need to identify your target market and the essential features of an app.we’ll be glad to help you with planning everything and developing MVP that fits your market. We may build a dedicated team or provide particular specialists who will help you expand your idea.
Here in letsmobility, we create a wide range of software development services for different business needs. We can provide high-level UX design, frontend, and backend development,testing app for your MVP. Moreover, we will help you with defining the most important features for your minimum viable product and decide on the optimal technology stack. All of these are the parts of MVP professional development provided in Letsmobility. Go to our portfolio page to see our level and approach and find out why letsmobility can be considered as an MVP development agency.