Why is MVP a Good Idea?
Every software development company or startup is developed with the vision of creating the next best app or software that will completely revolutionize and disrupt the tech sector.
While most companies end up achieving their vision much faster, others have to struggle to get their idea off the ground and into the hearts and minds of customers. In fact, nearly 90% of all startups crash and burn before they can take off.
Therefore, most software agencies have came up with Minimum Viable Product (MVP) strategy to test out their idea in the real world without fully developing it, or spending hundreds and thousands of dollars on it.
Instead, the MVP lays the foundation for the future success of your product by minimizing inaccuracies. This article discusses all of the benefits you can experience by making use of it.
Before you start brainstorming on creating software based on the perfect idea, it is always wise to spend some effort designing and developing an MVP. This helps gather vital feedback from potential users.
Based on it, you can eliminate the unnecessary features of your product and replace them with attributes users find practical. In the long run, this facilitates the development process and reduces risks and saves you resources.
Among the successful companies that started as MVPs is Dropbox, the world-famous cloud storage provider. Dropbox approached their MVP even more simply: they introduced an explainer video that covered Dropbox’ features. This was enough to sell the product.
Another example is Spotify, the leading music streaming platform. The company developed Spotify AB, their first prototype, in 2006. Now, the service reports 365 million monthly users worldwide.
So, it’s pretty clear that developing an MVP before the launch of your product is a smart move. Once you have made sure that the potential customers resonate with the essence of your product, you can expect to gain profits from it.
Let’s look at five benefits of using MVP before developing custom software.
MVP vs Custom Software Development: What is the Difference?
Most software development companies consider MVPs to be a better approach than heading straight for custom software development. It helps them develop the bare minimum but the usable version of their software, which customers and testers can gather feedback.
An excellent example of this is Airbnb, which started as a website that only provided accommodation to the attendees of a design conference in San Francisco.
On the other hand, custom software development involves the creation of full-fledged software, which is usually released into the market without gathering any feedback from its target audience.
It is a long and tedious process in which developers have to change the project specifications and functionality several times before a final version comes out.
The main difference between an MVP and custom software development is the project scope, which is much larger in the latter.
Secondly, there is also a difference in the commitment and timeline that you set. When you are designing an MVP, you have to work hard for it, but it takes much less of your time than complete software.
5 Reasons to Create MVP First Before Custom Software Development
If you think that developing an MVP means giving your users a second-grade product, think again. An MVP will retain the quality that you expect to have in the finished product, with the only difference being that it won’t have all the functions and features right away.
1. It Gives You Feedback and Publicity
One of the biggest benefits of creating an MVP is that it introduces you to your customers in the form of a target group, who will test it and provide you with valuable feedback regarding its appearance, functionality, and other factors. You can leverage this feedback to make your final software better.
2. It Saves Money
As mentioned above, building an MVP helps you save money on the complete software development since it will enable you to iron out any problems or kinks in your software idea or its functionality.
3. It Takes Less Time
Along with being cost-effective, creating an MVP enables you to build a working model of your software in much less time. If you go straight for custom software development, you will have to wait a long time to see a realistic form of your idea.
4. It Keeps You Focused
When you start developing an MVP, you can pick out one feature or function that you would like to work on, and it helps you gain more focus regarding the purpose of the software, your target audience, and what needs the software will fulfil.
5. It Proves Credibility for Investors
Last but not least, when you develop an MVP, you are giving investors an idea of what you can do if they fund your project, rather than showing them heaps of documents with your app idea, business plan, and other specifics that can drive them away.
Ensure the Success of Your Idea by Using an MVP
In a nutshell, an MVP helps you breathe life into your software idea and show its viability to your target audience, as well as investors. Not only does it help you save time and money, but it helps you refine the ideas a little more before you go into final production.
Therefore, you can benefit significantly by using an MVP for all your future projects, and it will help you develop new software with much more finesse.
