Did you know that 90% of startups fail within a year? The main reason is that they do not test the app idea and launch a proper app, resulting in a poor user experience. To avoid this fate, it’s crucial to choose MVP development, which can help startups make a big impact with minimal resources.
Many great products like Facebook, Uber, Instagram, and Airbnb were first launched as minimal viable products (MVP). They achieved immense success with basic features and companies decided to launch a full-fledged app.
But still, some entrepreneurs remain confused about choosing MVP development. Today, in this blog, we will tell you why you should choose MVP for your startup to help you save money and validate your idea effectively. So, let’s get started by understanding:
What Is MVP Development?
An MVP is a beginner version of a full-fledged mobile app or web application that includes important features and functionalities that are important to test the idea in the market. Building an MVP aims to test the performance and take user feedback. It helps save money and make crucial changes that are important to satisfy the user’s needs.
Why Startups Should Choose To Build An MVP?
Starting a business is quite challenging because many startups face the risk of failing. But it shouldn’t discourage you because MVP development can increase the chances of your success. Resilience is the most important factor to achieve success and adapt quickly. Now, after understanding MVP development, let us tell you why it’s a smart choice for your business.
1. Launch Your Product Quickly
You need to launch your application quickly to compete with the other players. We live in a world where consumer needs and preferences change so fast. Developing an MVP allows you to test your ideas and address user needs. If your solution connects with customers, you can capture market share before competitors. An MVP also provides the opportunity to collect feedback which is important to refine the product.
When you decide to build an MVP, you can avoid unnecessary expenditures while developing the app. By concentrating on basic features, you can streamline your efforts and reduce money. MVP can also help you build a community of users around your product. So, it’s important to launch an MVP with basic features to solve users’ needs and help them get to market faster.
2. Save Your Valuable Money
When you develop a full-fledged application, you spend a lot of money because it’s expensive. Commonly, a startup feels unsure about an idea and they end up launching a complete app. That’s when they spend a lot of money so choosing an MVP can save it.
An MVP minimizes development costs by including basic features in the application. It ensures that startups can allocate their resources properly, channeling funds into features or areas that have been important to users.
3. Gather Real User Feedback
Gathering real user feedback is the most essential thing for understanding the needs of users. Businesses rely on market research and surveys to get insights but real feedback from actual users is far beneficial than researches and surveys. An MVP allows startups to gather real feedback early to help them make data-driven decisions for future development.
Let’s take Dropbox for example. They launched MVP with a simple explainer video. With the help of feedback and interest generated by the video, the company refined the solution and offered what users wanted.
4. Low Risks of Failure
Launching a complete application without understanding the market is completely risky. There are chances that the application will not be able to fulfill the demands of the customers. With an MVP, businesses can reduce this risk by testing their idea in real market conditions with minimal investment. MVP doesn’t cost much so if your idea doesn’t work, you can use the feedback to refine strategies and launch a new one.
5. Attract Investors
Investors support startups that have a strong product in the market, satisfying users’ needs. So, if you want to achieve success in the industry then you need to choose a MVP because you can refine it using real user feedback.
An MVP is a proof of concept, showing that the startup is addressing a real-world problem and has the potential for long-term success. Investors will find it good to invest in a product that can grow with time and leave competitors behind.
How To Develop An MVP: Step-by-Step Process
MVP development is a comprehensive process that needs thorough research and an understanding of the audience’s needs. Let’s take a look at the process to understand how you can build MVP for your business.
Step 1: Identify The Problem You Want To Solve
Start the process by understanding the problem your target audience is facing and how your product can help them solve it. You need to ensure that the problem is significant enough to warrant a solution. Solving a common problem won’t help you stand in the market.
Step 2: Define The Core Features
After identifying the problem, you need to focus on the primary functionality that your product needs to solve the problem. Avoid including unnecessary features because they will complicate the development process.
Step 3: Research The Market & Competitors
It’s important to analyze the market trends and study what are the competitors offering similar solutions. It can help you understand the gaps in the market which is important to make a unique product.
Step 4: Create A Prototype
Design a simple prototype to visualize how the product’s layout and user flow. It can help you refine your ideas before going to the development stage.
Step 5: Develop The MVP
Start building the MVP with basic features only to ensure that the product is functional and provides value to every user.
Step 6: Gather Real User Feedback
After building and launching your MVP in the market, you need to gather real user feedback. This step is very important to understand how you can refine your strategies and product to meet changing user needs.
Conclusion
Now, you should have understood why MVP is crucial for your startup and how it can help you grow in this competitive market. Starting a new business is challenging but an MVP can help you find your way in this competitive market. Companies like Instagram, DropBox, and Uber all began with MVPs and then transitioned into full-fledged apps after validating ideas and minimizing risks. If you’re ready to build an MVP, then you should partner with an MVP app development company to help you thrive in this evolving landscape.
