The process of transforming an idea into a successful product includes many important steps. The process of every product is different but the role of the owner throughout the process is crucially important. From market research to development, and even after the launch of the product, the role of the product owner and the decisions made by them significantly impact the outcome of the process. One such important decision is MVP development.
As a product owner, your decision to develop an MVP or not can change the course of your product’s success. So, what should you do as a product owner? This is the right guide for you! But before we discuss the MVP development process and its best practices, let’s go back to the basics and understand what MVP stands for.
What Is an MVP?
A Minimum Viable Product or MVP is a product that is built with only the features and functionalities that are essential for the viability of the product. Unlike a full-scale product that has various features and a complete range of functionalities, an MVP includes only a few core features. In other words, an MVP of a product is like a scaled-back version of the final product. The development process of creating MVPs is called the MVP development process.
Read more about it at: https://www.goodcore.co.uk/services/mvp-development/
As a product owner, you might wonder why should I invest in an MVP when I can invest in developing a full product? You might be completely sure that your product will be successful in the market. But that isn’t always the case. Recent research shows that most product startups fail in the first few years after their launch because of a number of reasons. Some major reasons being the lack of market research, user un-friendly products, and the product’s inability to compete in the market. A solution to avoid most of these problems is to develop and launch an MVP prior to investing in the development of a full-scale product.
Importance of MVP Development – Top Reasons Why You Should Consider Developing an MVP
There are many reasons why MVP app development is worth considering if you want your product to succeed in the market. Here’s why MVPs are important:
- MVPs are cost-effective: The cost of developing an MVP is a fraction of the cost of developing a full-scale software product. The cost of developing a full functionality product can fall anywhere between the range of $10,000 to $1,000,000. Whereas an MVP with few essential features can be developed for a few thousand dollars or even less. This is important because this means, as a business with an MVP, you do not have to invest a large amount of money in the idea before having any validation and market experience.
- Product idea validation: With the help of an MVP you can test out and validate your product idea in real market conditions. You can gauge the response of the target audience for a product like yours and gather valuable feedback. If the product does not perform in the market the way you had expected, you can decide to alter the idea or change your strategy without incurring a huge loss.
- Gather market feedback: A minimum viable product can help you gather the response of early adopters towards your product. Let’s say your product was well received by the target market but there was some specific feedback from the users. You can use that feedback to enhance and evolve your product to win the market share. When it comes to scaling up your MVP into a full-scale product, you can incorporate the market feedback to deliver a product that meets the requirements and expectations of the customers.
- Quick time to market: If you want to launch your product idea in the market as swiftly as possible then MVP is the answer. Imagine you have an innovative web app idea that addresses an important gap in the market. You wish to launch your product solution into the market as quickly as possible to capitalize on the opportunity. In this case, MVP web development is the way to go. Developing an MVP and releasing it in the market is much quicker than developing a full functionality product.
- Attract potential investors: If you wish to onboard potential investors for your software product then developing an MVP is a solution for you. With a functional and successful MVP, you can demonstrate the potential and validity of your product idea to easily attract investors. This is especially important for budding startups that are just entering the technological landscape and require funding. Instead of an idea on paper, they can prove the strength and potential of their product with an actual MVP. This gives confidence and proof to investors, making it easier for them to find reasonable funding.
- Establish reputation and market standing: Making a mark as a new business is tough especially in the highly competitive software industry. New businesses struggle to get recognition, but with MVP software development you can ensure you can establish a name for your business and attract customers early on. A well-designed and efficient MVP can help build a good reputation for you which will be favorable for you when you launch a full-scale product or introduce other new products to your portfolio.
There are many reasons why business owners believe in developing MVPs for their product ideas. MVP app development is a proven way to minimize the costs and risks of product development and maximize the chances of market success. If you are a business owner thinking to invest in developing an MVP for your product, you would find confidence in knowing that some of the most successful software applications today were MVPs once. Facebook is an excellent example of a successful minimum viable product. Facebook was started as a social networking platform for university students at Harvard. It proved to be a successful MVP and gave its founders the confidence to expand the software and launch it to other universities and eventually to the world. Today, it is a global brand with many other successful software products on its portfolio.