What is MVP and why every tech entrepreneur must embrace the concept of MVP to launch their app idea?
The concept of MVP is probably unfamiliar to the majority of aspiring entrepreneurs. Therefore, let us begin with the most obvious, the definition.
The American entrepreneur and author Eric Ries popularized the term “Minimum Viable Product” (MVP). In layman’s terms, a minimum viable product is one that contains only the features necessary to validate a business idea by attracting users. He referred to it as the product development cycle’s initial phase.
An MVP enables customer feedback on an idea or product to be gathered without depleting resources.
Building an MVP for your idea is the only way to progress in startup culture. Without one, you have to rely on trial and error and potentially waste time and money to gain any insight, let alone profit.
Let’s look at what exactly an MVP is, and what you need to keep in mind when creating one.
What is a minimum viable product (MVP) in a startup?
Many businesses struggle with issues such as productivity, efficiency, performance, and competition.
Today, every startup company must also contend with identifying the right customer problem to solve and the appropriate market in which to sell it. And they must do this quickly and effectively.
This used to be done with extensive product management and a top-down (or waterfall) approach. Things began to change about a decade ago with the introduction of Lean startup methodology.
In contrast to launching a fully finished product followed by waterfall product management, an MVP allows entrepreneurs to develop a prototype that helps them discover whether customers need it, find it easy, or are willing to pay for it.
However, creating an MVP isn’t easy. Understanding exactly what an MVP is and what purpose it should serve will help in avoiding common pitfalls or misunderstandings about the development path to take.
Why is an MVP necessary for your app idea?
With competition in the market becoming more fierce, having an MVP for any mobile application can be the difference between success and failure. It will help you discover whether your app idea is truly unique or not, and offers the quickest route to market as well as access to real user experience to help you evaluate your project.
Source:peerbits.com
An efficient and accurate way to get user reviews about your app
You may have had an idea for an app and spent days or months developing it. But its success can’t really be predicted. In the end, it is the users who will determine whether or not your app is a success.
However, having an MVP enables you to obtain feedback on your app idea in the quickest and most accurate way possible, meaning you’ll only need to implement the features that users have asked for, and fix those they’ve had issues with.
The MVP is regarded as the “heart” of the mobile application
The minimum viable product’s primary purpose is to focus exclusively on the primary concept and key app features.
As such, an MVP approach supports Lean startup ideology. The Lean startup can be defined as a business that begins with the smallest possible budget and operates within a reasonable timeframe.
An MVP is the perfect match for this kind of business. It reduces the cost of app development by implementing only the most basic features.
MVP facilitates the resolution of security issues
App security is critical, especially if your app includes an in-app payment feature. The MVP will assist you in identifying and resolving security flaws.
Another advantage of addressing security concerns early on is that your app will be bug-free from the start, which will increase the app’s conversion rate. It also enables seamless navigation.
Developing a new version of the app
The minimum viable product enables you to determine whether or not your app is attracting user attention in the market.
If you haven’t received the expected feedback, or haven’t been able to attract users to your app, it’s time to redesign the product and look for ways to improve it.
A few popular apps with outstanding MVP succes
If you do your research well, you’ll come across numerous examples of successful MVP launches that resulted in massive app popularity. Consider a few of these:
Uber
Uber, the ride-sharing app, began its journey with an MVP launch. Uber’s initial version concentrated on establishing a strong connection between drivers and users, while also adding the ability to pay with a credit card.
However, it quickly grew in popularity, and today it’s a billion-dollar business with a slew of advanced features.
One of the most popular photo sharing apps, Instagram now has the highest user base. In its initial version, users had a limited number of filters available when sharing photos.
When Instagram launched, the market was flooded with superior photo editing apps. However, the company gradually gained momentum and added a Unique Value Proposition (UVP) that enabled users to edit and share photos concurrently.
The story of Facebook, the social media giant, is fascinating. Mark Zuckerberg initially restricted access to the social media platform to Harvard University students. Later the service was expanded to other colleges and universities, and eventually the world.
Facebook’s initial version featured a single profile page with the ability to send friend requests and messages. However, it’s now completely transformed with the addition of new features on a regular basis. One of these features was the now extremely popular direct message capability.
4 simple steps to create and launch your app’s MVP
- Work out which features are critical
To begin with, determine the most critical features you want to incorporate into the app to make it viable. The choice should be made very carefully following extensive research.
You need to determine whether your idea is truly viable. You must also decide when to launch the MVP application. All of these points should be discussed with your development team.
- Product design and development
Once you’ve established that your app idea is viable, you can focus on designing and developing the app, utilising the appropriate set of technologies to optimise the app’s performance.
It’s a good idea to use Agile development methodology because it’s adaptable and allows for continuous testing of the application.
The app development company hired to complete the job must provide the app’s MVP. And very often, the difference between a successful launch and a successful run is in the details, not the big picture.
At Appomate, our unique SeeitB4UBuildIt (SBUB) process acts as a mini-incubator for your app idea. We help you see your idea in action prior to launch in order to identify its strengths, risks, challenges, and opportunities.
- Distribute the product to potential customers
After the design and development phases are complete, you move on to the next stage. Now’s the time to reveal the product and distribute it to potential users and find out whether the app provides value to its users.
You can also choose a specific user group to target for review and feedback after releasing the MVP.
- Leave room for improvement
No app is perfect, which is why it’s critical to leave some room for improvement after receiving valuable user feedback. You may need to make changes to the UI or UX designs, add value to existing features, and improve security, among other things. This phase takes the most time but is essential to the success of your app.
Conclusion
Your mobile app idea may be unique, and may very well disrupt the app market. But before that occurs, it’s essential to invest in an MVP to save time and money. Ask yourself these questions:
- What is my concept?
- Who is my intended audience?
- What features does my app need to have?
Once these questions are answered, a software development team can help you initiate the process.
With a good MVP, you can keep errors to a minimum and start making money from your app sooner.