Why Minimum Viable Product (MVP) Is Necessary For Your Business?

  • By Nikita Deshpande
  • 20-06-2019
  • Technology
minimum viable product
It is important for any entrepreneur creating mobile/web apps, be it of small or big business, to know how an MVP (minimum viable product) affects their business and helps them test their ideas in the targeted market before the release of full-product.
 
An MVP, in simple terms, is a product or a prototype, which contains enough features that validate the user or the consumer to know what the product is all about and in which direction the development of this product is heading to.
 
Once the planned web or mobile app is designed and tested, the user feedback gained from the testers aids in creating the final full-featured application and adding the supplementary features.
 
The apparent benefits of an MVP in your business are many, like for e.g. bringing your product to the market sooner, reducing costs, giving your valuable improvement ideas to build on and so forth. Here we discuss these benefits in-depth.
 
How will your business benefit with a Minimum Viable Product?
Your business can use the MVP to avoid the “all or nothing” issue that often plagues entrepreneurs while before they start on mobile app development.
 
Attention only on the vital features of the product
During the process of product development, the team may focus on the targeted customers’ needs, but this may end up with a complex product that has lost its core value. The addition of supplementary features to the product is one of the most common mistakes that contribute to a production mess.
 
The MVP allows the team to focus on the core value of the product and enables them to add only the key features that the customer needs. It helps them define what is needed and should be mandatorily added to the app and what is not needed.
 
Thus, this way an MVP helps the team in avoiding resource wastefulness and to pay attention to the vital features that will contribute to the product’s success in the market.
 
Testing the product in real-market conditions
 
testing the product in real market conditions
 
Testing the product internally doesn’t necessarily guarantee the success of the product in the market. There are many factors involved in the real market like trending technologies, market competitiveness and the economy that influence how the product fares in the real world. The only way to experience these factors and prepare the product for the future and evaluate its performance is through an MVP. A minimum viable product’s objective also includes building an agile process where the product is released, tested and then enhanced as the development process progresses.
 
Minimizing project development costs and saving time
The more complicated the product, the higher the investment it takes. For every additional feature and design, the more you have to pay. One of the main benefits of a Minimum viable product is that it needs a minimum of resources.
 
As the company focuses on the main features of the product during the production- this saves time, cost and effort needed to launch the product. Therefore, instead of spending a lot on the product development, that isn’t guaranteed to do well in the market, the team speeds up the process by releasing a minimized version of the product to the market. This is one of the reasons why it is so central to the lean start-up methodology.
 
If the product achieves success in the market, then the ROI on the product will be rewarding. It will help the business to invest in the product confidently. On the flip side, if there are issues with the product, then the organization has the decision to either solve the issues and improve the product or to kill it immediately avoiding further loss in cost, time and effort.
 
Attract Investors
Attracting investors with a minimum viable product is a benefit that is especially appealing to start-ups and SMEs. You can’t attract an investor with just an idea, you have to have something to showcase. An MVP will give you something more serious and developed. It will also give you a perspective than just your thoughts and plans. It will give you more leverage to get noticed by interested investors.
 
Accelerate your learning curve
One of the most essential lessons while releasing your product in the market is to learn about the real-user experience. These lessons are something that cannot be learned by reading and research but solely through experience. Thus, releasing your product in the market with an MVP will help your team to learn more about how the final product needs to be, by using the customer feedback to improve the existing version.
 
Conclusion
The MVP may differ as per company needs- it can be a demo version to learn user reviews or a real product to learn about user experience. Regardless, an MVP development can give you a better understanding of the core idea of your product and underline the most important tasks and features of your business.
 
It can save you the many unexpected and unpleasant surprises that may happen when the product finally reaches the market in the future. More importantly, however, it can completely transform your production process from linear to a more agile and iterative process that is more responsive to customer needs.

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Author

Nikita Deshpande

Nikita Deshpande is a Content Developer at Intelegain Technologies, a software development company based in Mumbai, India. As a thought leader, she likes to pen down her thoughts on various subjects including Enterprise Cloud Solutions, App Development, Blockchain, Artificial Intelligence and more in blogs and articles.

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