Everything You Need to Know About Minimum Viable Product(MVP)
This article throws light on Minimum Viable Product abbreviated as MVP and lets you know everything about it. You will get to know the details like what is MVP, how to build MVP and how much does it cost to build MVP. So, let’s get started.
What is Minimum Viable Product(MVP)?
MVP or a minimum viable product can be elucidated as a development technique to develop an app/product or website with sufficient features to satisfy the first adopters. In an MVP the complete set of features is only designed and developed after getting proper feedback from the product’s present or early users.
In other words, an MVP- Minimum Viable Product is a product with enough features for garnering validated learning about the product and its continuous development. MVP is said to be the most basic version of any product which the makers want to launch in the market.
MVP are often called as prototypes. By introducing the prototype version in the market, companies usually want to gauge the response from the buyer’s perspective.
By applying this technique, the company makes the product much better before its final launch. Because of this MVP concept, the research or the marketing team of any product will get to know about the fall out of the product, its strengths or weaknesses.
The basic concept of MVP is to get proper feedback from the consumers or buyers about the product so that they can improve it according to the user’s desires before the launch of the final product.
Through MVP companies test the usage scenario rather that is much more helpful for the company to make changes in the product before finally launching it in the market.
How to build MVP?
Before building an MVP, you need to decide whether you want to follow the MVP pattern or not. If you are confident enough that your targeted audience and your project is a way to grow your business, you can follow the “release early, release often” approach of Agile methodology. It’s pretty easier than garnering knowledge about the world in an iterative “build-measure-learn” manner.
Elucidate what makes your product stand out in the market. What’s so unique about it? On what kind of problems it is supposed to work? How significant is the problem? Who’s going to face this issue?
To develop an agile MVP, the first and foremost requirement is the experience. If you have already decided that you want to involve this strategy, then your first task will be finding a professional software development company who has the idea to track user activities and also gather the feedback.
Your development camp could help you to explain minimal work scope, but your task is to make it viable. At first get your initial adopters and convince them to be the first one who can get profit out of your idea. And then let them think, they are ahead of the future.
If you are following this MPV approach, not just hope that “the idea will work out as expected,” is required but it also requires an ability to learn from the feedback, remove those unnecessary things from the project and to focus on the fall outs your MVPnis supposed to solve.
How much does it cost to build an MVP?
The cost to build an MVP by a professional developer will cost, around $15,000-$20,000 approximately. Oh yes! You will get proposals from few developers if you want to compare the market price.
Many freelance developers love working with entrepreneurs and develop MVPs & prototypes. So before you consult with a developer, one thing you need to make sure is to pare down the list of desired original features, or otherwise, it will get pricey if you want to build every little thing.
The developer you will work with is likely to have a high opinion about tools and technologies, so you need to make sure that you understand which is important and which one is not.
Concluding the whole thing it can be said: Don’t waste your business capital on a product no one will be interested in buying or end up creating worst technology products. So get some creative ideas and give strain to your brain and think a bit harder about what are the minimum things you can do now to avoid such consequences:
- The first step would be selecting one MVP strategy that you think will work for you
- Then chalk out a simple plan to execute on it.
Which method will you choose? It will depend on your purpose of creating the MVP. Whether you are testing the appeal of the idea of some particular type of user? Or you just want to learn the killer tactics? Or you just need to generate the revenue?
- It about tackling the biggest risk, right now you are facing.
- In this way, you will go to market, by doing one small experiment after another.
So MVP or minimum viable product is therefore not a product that can be sold out. It is just a minimum viable go to the market step.