The product, then, has to be purpose-engineered to provide all features that the end-user needs. Unnecessary features will delay the final product launch, involve more resources and time in the development, impacting the final cost of the product. And missing out on the imperatives will make the product a less attractive proposition.

Product development is underpinned by assumptions, based on market analysis. Ideally, all the assumptions need to be validated. The best way is to gain end-user feedback before the product is launched.

If the company chooses a big-bang product launch, there is no easy way to gain end-user feedback. Alternatively, if the company chooses to release a Minimum Viable Product or MVP before the final launch, it can gain that feedback before the final market launch of the product.

“The Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with least effort” – Eric Ries, author of The Lean Startup

The MVP has the minimum amount of features required to gain feedback from customers. This makes MVP development services of enormous value to startups.

In this blog, read more about MVP 一 The benefits, and value to a startup.

Benefits of MVP

The benefits accrued from MVP first strategy are discussed hereunder:

Validated Learnings 一 Project Viability

An MVP will validate all assumptions taken during the conceptualization phase. Market analysis and surveys conducted before commencing with the development of the product can determine the requirements.

But the solutions to those requirements are borne out of assumptions taken during the product development. It’s only after the end-user acknowledges the value of these assumptions, can it be truly ascertained that those features will solve their intended purpose.

Thus, the viability of the product hinges not on the assumptions but value the product adds to the end-user, or the ability of the product to solve end-user requirements. This can be validated by the use of an MVP.

Accelerated Product Development 一 Save Time and Resources

Filtering the imperative features vis-a-vis the redundant ones helps the development team to purpose-engineer the product.

With focus on requisites that determine the success of the product, the development will take lesser time, saving resources spent on the product development and decreasing the go-to-market time of the product.

The time and resources saved can give the product a competitive edge in the market, enhancing its appeal to the target audience.

Minimize Risk 一 Enhance Chances of Success and Save Capital

Feedback gained directly from the users the product is being developed for, gives crucial insights into the product requirements. This minimizes the risk involved in launching a new product in the market.

Capital is saved with higher chances of success of the product and also from accelerated development.

Pitch the Product 一 Gain Traction From Stakeholders, Invite Investments

An MVP in software development can also be used to audition your business idea to investors or stakeholders in the project. Investors can evaluate the potential in the business idea and consider investing.

All stakeholders, partner companies, and others can be involved in the project development by gauging the MVP of the product.

An MVP will be faster to build, employing lesser resources. So, companies can use the MVP to gain traction and continue with project completion with the necessary funds.

Importance of MVP Development Services to Startups

Consider the scenario when a startup gets ready to launch a new product 一

• The startup may not have a revenue source as yet.
• The brand image may not yet be established.
• The business idea behind the product might be based on intuition and experimentation, sans any tangible data.
• The startup may not have any investors yet, the product may be its way to attract investments.

With the stakes so high, the startup is betting big on the product launch. This means that the margin for error is lower in the case of startups. Their fortunes rely on the success of the product.

For instance, Etsy, a marketplace for designer handicrafts and unique products, first launched sans any payment functionality and other integral online marketplace features. Once it gained traction, functionalities were added. This is a good example of an MVP first strategy working for a startup.

Thus, an MVP first strategy can give startups the requisite assurance to startups catalyzing higher chances of a successful product launch.

To Sum It Up

Via MVP software development, you can see the difference between the success and failure of a product. It is the easiest way to get the end-users involved in the development of the product.

Moreover, in the case the product might not be as good as it was intended to be, there is still time to pivot before it is finally launched in the market.

For startups, the stakes are higher, and the product might still be an experiment. MVP can give them the crucial leverage to propel business success.

The requirements for an MVP-first strategy can be discussed with MVP software development companies before starting with the product development.

The post Why to Build MVP Before Full Scale Product appeared first on SiteProNews.

Some benefits of using MVP to test market viability are feedback generation from early adapters, faster development and increased chances of securing generous investment. Before establishing a successful business, several big names in the world also started their journey with MVP development.

Some of the Companies that Started with an MVP Are:

Amazon

One of the world’s leading eCommerce companies and also a household name, Amazon started its business operations back in the year 1994. Its owner Jeff Bezos launched the company to sell books, and it only had 5 products to sell. Later Bezos looked for some other categories and collected consumer feedback. Gradually, Amazon started selling various types of products including furniture, food, toys, electronics, etc. and gained worldwide success. 

Twitter

Twitter started in 2006 as an idea of a platform that allowed people to send messages to a group. It was capitalized by its four board members, who launched it first for intra-business communication and then made it public in July 2006. A year later, Twitter was recording 60,000 tweets a day and had already become a successful social media platform. Currently, Twitter is available in over 200 countries and records 500 million daily tweets on an average. 

Groupon

Similar to Twitter, Groupon was executed on an intra-business structure. Before jumping on to the final product, Groupon’s founder Andrew Mason released another software named ‘The Point’ that sent coupons to around a 1000 employees. Mason received feedback on the software for 10 months. After catching up with the exact user demands, Mason launched Groupon in 2010 and made it one of the world’s leading daily deals platforms. Not to mention, it only took Andew Mason a month to turn ‘The Point’, his MVP, into the final product ‘Groupon’. 

AirBnb

Brian Chesky and Joe Gebbia were two friends who were having some budget problems to pay the rent of their apartment. However, they had some free space and some mattresses to offer. They tested out their idea at a tech conference and offered people resting space at $80 per night. At this point, their MVP had no website or a full-fledged team of customer support. Later on, they tested on sellers if they’d be willing to let strangers stay in their houses in exchange for some payment.

Facebook

Before being a global hype in the 2000s, Facebook was launched as ‘TheFacebook’. Meant to connect college students with each other, Facebook simplified the approach to socialize and disrupted the way popular social media sites of that time worked. With time, it became a social media giant that also connected family, friends, businesspeople and even strangers with each other.

How to Modify your MVP?

MVP takes the form of iterative development. However, there are also three simple concepts that you can remember. These are MUP (Minimum Usable Product), MMP (Minimum Marketable Product) and MLP (Minimum Lovable Product).

MUP:This product has all minimum features to make the product usable for the targeted consumers. 

MMP:This product has all the features and defined USPs to make the product fit for marketing

MLP:This product focuses on those minimum requirements that are necessary to make the product lovable. 

How to Find a Reliable Agency for MVP Development?

Entrepreneurs cannot develop an MVP on their own. They are required to hire a mvp software development company. Excluding the time and budget constraints, there are some suggested measures that you can take to find a reliable MVP development firm:

1. View the Case Studies: Case studies stay true to the capabilities of a firm. They are a direct indicator of the skill set of a company.

2. Critic Reviews:Truspilot, Clutch, G2 and UpCity are reliable critic websites who constantly review software development companies to save the trouble for entrepreneurs like you. 

3. Talk to Sales:Discuss your idea with the company before selection. They can guide you about all the complications while allowing you to evaluate their expertise in real time.  

4. Consider Multiple Options:Consult multiple companies before selecting your MVP development firm.

5. Ask for Demo:Some companies provide demos of their products and services. In the end, it is the demos that leave a major impact on a business prospect and help you make an informed decision. 

6. Technical Support: Technical support can be as costly as the development itself. You want to hire the company with the most favorable technical support policies. 

Conclusion

Although the main purpose of an MVP is to validate a market idea, it may fail to do so. However, you can still capitalize by collecting consumer feedback and continuously improving your product like the aforementioned companies did. In the end, they were able to gain success due to validated ideas, iterative improvement and consistency in their approach.

The post Businesses That Made It Big With an Mvp and How You Can Get Started appeared first on SiteProNews.