Posted by Ira Sharma . Posted on: June 11, 2021 at 6:25 PM .
Each year, we see thousands of startup companies trying to bring their innovative ideas to life. However, a good idea doesn’t guarantee huge success and profit for a startup company. High costs for startup software development are one of the main reasons why startup businesses fail. Optimizing the development costs is the priority for most companies.
In this article, we will take a more detailed look at the minimum viable product methodology and its advantages for your custom product. We will also clarify how it can save you money when building a startup mobile app or website.
What is MVP methodology?
First, MVP means Minimum Viable Product. To put it simply, an MVP website or mobile application is a simplified version of your future software with only essential features that meet the requirements of your first users. Some may wonder whether it is necessary to spend time and budget to build this cheap and small version when you can develop a complete version right away.
However, an MVP has an essential aim for any startup. It ensures that your mobile application or website works properly and meets the needs of target users. And then you need only to complete the process and launch the ready product.
How to create a minimum viable product (MVP)?
When creating an MVP website or app, your main aim should be to get your target audience acquainted with your future software. The prospective users need to clearly understand how your startup will address their problems and what makes it outstanding among numerous market competitors. Follow these steps to build a cost-efficient MVP website or application:
1. Determine an issue your product is going to solve and specify it
Before you start creating an MVP, there are a few essential preparation steps to follow. First, you need to develop the entire concept of your product. Your team needs to determine its core values, essential goals, monetization strategy, etc. Before your entrepreneurship starts operation and you cooperate with a development team, your company needs to clarify the product idea.
2. Create a portrait of your target user
The next step is to decide who your product is intended for. Develop a portrait of your potential users, specify their aims, needs, and problems. This will help your developer team pick the optimal technologies and deliver your concept to the customers as effectively as possible. Such foresight is one of the crucial benefits of a minimum viable product for startups.
3. Define the simplest solution for this problem that will be suitable for target customers
The main difference between a lean startup and a traditional startup methodology is that the first requires constant participation in the development process and experiments with the concept and functionality. This approach reduces the risks and lets you learn more about different viewpoints on your product.
4. Build the MVP with limited functionality and try different pricing models
While forming an MVP, you need to include only the basic functionality. This way, you don’t spend costs on the functions nobody uses and needs. We suggest trying a few product versions and analyzing their operation.
This way, you can determine the optimal feature set that will perfectly fit the customers’ requirements. You can also see how it operates on different OS and platforms and find the ideal place to introduce your software. This approach gives you the necessary flexibility and adaptivity.
The advantages of MVP development for a startup
Now that we know how to start creating an MVP let’s talk about its advantages for the development process and, as a result, the software price. Here are the main ways your product will benefit from the MVP methodology.
1. You don’t invest in products with no market interest
The lack of market demand is the main reason why startups fail. Nobody wants to risk spending all their money on unnecessary or poorly functioning software. This approach enables validating your ideas as early as possible and eliminating the development risks.
2. Receiving regular user feedback and making improvements
Besides optimizing the startup costs, another valuable aim of an MVP is receiving valuable user opinions about your product. It helps you establish strong relationships with the first users and define strengths and weaknesses. This way, you can make substantial improvements and ensure that the target user experience with your software is error-free and smooth.
3. Faster launch
In the fast-paced world, being ahead of your competitors is essential for any business. The market situation is constantly changing, and if you introduce your product later, the chances to succeed and get the users’ attention are low. Building an MVP reduces the cost of a website and saves much time as the core of your software is pre-developed, and you need only to extend it.
We can’t say that building an MVP will protect your project from all problems and difficulties. The market situation and user requirements are changeable, so it’s hard to foresee all the factors.
However, if you choose to build an MVP website or web app, it will help you cut your budget and speed up the time-to-market. But you need to discuss it with the chosen development company. Ensure that they are a team of professionals who have the same viewpoint on this product and will create it according to all your requirements.
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