Modern-day startups and businesses fail to captivate the market because of their incompetency in fulfilling what their customers require. More often than not, it is just those minimal steps that make a product stand out from the vast competition in the market.
In that case, there has to be a method for startups and businesses to know in advance what steps could attract the crowd or what should be included in a particular product to attract the masses. Here comes the core concept of MVP development that can help businesses scale better.
MVP in the software development context stands for a minimum viable product. MVP is a specific software development method that comes in full bloom once the initial users and adaptors are satisfied with its services. Once the complete set of feedback is recorded from the initial users, the entire software is developed with all its features and benefits.
This technique is different from other methods in that it considers what a particular product does instead of how it does. Since product liability is the primary concern of MVP development techniques, it is so popular these days among new startups and businesses.
Benefits of MVP Development
As a new startup or business, you might have a lot of confidence in your product and develop it in a manner that suits the masses. You would also believe that your product is unique compared to the other products in the market. In this regard, you might feel that MVP development does not mean anything.
However, a recent study on such issues denoted that most newly started businesses fail to make a mark on the market due to such confidence and minimal interest in venturing into practical software development concepts like MVP development. Here are some of the significant benefits discussed.
The most exciting benefit of any minimum viable product is its affordability. This benefit has led many custom software development companies to start MVP development. This point can be counted as an advantage since the developing company does not initially invest a great deal of money.
The very concept of MVP is one of its biggest benefits. The MVP development method makes sure that the developed product shows its viability as soon as the product is available in the market. This way, the developers can be sure that users will like the product without doubt due to its viability.
Real Market Conditions
The products developed through the MVP method enable the best software development companies to test the product in real market conditions and receive real-time feedback for the data put forward.
You can take notes and record your customers’ reactions to your product. You can accordingly develop your product to install the required features to solve your customers’ problems.
Minimum Launch Time
This is one of the most attractive benefits of making the MVP development process preferable among new startups and businesses. Launching the complete product does not take much time if the overall development process is executed correctly.
The development and the subsequent launching process are quicker since, in every step, effective feedback is received. This feedback is then incorporated into the product for maximum results.
Types of MVPs
While many types of MVPs are available and developed, we only talk about the most common types.
Single Feature MVP
This is the most basic MVP development process that aims to develop products and check for a particular feature. Mainly, small startups and businesses use this method to enter the market.
As the name suggests, the pre-order MVP development engages the customers to pay before they get the product with all the required features. This helps the company to get early users and some advance funds to inject them into the development process.
Moreover, it also brings you the required feedback before the primary development process.
This is the most famous type of MVP development where the capital needs are fulfilled even before the final development takes place alongside the product validation stage. This MVP type provides accurate data on how the public will behave after using your product. Hence top software development companies prefer this method.
Wizard of Oz MVP
In the Wizard of Oz MVP, the complete product and all the significant features are launch in the market. Only the premium features that require high funds to develop are not provided and are provided only when the feedback says the same.
In this method, the existing feature tools are use to develop the product, making the overall process cost-effective. This method does not need to develop a full-blown custom product, and the existing tools can be use to full benefit. You will get equal accuracy in the feedback receive from the customers.
How to Setup Your MVP?
If you are trying to setup an MVP model, it would be pretty challenging to get the steps together, although it is not impossible. Usually, developers consider MVP as a prototype of the final product. Some of the top software development company, India uses these steps to setup an MVP.
Here are the steps of constructing an effective MVP model.
Get Your Ideas
Every project needs to have an idea before construction. Similarly, MVP development also requires the end ideas to be in place. Determine the reasons behind this development and the values the final product would give the masses. In simple words, determine the pain points of the public and, based on your ideas, construct the development process.
Any development and its subsequent marketing process require intense research on the market and the competitors. If you want your product to be the best, research the various methods used by your competitors and construct the product accordingly. Also, record the target audience’s requirements and the general market conditions.
Determine the Design Process
If you want the best results and reduce the cost of your MVP, you must construct a proper design plan and workflow initiation before you start. Think from the user’s perspective for better outreach. This thought goes straight into the initial release, while the original release will be based on feedback.
List and Prioritize the Features
This step is secondary, where you list and prioritize the various features that will go into the product. Depending upon your priority list, the product’s viability can be determine when release.
Build the MVP
Finally, create your MVP after collecting all the resources and creating a full-blown plan. This will act as the prototype, subject to change based on user feedback.
Cost of an MVP
Costs of constructing an MVP can vary pretty much. If you hire a professional company, you would need a heavy budget since they consider all professional development points. On the other hand, if you are hiring a freelancing team for your MVP construction, your prices might come down.
Suppose you are wondering how to reduce software development costs for MVP. In that case, you can always go for a freelancing team of equally professional developers who serve you at lower prices. Considering Indian developers, MVP development costs can come anywhere between Rs. 5000 to Rs. 30000 based on the team you hire.