What Are The Benefits of Developing an MVP Version of App?

Creating an MVP version of an app or software is a common practice for many startups that provide services using technology. Minimum viable product (MVP) is an intuitive approach that curbs failures common to businesses that invest heavily in a product but fail to appeal to users.

What is MVP in Software Development?

In software development, MVP -- the minimum viable product is the product version with minimum but important features that describe the software's value and function. A minimum viable product is easy to develop because the focus is on creating the main features that will enable users to get the hang of what can be achieved using the product. It will principally include what problems the product can solve and how users can navigate the software.

The purpose of creating MVP in software development is to deploy an app quickly, minimize costs throughout the entire process, and collect information necessary to shape the app into what users want.

When a business decides to create a product -- software in this case, it's never wise to develop a robust app based on assumptions or superficial facts. Of course, the development process will be riddled with assumptions, but that is why it's best not to go all out at first. If a product is fully developed based on assumptions, the likelihood of its failure is high. And this is one reason why many startups fail. They invest heavily in a product without getting important user feedback, just assumptions ( based on research ) of what their target audience may want. In the end, such a product may perform poorly, leading to loss.

However, using MVP in a development process helps developers build, measure, and learn. It means the software will be developed using little investment since only core features are designed. Then the software is released for use. At this stage, user feedback will shape the further development of the software. User feedback on the app or software will help developers validate correct assumptions, nullify invalid ones, and incorporate features on demand.

Utilizing an MVP in a development process allows for early testing and feedback gathering while reducing unnecessary costs by focusing on core features. By emphasizing a step-by-step method to outline audience needs and documenting the project vision, it ensures minimal risk during market entry. Understanding this approach fully can be crucial for startups, enabling them to adjust quickly based on user interaction and build successful digital initiatives. Hence, MVP enables a development team to discern where to invest resources and what marketing strategy will be viable and will benefit the business.

Why is it Worth Creating an MVP Version?

Creating an MVP version of an app or software has several benefits that make the approach worthwhile. Some of these benefits are:

Prevent Loss and Ensures Success

A startup with adequate funding and a business with minimal resources can both benefit from using an MVP. For the former( a business with enough funding), the goal is to use adequate resources to provide everything needed for the product to work and appeal to users. As for the latter, the goal is to get the product right to kick off the product with available resources or to get the product to a stage where an investor can assess the chances of its success. Using an MVP in both cases will help prevent losses because only the important features that will allow users to test and give feedback will be developed. This cuts costs, it's also a good way to lead a business to success since the users' needs will be analyzed to create and develop the app or software further.

Budget-Friendly Approach to Attract Investors

Investors are always integral to many businesses looking to get firmly established. The problem, however, is that investors don't invest blindly. They often need to see a practical app, even more -- proof that the product will perform successfully. Using an MVP less is spent developing features that wouldn't be added to the product. Only key features that form the framework are required. An approach like this is an excellent way for developers to provide a working product for investors to have a feel of a product. If it's already released, the product's performance gives a preview of what to expect if the app is fully developed based on feedback from users.

Market Validation and Release

Minimum viable product (MVP) informs users about a brand-- showing its value and edge over the competition. It's an excellent way to discern how it performs when fully deployed. And this is because the app or software, which is the product, will be deployed to interact with the target audience with every market factor present. So, before the official takeoff and release to the market fully, awareness would have been built around the product.

It's also an excellent way to get a product to the market faster than other methods. From the early development stage, an app or software would have been introduced to the market.

Testing Market Demand and Business Concepts

The rule of thumb is that demand should influence supply. So, before spending heavily to create a supply ( a product), it's best to test the waters. By using an MVP, an app can be tested to see if it meets the market demand without fully developing it. Additionally, a business can test concepts. Ideas that will be retained and concepts to remove will be detected using an MVP.

What are the Steps in Creating an MVP Version of a Digital Product?

Market Research

Market research is necessary to ascertain if a business idea meets the market needs. MVP should be created to meet market demand or needs. From here, further development will help mold a product to how users want it. So carry out market research to know what to produce, existing businesses offering similar solutions, and how to stand out.

Take Note of Key Features

The next step is to take note of the core features of a product. Based on what customers look forward to, create core features that provide a solution. Then design those key features that are fundamental to the solution the product will provide.

Create a User Flow

User flow is a way to map out a user's journey while trying to achieve a purpose when using an app or software. The goal is to fit in the features and design the entire product in a way that helps a user reach an objective -- from start to finish.

Launch the MVP

Launch the MVP after the preliminary steps have been achieved. An MVP which is an app, should be deployed for users to utilize. Before launching the software or app, ensure the product is stable and functional.

Measure and Learn

After launch, ensure to measure how the market responds to the product and learn from that. This could be done by measuring and analyzing feedback and metrics( number of users, etc).

How to Validate and Test the MVP Version?

A couple of ways to test and validate MVP are as follows:

• Number of users
• Customer Interview and feedback
• Videos
• Ads
• Social media surveys
• Landing pages

These validation and testing approaches are quite self-explanatory. However, some have real-life examples that will bring the approach to life. For example, Zappos used the Wizard of the Oz strategy to start an online shoe-selling store. First, the founder merely had pictures of many products( shoes) but not a storehouse or delivery channel. However, potential buyers saw the Zappos site as big and sophisticated. Hence, when the demand rose, and it was clear people were ready to purchase online, Zappos then invested in building a proper E-commerce store, and the owner stopped delivering each pair personally.

The landing page was used by Buffer to expose the value proposition and features to potential buyers. Then another page for signing up. So, the first landing page explained the usefulness of Buffer, and the next page allowed interested people to sign up. From there the next stage of product development ensued.

In terms of using videos, Dropbox is an excellent example. Often called explainer video, Dropbox used this method to explain how their product will facilitate file sharing. The video got over 75,000 to sign for a beta version.

Summary

In summary, using an MVP is the best way to set up software or apps with minimum capital yet design what meets market needs. An MVP is best described as a skeletal framework that is fleshed out by using feedback from users. So, incorporate this development method to increase the chances of success when building software or apps that provide certain services.