In today’s world, software development is becoming a lot more complex. With such high demands, the competition in the market is increasing, and it is imperative to be the best out there. In this article, we explore what companies need to build an MVP for startups and how they can go about executing their project successfully by developing a project plan that takes into account each stage of their project lifecycle.
An MVP (Minimum Viable Product) helps startups determine whether there will be enough customers interested in their business idea before investing resources further in building a full-scale product like an app or web platform. It independently displays how well your concept would work with potential users.
Our team is an MVP development expert, we’ve decided to share our professional insights on how to build an MVP for your startup, what to expect from it, and where to begin. So, without further ado, let us begin.
What is MVP?
An MVP is the most essential part of any project. It is not a final product, but it’s something that will show your idea to users, as well as a foundation for further development. The main goal of an MVP is to test your project idea with real users, and learn from their feedback how to proceed further. This is the initial small set of your target audience.
An MVP will provide a vision for how your project will work. It contains the basic functions that you are going to offer and what the final product may look like. In addition to this, it will include some attractive components tailored for users, such as:
It allows you to test your idea in a controlled environment with real people using your product and answering their valuable feedback. Moreover, it also provides a good base for further development. Without an MVP, you would not know whether there is sufficient interest in the idea that you have been developing or whether it’s even possible to build something truly great out of it.
Why should your startup invest in MVP development?
If you are planning to launch a new software product or online platform, the first thing you need to do is build an MVP. This will help you in testing the idea on potential customers and save money when launching your product in the market.
It can change your game. Time is the most valuable resource of any company, and by developing an MVP, you save a lot of time by testing your project before moving forward.
However, many companies have launched an MVP only to see it fail to attract potential customers. At the heart of this failure was the fact that MVPs were simply not out-of-the-box successes. According to research, 80% of the mobile app projects failed within a year.
What was missing from these projects was planning. Most startups launch their products in flawed ways with an incomplete understanding of customer needs or product definitions. This occurs because initial launches are where product features and services are designed before being finalized and subsequently offered for sale.
In other words, product launches can be based on just gut instinct and emotion rather than facts and planning. If you launch a product before being sufficiently prepared, you will end up with a product that is too complicated, too expensive, or too primitive for the market.
In this blog, we focus on this aspect of MVP development and outline how to develop an MVP in terms of project planning.
Why MVP development is so advantageous?
Even though developing an MVP is a small aspect of the startup and business process, the product can still have a huge impact on different aspects of business:
Because having an MVP allows startups to test their ideas with potential users, it can increase the likelihood of success. If you have an MVP and identify problems with your product that customers find difficult to understand or use, you can fine-tune these from there.
Developing an MVP in such a way that you can attract users will help reduce the risk of launching your website or app if it is not ready yet. You may also be able to use this method as a springboard for other projects in different industries without wasting too much time.
1. Faster time-to-market:
MVP development allows startups to create a working product from the onset, allowing them to get their idea out and into the hands of users before further investment is required.
2. Reduced investment:
When starting a business venture, the first thing startups need to consider is how much will it cost them to start – this includes everything from tech, infrastructure, and personnel costs. When you consider all these factors, it’s obvious that having an MVP will save you money.
3. More success chances:
Even though an MVP doesn’t guarantee you’ll be successful in the market, there is still a chance that your project will be launched successfully with more features than you anticipated.
4. More focus on quality:
When you launch your product with an MVP and you want to fine-tune it after gathering user feedback, you can do so from the start.
5. Better ability to foresee risks:
An MVP allows startups to have a better understanding of what their product is going to be like when it’s launched – this will help them avoid common pitfalls and prevent any major blunders that can affect the success of their project.
6. Iterative development:
Most startups will have to adapt as they go when developing their product and services within an emerging industry. Having an MVP will allow them to develop the product iteratively.
MVP development process: A brief glimpse
Below is the detailed checklist an MVP project needs to meet to make sure it’s feasible.
Step 1: Develop a product idea
There should be an idea that will have a positive impact on your target audience (read more about market research). It can be anything from enhancing the user experience of mobile apps, launching a photo-sharing app, or anything that aligns with your startup’s core values.
Step 2: Define what you are launching
Figure out the key features and functionality of your project, so that you can build an MVP in line with them. It’s important to understand what the core functions are. What are some typical use cases and scenarios your users will be facing?
Step 3: Design and prototyping
You will need to design the product from scratch. Start by designing a wireframe, then move forward and create interactive prototypes with your design elements. During this stage, your software development specialists will design the different screens and interactions of your product.
Step 4: Research and Development
Conduct market research with your target audience to determine feedback, behavior patterns, and pain points. Your software developers will study the market, user feedback, and data analytics until they gain a clear understanding of what is needed to fulfill the MVP requirements. This step is crucial for an MVP development process as it will help your specialists find the best solution for each problem your product may have in its early stages.
Step 5: Quality assurance
For this phase, you have a team of expert analysts that will assess the quality of your product on different levels – from UX/UI to backend code. At this stage also check for bugs and other issues in the product that could potentially cause problems later on.
Step 6: Launch
The launch is the final step – once you’re ready, go ahead and get your MVP into the market! Once it’s live, you can begin gathering user feedback to adjust your project as you see necessary.
Step 7: Collecting feedback
You should be able to receive feedback based on user behavior, market trends, and data analytics. You should also find out how your product will hold up against competitors by gathering as much feedback as possible.
Step 8: Refine
By doing so, you will be able to determine the performance of your product after it’s launched and what needs to be improved on it. Your specialists dedicated developers will make any necessary changes to the product – from adding a function or fixing a bug – depending on what you find out about your target audience and competitors during this step of MVP development.
How much does MVP Project Development cost?
Once you have a good understanding of what your final product will be like, you can proceed with the MVP development process. Make sure you choose the Best Software development partner that will be able to work with your budget and help you deliver the best results.
MVP development cost usually starts at $5000 for Phase 1 (design and wireframing) and can cost anywhere from $10,000 to $60,000 for the entire process. This will depend on the project’s size and its complexity. For example, if you are developing an app with its own backend, it will take longer to code than a simple website or software product that you plan on launching within a short time period.
However, we can guarantee that every penny spent on MVP development is an investment into the future of your business.
Build Your Successful MVP with our team
We have a team of professionals that can help you with your startup’s MVP projects. If you find yourself in the early stages of developing your product, come talk to us about our MVP development services. We will be able to make your everyday life easier by helping you create an MVP for your business.
Our team has years of experience in the software development sector, and we know how to build effective solutions without compromising quality or price – this is one of the reasons why 85% of our clients are repeat customers! All our software developers are highly trained and will help you meet any project goal – from launching bug-free software to creating an original and functional product.
1. Domain Expertise:
We have experience in the IT and development industries and we know how to build products that best fit our clients’ needs. We will be able to tackle any challenges that you face with your MVP development.
Our team will help you create a scalable product for your business – which means that it won’t cost too much for future development. We always find the best solution for an MVP project and we will help you launch a product on time, within budget, and with great quality.
3. Fast Delivery:
We’ve been helping our clients meet their goals since 2008, and we have the right process in place to ensure that your project will be delivered on time. We’ve helped clients successfully launch MVP development projects with great results.
We are reliable and trustworthy, and we will stick with you through the entire MVP development process. We always keep our clients updated with the progress of their projects, so there won’t be any unpleasant surprises that would derail your plans in their early stages.
5. High-Quality Code:
Our team of dedicated software developers is highly trained and they have years of experience in building fantastic products that fit our clients’ specifications. No matter what you want to achieve with your product, we can help you make it a reality by creating a high-quality product that is based on what your target audience tells us during market research.
Our team thrives in helping businesses succeed and we care about our clients’ success.
MVP Development is a beneficial process for startups who are looking to create functional products that will make their target audience’s lives easier. Our team can help you with this process by providing the right solution for your product at a price that will not break your budget. We have years of experience in the software development sector and we know how to create high-quality MVP software that is based on what your target audience tells us during market research. This will give you an advantage in the market as well as help you reach your business goals. Contact us now.
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Frequently Asked Questions
1. Which is the best approach for MVP development?
There’s no simple answer to this question. It all depends on what you intend to achieve with your project and how much time you have on your hands. If you would like to create a fully functional product with many premium features, then it will take longer but it’s worth the investment. On the other hand, if you’re not ready to invest time and money in development, then it’s better to start with a semi-functional product that has some core functionality at an affordable price.
2. How can you tell if an MVP is good enough to launch?
You should have an MVP that is ready to launch and gather data from your target audience for it. If you are not yet able to gather enough data about your potential customers, it’s a sign that the product isn’t ready. Ask yourself which stage of development is right for you and how much time you want to invest in the project. You should also decide which features will be included in the product and their prices on your MVP launch. This way, you won’t find yourself investing too much into something that won’t help you meet your goals in the long run.
3. Are you a good fit for my MVP project development?
Yes! Our team will help you meet your goals and create a product that fits your needs. We are always up to date with the latest technology, so we will be able to design something that looks as great as it performs in the market. You can contact us anytime for a consultation about our MVP development services – we’ll be happy to answer any questions you may have.
4. How much time would my project require?
It’s a very difficult question to answer, as there are many factors involved in all types of projects. However, we can say that each project is unique and will require different amounts of time. We will be able to give you an estimate based on the information you provide. contact us now.
5. How much will my MVP project development cost?
Our team has years of experience working on high-quality MVP development projects, which means we can deliver you a product that fits your specifications for a reasonable price. MVP development usually starts at $5000 for Phase 1 (design and wireframing) and can cost anywhere from $10,000 to $60,000 for the entire process. This will depend on the project’s size and its complexity.