Traditional software development has been synonymous with sequential processes, often starting with simple designing to complex software product development. However, the advent of MVP(Minimum Viable Product) has been revolutionizing. It gained popularity for quick idea validation, addressing loopholes, and delivering tangible results without complex software development intricacies. Therefore, MVP presents as a go to strategy for developers as it is a not-so-tedious development process. This blog is all about comprehensive information about the concept MVP (Minimum Viable Product). Whether you are a fresher or an experienced developer, don’t miss out on equipping with essential knowledge and information about MVP software development you must know in 2023.
Meaning: MVP (Minimum Viable Product)
A Minimum Viable Product or MVP is the simplest test version of a product or service with enough features & functionality. It is usable by customers at the initial stage so that they can provide necessary feedback before the product development cycle.
If you are looking forwarded to apply MVP in business you can build MVP app or MVP software development, by hiring a software development company
What is MVP Development?
MVP is the development strategy which begins with building and creating the minimum viable product, a beta or test version of the product. It is a strategic development methodology that is implemented by the development team without falling into the situation of building a complete software product. The core focus is to develop an initial product with all essential features and functions considering clients’ pain points.
The idea behind MVP is to develop customer-oriented software, which is used to know whether it is up to the mark till it reaches the final target audience. It is part of a lean startup methodology, which targets minimizing costs, business operations, and building the product faster & smarter.
This methodology is the perfect example that helps to cut down the cost and time associated with product launches. It also helps to learn and optimize the product during the actual development process of the product. While building the MVP helps the developers maintain a balance between the customer’s needs and companies’ offers the below mentioned cycle of testing helps to minimize the errors and optimize the ideas during the development process.
Main MVP benefits
MVP allows developers to create test versions of software applications, resulting in a faster launch of the actual product. If you are looking to hire software developers or a software development company, let’s know how MVP can help your business. Some of the benefits of MVP which make it a go-to methodology for developers are:-
a) Cost efficiency
Mature software products require years of development and significant investment. MVPs aim to keep products simple for coding and functionality, reducing development costs. However, as they gain user feedback, it helps to navigate investment more intelligently.
b) Assesses market demand
MVP involves testing and analyzing the product’s functionality, market demand, and acquiring customers. Organizations must understand user needs and existing solutions. This approach allows minimal rather than significant investments, enabling re-work and creating market differentiation or new concept development.
c) Allows to test business concepts
MVP helps startups test business concepts and validate their product ideas with their target audience. MVP development for startups aids in interacting with customers and gaining necessary feedback by providing a basic set of features rather than creating a full-fledged, feature-rich product.
d) Gathers user insights on UX and usability
MVP tests the product’s potential through app engagement, longevity, and lifetime value. This helps to interact and assess the purpose and flow of the product. It identifies opportunities to expand functionality and provide user experience.
e) Allows buy-in to secure funding
MVP is a strategic method that allows you to test your idea before going to investors and stakeholders and demonstrates the market validity of the product. This helps to invest in the product and know the benefits without waiting for months.
How to build MVP?
The process of developing MVP is similar to that of software product development. The steps are more or less similar in speed, and goals may vary.
Below mentioned are the key stages of the MVP creation process:-
1) Identify the problem statement
The priority is to identify the main pain point to solve, followed by writing it down and, with an MVP, checking its feasibility. Validate ideas without development because it is crucial to save resources to ensure that there’s a need for your solution. Even in the case of industrial experts, it is important to know if the problem is for real.
2) Conduct market analysis
The next step to be followed is to analyze your market. This includes market research, exploring competitors, identifying your target, and evaluating market size. Many startups fail because they don’t conduct proper market research which leads to running out of money. You must be aware that people spend money on the product, and their number is enough to continue.
3) Prototype conceptualization
After conducting market research, you might be in a dilemma about why you need both prototype and software MVP. The prototype is essential to visualize the working model, whereas MVP is a bare product form that performs the set target actions. Prototype prioritizes design as well as functionalities. This validates UI & UX and helps get feedback for improvements you’ll implement in an MVP.
4) Prepare vital features
As seen above it is only possible to develop a product when you have people to test it. This customer feedback collection is vital for MVP product development. Potential customer response is an essential source to be added to your MVP development process.
5) Iterate again and again
After considering collected responses, is necessary to figure out and test changes to build something which the consumer needs. The goal is to create a minimum viable product software with basic features to test product-market fit and get attainable results.
Examples of Minimum Viable Product
Below are a few real-life examples of the MVP development process you must consider and check to build a complete product.
Airbnb MVP looks like a simplistic landing page that solely focuses on enabling users to book apartments. This move of adopting MVP led to the pivotal exploration of a novel concept.
2) Instagram’s MVP “Burbn”
Burbn was a location-based social app that allowed users to share photos, check-ins, and earn points. After the user feedback and the engagement patterns, a pivotal insight emerged—the photo-sharing feature stood out as the most popular amongst the users. Later, Burbn MVP underwent an immersive transformation known as Instagram-A photo-sharing featured app, and the rest is now history.
Uber’s MVP was the full-fledged MVP product, connecting cab drivers with iPhone users within the province of San Francisco. It implemented cashless convenience to streamline the payment procedures. Uber’s MVP wasn’t just an app but a paradigm shift reshaping the transportation experience.
What is the cost of developing a Minimum Viable Product?
The average cost of MVP development is subject to the project’s scope, team composition, contractual dynamics, and more. For instance, Instagram-like MVP development will differ from Ola-like MVP development.
Regarding MVP, the costs are categorized according to the specific features and development phases. This categorization of MPV development is divided through three phases of framework.
a) Market Research
c) MVP Development
It is vital to note that the research phase runs parallel with the prototyping process. Therefore we can predict that all-in MVP spans beyond a month.
How can OpenXcell help you to build MVP?
We at OpenXcell follow the MVP development, which embodies a strategic approach similar to what we mentioned above. The process commences with a profound understanding of our client’s problem and crafting it into a meticulously built MVP to check its viability.
Our team, with their ingenuity and proficiency, is capable of tailoring applications/software, irrespective of your industry type. Moreover, visualizing the map of bringing out your vision into a tangible product.
With their skill and expertise, they follow the below-mentioned steps before the product or app development:-
– Developing primary hypotheses
– Rigorous concept assessment
– Strategic feature execution
– Curating an MVP with essential features
– Iterative testing and hypothesis validation
– Upgradation of the initial prototype
Each essential step we undertake contributes to creating top-notch MVP products, which are cost-effective and simpler than the ultimate release version.
The above insights about MVP provide a comprehensive overview of the MVP concept. If you are currently facing intricacies or planning to refine your MVP product, seeking the expertise of a proficient software development company can be a breakthrough solution. Partnering with them will drive unprecedented business value. At OpenXcell, the team of dedicated software developers is focused on innovation and excellence; they are poised to bring out the best to elevate your business prospects.
Get in touch to know more.
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