MVP - A Guide for Startups
Mobile applications are, undoubtedly, the buzz in the entire business world. Today, every business is getting on mobile. But, is it wise to develop a mobile application? Is it a profitable deal, especially when you are a start-up struggling to establish itself in the market? The answer to this question is quite difficult to say.
You can’t deny the importance of having your own mobile app, as well as cannot invest an exorbitant amount of money in a single idea itself. And this situation becomes more complicated when there is a risk of app failure even after pouring all your money and efforts into mobile app development. Remember, there are endless mobile applications in the market- you can’t expect the users to get entice with your app idea & choose it over others.
Then what to do? The simplest way to tackle this situation, as per our experts, is to go for MVP – a concept that is bringing down the cost of mobile app development to a great extent.
MVP (Minimal Viable Product) App
An MVP (Minimal Viable Product) is the product (or we can say app) with the least, vital features that target a particular problem using the minimum resources. It enables the start-ups to engage the first users, understand the audience needs, and make their application better using the feedbacks gained.
In other words, it is the smallest, quickest yet functional version of your app idea that can be taken into consideration to understand the viability of your app idea.
Talk about Uber, Airbnb or Foursquare- almost every top-grossing app that is ruling the market today has undergone this phase. In fact, we recommend all of our clients to have a thought of developing an MVP, particularly in the case of a complex app idea.
Wondering, why? Check out the following points.
Benefits of MVP for Start-ups
MVP application is the ultimate investment for start-ups, due to the following reasons:
1. Testing the Main Idea at the Earliest
There’s no denying the fact that we all find our ideas good enough to set the market on fire. But, are they really so? Will the users really find them fantastic? The best way to analyze this is to launch an MVP app in the market. Develop an application with just the sufficient features that define your main purpose and launch it in the market. If it offers impressive outcomes, take it to the next step. On the flip side, gather user feedback, do market research, and improve your applications so as to launch them in the future. This way, an MVP application can help you to understand the market validity of your idea and can save a lot of money on developing a less-effective app.
2. Reaching Investors
It is always better to visit investors with a functional model than a diagrammatical representation or an idea in your head. When you present an MVP to the investor with your future plan, the investor can more likely link to your idea and get interested in it. He need not visualize the main idea- he can see the demand for your app in the market, and hence, can easily agree to your request and contribute to further app development process.
3. Making an Impact on the Market
When talking about mobile application development, you hit the market at once. You have to make extra efforts to immediately attract users. However, in the case of MVP, you can keep on attracting a group of people throughout. With the introduction of every new feature, you can attract more users, as well as entice the existing users. This way, you continue to make an impact on the market.
4.Minimum Development Cost
We all know that more the features & functionalities you include in your app, the more you have to pay for it. If you build a complete mobile application, it might cost you enough to make a hole in your pocket. But, here in MVP, you can test your idea in less than half of the mobile app development cost. Moreover, you need not make a one-time investment; you can invest in different sessions related to the integration of different features into the app.
5.Prevents Losing Interest
It usually happens that the development process takes so much time that you completely feel detached from the idea. In such a scenario, an MVP app is a great investment. It gets developed in lesser time, reaches the market and keep you interested in updating it with what the users want.
6.Saves Efforts Time
MVP development not just saves the cost, but also the efforts and time. It allows you to determine if your efforts are getting a required response or not. Wherever you find that the efforts are not bringing fruitful results, you can put it on end. This way, it allows the start-ups to use their potential in the right way!