Minimum Viable Product Approach and Its Benefits
Table of Contents
  1. What is Minimum Viable Product Development
  2. Expectations with an MVP Application
  3. Why have an MVP App, and what are the benefits?
  4. Aspects to keep in mind while building an MVP for your concept
  5. Factors influencing cost and time in the MVP development process
  6. How to choose the right MVP development company?
  7. Our technology expertise as an MVP development company
  8. Conclusion

For those who find familiarity with the world of software application development, Minimum Viable Product (MVP) is a term they must understand in-depth. MVP development helps you assess your product idea in the market and enables you to get real-life client feedback.    

It doesn’t mean MVP development is limited to product testing and client feedback; this article acts as your step-by-step guide bringing you the necessary understanding of the concept.

What is Minimum Viable Product Development?

2

Your idea seeds every new product, and the solemn need to test that product’s features in the market has emerged the concept of Minimum Viable Product development.

A Minimum Viable Product (MVP) is a limited version of this new product having just enough features to be usable by a cavity of early buyers, bringing you decisive initial feedback. This early feedback allows you to validate the product idea during the initial stages of the product development cycle.

Expectations with A Minimum Viable Product App

1

In the IT Industry, when a minimum viable product development gets the user feedback to the product development team, they can work instantly to improve the product.

A minimum viable product is your application’s early introduction to the customers. It entitles you to test a bunch of new (experimental) elements of your app and lets you:

  • Hedge the risk by spending lesser time, money, and effort when compared to a higher fidelity product.
  • Prioritize your app features basis early customer feedback.
  • Add features required by the market.

Why Have A Minimum Viable Product, And What Are The Benefits?

3

The fundamental goal of developing an MVP is to avail a functional product that adds immediate value quickly while minimizing the overall development costs. Building an MVP development process or hiring the MVP development services will allow you to understand more about your end-user and the market in which you wish to put your product.

A minimum viable product also establishes a stage for future product development iterations and represents the sequential steps to start a project. In some scenarios, an MVP can showcase the business or product potential and gain stakeholders’ buy-in.

Whether you’re searching for internal or external funding, having an MVP solidifies your position by demonstrating the value of your product and securing funds for future development.

Benefits of having a minimum viable product:

  • Save time and money by ensuring that you’re investing in a project that has a good chance of succeeding.
  • Check to see if the product appeals to potential customers.
  • Find out which trends you may use to help you design the final version of the product.
  • Find early adopters and build a potential user base.
  • Save time and money on the final product’s development.
  • Attract investors sooner rather than later.

Aspects To Keep In Mind While Building An MVP For Your Concept

4

Analyze and understand your company’s and market’s requirements:

Determine whether there is a market need for your product. It could be a business need or a customer need that fills an existing void. It’s also crucial to look at your competitors’ actions and set your product apart. It can assist you in figuring out what kind of application you’ll need to succeed.

Long-Term Objectives

Once you’ve confirmed that your product has a market, you should set a long-term company goal: what do you want to accomplish? For instance, if you own a food franchise, one of your long-term goals might reduce checkout time by 30%.

Criteria for Success

Next, figure out what will determine your product’s success. Back to our example, the food franchise would consider success to be achieving a 30 percent reduction in time-to-checkout, 100,000 monthly active users, and $1 million in monthly app transactions.

Create a user journey map:

It’s critical to think about your users while creating a mobile app. By drawing out user journeys, you can confirm that your users have a satisfactory experience with the first iteration of your software. It will allow you to see your product through the eyes of the user, from the moment they open the app to the moment they complete a task, such as completing a purchase. It brings you ideas on how you can make the app more user-friendly. Furthermore, outlining user flow and resolving the actions users must take to reach an end goal guarantees you don’t overlook anything while maintaining user satisfaction.

Factors Influencing Cost And Time In The MVP Development Process

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It’s not always enough to have a brilliant idea. The product budget and MVP development planning must be simultaneous.

Whether you’re building a mobile application or designing a website, the cost of generating an MVP depends on several factors, including strategy, design, functionality, technology stack, and build time. When choosing a platform to support the MVP development process, several factors to be considered to estimate the expenses.

Some of the factors influencing the cost and time needed to develop an MVP are listed below:

  • Estimating the cost of design.
  • Budget planning for developing a minimum viable product.
  • The number of features to add to the prototype.
  • Software Technology stack needed for MVP development.
  • Time estimated for converting an idea into an MVP.

How To Choose The Right MVP Development Company?

When looking for an organization to help you move your product from vision to MVP, seek one with both designers and developers on board. These two groups must collaborate and adapt to changes in the planning process due to user input or other management decisions. Choose an MVP development company that understands the iterative workflow required for MVP projects and staffing in a lean and efficient manner.

Our Technology Expertise As An MVP Development Company

6

We leverage our technological expertise in software development to provide you with end-to-end MVP development services, from early product analysis to its delivery and market launch.

Be it at any stage of MVP development, we can start working on transforming your concept into a product execution process. Our team of experts also help you with several decision-making factors, including:

  • User research
  • Competitive analysis
  • Quick iterations on user feedback for app’s functionality
  • Estimation of relative costs needed to implement varying user reviews

Maintenance and Support

An MVP needs to handle the loading conditions if the number of users increases. Therefore, to pick the appropriate tech stack for MVP development, we make sure that the app is scalable.

Businesses should also understand that different tech stack options have varying scalability potentials. For instance, MEAN Stack (Express.js, Angular, MongoDB, and Node.js) possess remarkable scalability.

Once the minimum viable product developed for your desired concept and market gets delivered, we ensure nothing comes between our services and you. With us, you get no-glitch technical assistance and regular product updates.

Conclusion

Now that you’ve learned about the factors determining the need for MVP development, you’ll be able to comprehend why you should have one.

We strongly advise using an MVP to save time, money, and resources. At Intellinez, we’ve created MVPs for various projects, websites, and applications. We provide full consultations for the development of a minimum viable product. Are you interested in working with us to build your new minimum viable product (MVP)? Do you have any doubts about establishing an MVP? Please do not wait to get in touch.

 

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