December 8, 2023

What’s MVP and Why You Need It

The modern market doesn’t give a lot of room to be mistaken. Every first attempt can be the last one. That’s why methodologies for business starting offer diverse testing approaches and are the scope of active investigation nowadays.

Written by
Serhii Uspenskyi
CEO

Table of Contents

In such competitive markets as IT, it’s important to ensure that your concept conforms with actual market needs and ergo has a strong potential to find its own place on the business map. Developed some time ago the lean methodology offered an additional stage of any new project implementation - MVP development.

MVP application development: what, why and how

Minimal Viable Product is a light version of the planned project created to test it in a real-life environment and receive the actual feedback for a solution without significant financial contributions. Unlike proof-of-concept (POC) and prototype, it should be a simplified model of a complete project.

The goal of the MVP development framework is to present the essence of the product in the functional form to define:

  • weaknesses of ideas, technologies and approaches it based on;
  • measure the interest level of customers and investors;
  • more accurately define the targeted audience and required functionality.


Such release minimizes risks that have any new product before, during and after the production. It allows establishing the background for further solution distribution, finding additional investments and starting building the client network. Some customers don’t mind to support or even adopt a product in the early stages.

Why MVP development approach works

According to Go-Globe in 29% of startups exhaust available funding before its establishment is completed. That’s why engaging yourself from day one in the full-version concept development extremely raises the available risks for a new business.

MVP approach

For MVP startup development is the prime scope of application. However, it can be used for the concept implementation, for instance, of the custom CRM for internal use and testing it in real-life conditions to ensure its workability and efficiency.

Depending on the concept, MVP cuts project time and price estimation in 5-15 times allowing adhering to established budget and deadlines set for the full product. Moreover, once the testing is complete you can adjust the initial strategy to raise its potential and cost-efficiency.

This statement is backed up by multiple success stories. Such world-famous IT solutions for different scopes like Instagram, Foursquare and Airbnb adopted this part of the lean methodology built their success on initially focusing the customer needs.

MVP development process

As with any project planning, it’s not all about defining the list of features and choosing a technology stack. These steps are in the queue but you need to start from the following MVP development stages in the successive order:

Market research

The start in the manner I have an idea - let’s do it is stepping on the slippery path. Any concept should be backed up by thorough research to define the aspects listed below:

MVP research

Problem to solve

Simple problem definition is the basis of the full and MVP product development process. You should build a vision about an idea or a concept from the user angle. Don’t fixate on one already formulated approach when you’re answering the questions.

  • What issues does it solve?
  • Do people actually require this product?
  • How efficient is the solution?
    Be prepared to start small to leave your product the room for growth and avoid over evaluating your possibilities. The problem should be clear to connect your solution with the users.

Targeted audience

Who are these users? Divide the people who have the defined problem and potentially are willing to solve it with your solutions by age, lifestyle, income, etc. Since you provide a single product you should be able to attract each segment with its unique demands for it.

Competitor's vision

Learning on someone’s experience is a way to avoid your own mistakes including overlaps with existing projects. Otherwise, it can lead to additional negative consequences besides market failure. This way you can shape your growth, marketing, and strategy.

List of requirements

Once you have a concept and its area of influence its time to specify the assignment for developers - what exactly needs to be done. To do that you should start with forming the whole picture of the product by defining:

User flow

Your product besides a primary aim also has micro goals specifying services you’ll provide with your solution. At this point, you should basically outline what steps a user should go through to achieve that goals step by step determining the project structure.

Features

Once you had a structure you should start dressing it up with features mapping the layout of user experience. Focus on the basic ones gradually widening the functionality to complete the project picture.

Priorities

Now it's time to find the form for the full project and MVP by cutting out excessive and leaving the minimal essence containing some must-have and desired features. It will allow performing required product testing in the market environment on a short-notice and without vast expenses.

MVP development

Concept implementation

When the idea is organized you can proceed to the setting of the project development by defining the stack (you can do that with the chosen contractor during a discovery phase), team members (in-house or remote) and managers, deadlines, budget, and other demands. And in particular:

Creation

Set resource limits for the development of MVP should be adhered strictly otherwise the process will lose its sense. That’s why you should find the alternatives in tech and set the agile workflow running to ensure a necessary efficiency.

For instance, if you plan to provide a native app than even MVP mobile development with this approach will be quite pricey, That ‘s why if possible it’s better to sacrifice the top performance to a slightly lower to fit in the budget and time frame and send an app to a market journey.

Testing

MVP isn’t a draft in its full meaning. This product should be well-tested to prove the workability of the concept and polished to prove its market surveillance.

Distribution

Ensure that your project finds its customers and investors by providing it with platforms and events to showcase and earn the audience that will ensure the gathering of the required metrics.

Examination

Size up the level of progress to define what needs adjustment as well as the whole concept potential for financial and overall success.

The important thing to remember that the creation of a Minimum Viable Product isn't the way to build the complete project for a smaller price. Cutting down expenses on product implementation is on the list of MVP benefits. But it's achieved through more sophisticated strategic planning and not by saving on the solution quality and functionality.

MVP done: what's next?

If your MVP finds some appreciation you can proceed with the full version app development adjusted in accordance with feedback. Now you have some audience, new investors and a reliable tech partner - the actual ground to stand on steady enough. Based on the support and empowered by renewed motivation you can build the road to success without the high pressure of multiple risks.

Providing ready-to-use web&mobile solutions Springs is also an MVP app development company. Our approach allows meeting all the project requirements within the set budget and time. You can review the case study of the product for the successful US startup who decided initially to go minimum and viable.

Customer retention is the key

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What are the most relevant factors to consider?

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Don’t overspend on growth marketing without good retention rates

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What’s the ideal customer retention rate?

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Next steps to increase your customer retention

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