A minimum viable product or an MVP – do you think it sounds familiar?
Of course, if you are planning to develop or outsource mobile application or website, you may hear about those words. So do you know the meaning after MVP and do you need an MVP for your business?
As the explanation above, MVP stands for Minimum Viable Product, which shows the bare bone of the app to test the market interest. Unlike a product demo, a minimum viable product is built with the minimum number of features – or key features to see if the app has the potential in the market or not. This one is not only used for mobile app development but also website development. An MVP is considered as the investment of the owner to show the solutions to the market and finding the market intelligent for the products.
Do you need an MVP?
After understanding the meaning of minimum viable product, do you think you need to apply one for your business? If not, please check the reasons below to know why an MVP is important.
1. Make your investment more valuable
Do you remember my previous blog on “How to predict the cost of producingan app”?
Yes, the key factor affects the cost of building a mobile application is its features. Even you have your own development team or you outsource a mobile/website software developer team to create the app, the more features you have, the more time and resource you have to pay for it.
As an MVP is considered as the soul of the application, it will solve your main issues, which will help you easily test the market with the minimum risks and time-saving. After launching the application, you can not only test the market but also improve and update the new version of your idea, make it more perfect and useful, follow the guideline of the end users.
Additionally, you still can get the revenue after launching an MVP and you can use that revenue to invest in developing and updating the app.
2. Build your potential customers network
When you have an idea of the app, maybe you have the basic idea of your target customers. Based on the group of people meet the same issue as you, they require a solution, and your application will be theirs. Targeting these audiences right from the start, using the basic features of MVP can help you get the feedback and comments from users, and improve the product from these ideas.
After releasing or updating the app, you will always have the group of people have the same problems with you use it, and they will be your top potential and loyal customers. Getting that point, and you will get a strong network relationship with your end users, fulfill the application functions and perfect result.
3. Get the market intelligent
You can have a great idea of building an app, and there are many innovative ideas occur every day. Your best solution is not always others’ solutions. Your application may be your solutions, but for the business market, it is not enough. What we need here before developing an app is getting the market intelligence, finding trends and creating the new trend. This is known as the best way to collect users’ idea, to make sure the application meets the requirements.
4. Save the cost for reworking and researching market
An MVP includes all key features of an app, therefore, it can collect a lot of review and comments from the real users. This valuable information will help to save the cost of researching and also developing unnecessary functions. Furthermore, based on the end users’ comment, a developer can get more idea to perfect their app. You can see how Duolingo gets the comments and improve from end-users’ idea.
Testing the market is the most effective way to understand customers’ behavior and create new trends. Listening to the customers should be the most required skills, and from these comments, your application can be maintained and update day by day to satisfy these customers.
5. Attract investors
Cause the MVP can create the revenue after launching, you can collect this information to send and present to potential investors, asking for a business investment, and it will be the resource help you broaden your idea. From the real result after launching an MVP app, you can prove to them the necessary of the app, not only because you can build it, but also other people need that one.
Want to develop an MVP?
As the information I listed above, I highly recommend you to consider an MVP when you have an application idea. And in the case of you do not have your own developer team, don’t worry, in Adamo Digital, we provide full IT outsourcing services, from design to launch a website or mobile app. So don’t hesitate to contact us and get in touch whenever you have a great idea application and decide to do business.