Have you thought about why some of the exciting apps created with advanced tools by app development companies fail to survive? What successful platforms like Airbnb, Facebook, Uber, have done, right?
Here we will help you understand why certain mobile and web apps fail and how critical is MVP for making an app sustainable and profitable?
MVP can be explained as the product structured with the core functionalities to test how the target audience will respond and further receive feedback for product improvement before the final launch. Creating an easy to use MVP with basic functionalities is all it takes to learn if there is demand in the market for the product. Include the right prominent features that differentiate your product from that of competitors, and provide values to customers in a whole new way.
I will first talk about the mistakes while developing MVP to help understand what should not be done in the MVP development process.
Mistakes done while developing MVP.
1. Strategy not in place - MVP is not the final product. Still, many entrepreneurs fail to understand this, and in a rush to impress competition, market, and the audience, they tend to launch the product with all the features and huge investments. If the market rejects the product, there is no strategy, nor sufficient funds in place for additional features and further improvisation.
2. There is no clarity over the core competencies - In a rush to beat the competition, many startups do not spend sufficient time understanding the benefit derived from each feature of the app and the value it will provide to its users. Thereby there is no clarity about which core feature should be part of the MVP. They end up choosing the minimal features that are neither in line with the customer's need nor with your business goal. As a result, the MVP ends up having minimal features that are useless to potential customers.
3. Inexperienced team - Developing an MVP requires a very dedicated team with an eye for detailing. If deadlines get missed, and proper analysis of user feedback does not happen, the purpose of investing time and resources goes in vain.
Now that you know the mistakes that should be avoided while developing an MVP let's understand how to develop one.
How to develop an MVP?
1. Market research - This is of crucial importance. You can't create a strategy and launch a product without understanding the market, product demand, supply, competition, user persona. List down answers to queries like:
- Do you have anything special to offer, or it needs to be created?
- How are competitors surviving?
- What do customers love about a similar product?
- What is the biggest USP of the competition app?
- Where does the opportunity lie?
Tools for market research
- Web surveys
- Polls via emailers
- Online community surveys
- Personal interview
- Analyze existing profile
2. Know the core - What is the essence of Facebook? What value does Zomato provide to its users? For Facebook, it is the news feed, and Zomato provides restaurant listings. A clear purpose helps you develop functionalities around for launch, new users, engagements, and monetization. Also, it helps to build interactions with the audience. You know the core purpose of the app and the most essential feature that the user needs like search options, buying, order placement. MVP needs the product to be launched with the core feature, and not all the features so understand well this particular factor.
3. Build MVP - Once you have decided upon the main features and have learned about the market needs, you can create your MVP utilizing the data collected from the market and the core functionality of the app. Let me explain a little more with a case study of Groupon - they knew with all the market research data that the concept of vouchers and discounts are old, so what should be the differentiating factor. Groupon took its product to a whole new level by launching with a WordPress site and regular PDFs being emailed to subscribers. The test worked out well, and the company then built its voucher system and robust backend, driving immense success.
4. Build engagement - Now, list down the audience you want to engage with, what is the age group, income level, professional or students, let's say if its medical-related apps may be your MVP should focus on interacting with a group of doctors, making them work the app and get feedback from them for improvement. Take a look into the case study of AIRBNB, for testing the idea they provided accommodation for those who came to town for attending a design conference. Brian and Joe took a few pictures of their loft, created a basic web page, and soon had the next paying guests. Finally, the idea tested worked well, launched, and the rest is history.
5. Measure MVP - You can measure by looking into:
- Word of mouth created
- Engagement by users in the app
- Online feedback
- Users added per week
- Retention rate
6. MVP improvement cycle - With all the process of market research, knowing the core features, development of MVP, engagements, you now have data reflecting the market sentiments. A proactive approach is required for collecting user feedback after the launch. Subject to the suggestions or feedback, you need to work on product improvement, check, and test again until the best result is achieved.
As an experienced app development company working with the clear agenda of developing successful apps for startups, we understand that innovation is the key and that one should never be afraid of testing the idea and improving it for which MVP lays the foundation. It ensures you are working in the most well-researched way with limited budgets. Please share your ideas with us, and we will be more than happy to create a framework around the same.