What is MVP App Development and why is it important to your Startup?
Minimum Viable Product has become a popular strategy in the field of application development. Essentially, MVP is a version of a new product that a startup company develops, which allows them to collect a maximum amount of input from customers with far less effort.
Many startups come up with an idea, with a belief that a particular product is exactly what the customer needs. In most instances, they spend a lot of effort, time and money to polish this product without even a demonstration to an audience of any kind. Unfortunately for some, the business releases the product only to find it was unpopular with customers and considered redundant within the intended market. At the same time, this is pretty understandable since the startup failed to gather any feedback from the public or to determine if there was a particular demand for the product in question.
However, this is where MVP can prove to be useful and why this process is proving so useful to startups all over the world.
The Importance of MVP for any startup
It takes quite a bit of time to come up with a fully functional product, sometimes years. From designing, testing, and making alterations before releasing it into the market, the process is consuming at best. Consequently, in most situations, it also demands a relatively risky investment. For instance, a business can spend $150,000 and take six months to come up with a new product, yet still, the product can fail to reach any goals. But as mentioned above, if you choose to build an MVP app, this process can potentially be a fraction of the above and take just a couple of months to build.
This is why a test product is an important part of any business strategy, most especially startups. In fact, MVP app development is often considered the initial version of an actual product, and this now seems to be the most common approach in the startup environment. Of course there are many benefits to creating a minimum viable product and these are just a few key points to remember:
- MVP requires less time and investment.
- MVP minimizes business risks.
- MVP provides real feedback from users.
- MVP prepares the product for a smooth release in the market.
Replacing ambiguity with certainty
Furthermore, the high level of uncertainty that is usually associated with startups is exaggerated since the service or product they are trying to offer has not yet been tested in the market. This is how MVP can be so important as the business will have the chance to adapt or learn, while also making sure they have a viable vision. Essentially, MVP is an effective means of replacing ambiguity with certainty, with only a minimal risk in a relatively short period.
The most effective way for every startup to learn is to test and experiment different versions of their products against various metrics. These experimentations can help in revealing whether their idea is valid and if necessary changes have to be made to improve the viability of such product.
Taking a secure approach and creating the ultimate product
For a startup to grow and be successful, business owners should consider the use of a Minimum Viable Product. Offering more certainty and less risk, the process requires a minimal size of the investment, while the process also provides an opportunity to gain valuable feedback from which to adapt. When you consider the enormous costs involved in any startup and most especially in the latter stages when it comes to marketing, advertising and promoting the finished product – the above makes complete sense.
While it may seem a little uncommon to most startups and feel like a method of creating without fully committing to it, a minimum viable product is merely a way to secure the business if everything does not go to plan. As opposed to lacking commitment, this strategy demonstrates a smart business approach and can reap all the same rewards as the alternative, more costly method.
If anything, MVP is a commitment of another kind – to create the ultimate product which tailors specifically to the needs of a market. It also takes less time, which means whatever the outcome, the business is still positioned to invest their efforts elsewhere. Whether the product thrives or fails, the business lives on, and with another development under the belt, the business should benefit from the experience and be ready for the next product in line.