Work hard on a pompous launch of your product without any customers in the beginning.
Work hard on a product your customers can use, review, and share feedback before you launch the final product.
Let’s help you with the dilemma!
Think of any big brand or product you have used for years and love. Now, think of its launch event. Do you remember any?
The answer most probably would be none.
Next, what do you love about the product you thought? Its features and functions.
The product launch is when you get customers who start loving your product. And your magical launch is when you become the buzz in the town. So, you must skip the magical launch and focus on getting some customers soon.
Mobile app developers believe it is difficult to comprehend when the problems and solutions are shared in mere words. Once the user has a product, they can use the issues can be easily understood. All the world’s market research and reports are good, but if you don’t have a product that people can use, you can’t be sure if it will work.
Thus, instead of investing time in other things, build a product that your customers can use and review.
- What Is an MVP?
- MVP vs. Prototype: Understanding the Difference
- The Importance of Building an MVP
- How to Manage an MVP?
- Some Examples of MVPs
- Start with Market Research
- Ideate Value Addition
- Map Out User Flow
- Prioritize the Project Features
- Launch Your MVP
- Examine the Results
- Choosing the Wrong Problem to Solve
- Skipping the Prototype Phase
- Targeting the Wrong Segment of Persona
- Inappropriate Development Method
- Confusion Between Qualitative and Quantitative Feedback
Here, the concept of MVP, or Minimum Viable Product, comes into the picture. Before we start with all the hows and ifs, let’s first understand what an MVP is and how it differs from a prototype.
What Is an MVP?
MVP, or minimum viable product, is the basic version of your solution—creating the product with core functionalities and features. It is to test how your audience would respond. If you enter the market with a digital solution, your development team can get users’ responses and reviews and improve the product.
Because the agile methodology is built on validating and iterating products based on user input, the MVP plays a central role in agile development.
MVP vs. Prototype: Understanding the Difference
Simply put, the primary distinctions are:
A prototype’s and an MVP’s scopes are very different. A prototype requires relatively little time and effort. The goal is to fast adjust, adapt, and discard ideas while creating various prototypes.
An MVP is less likely to be fully abandoned once you’ve invested time and money. Even though the MVP concept is built on the capacity for cost-effectiveness and quick changes, completely scrapping it and starting over will still be difficult.
A prototype is almost the final product that cannot be abandoned or modified that easily.
The MVP is built for a select user type that would explore the application’s functionalities and share their feedback.
In the case of the prototype, the app is available to a wider audience, and the modifications made aren’t the major changes in the application.
Prototype ≠ MVP
Now that you know what makes an MVP different from the prototype, let’s understand why it is important to work on the MVP even if you would have a prototype surely.
The Importance of Building an MVP
MVP is giving your app idea a face without including any additional functions. The MVP is your application on a minimal budget to understand the features to work. The testing here is easier, and the modifications can be made with lesser effort. Some of the major reasons why working on an MVP is a smart move are:
Early Testing Opportunity
Knowing if your app idea is acceptable in the market before you invest in its full-fledged development is good. You would also need a budget for marketing, advertising, and other aspects, so you should test the response before you work on the action plan.
User Understanding and Gathering Feedback
It is not bad if you take your potential users’ opinions on the look and feel of the app before launching it. They can help you with minor issues and review the application’s features and functions before it goes live in its acceptable form.
Your MVP will help you understand your application’s practical implications and your target audience’s response. Since the app is your brand identity over the internet, you can review it before it enters the market.
Time-Saving Development Approach
An MVP can help your dedicated development team to save time. They prepare a basic product, test it, validate it, and then work on its aesthetics and other aspects. Once the work is finalized and accepted by the audience, there is no looking back.
Yet another business aspect to consider. With an MVP in the market, you would be clearer with your investments. You can analyze and divide the budget in a way that brings you the best returns on your investment. An MVP is a wise way to make mobile app development strategy better.
There are a lot more points that reflect the benefits of building an MVP. We would consider two major aspects: budget, time, and MVP save.
So, connect with the right app development team to help you with an MVP that earns great profit in a limited time.
How to Manage an MVP?
If well managed, the MVP becomes a test, implementation, experimentation, and customer acquisition tool (starting from early adopters to conquer the world).
If well managed, it is the necessary premise.
The concept of “well managed” encompasses speed of execution, containment of expenditure, and compliance with the promise made with the Value Proposition.
How much money does it take to create the MVP? If the answer is tens of thousands (or even only thousands), stop for a moment and think about it. How long does it take to create the MVP? If the answer is 6 months / 1 year, stop and think about it. There are several features on which the pricing of the development of MVP for a mobile app will depend. These factors are similar to building a whole mobile app ready for launch.
The validation of the idea, as well as the optimization of the Product Market Fit, must take place quickly, with a minimum expenditure of resources.
The wrong thing is to invest time and resources looking for perfection that customers could perceive as unhelpful.
MVP – WHAT TO DO:
- Develop quickly and spend little (one of the steps you will surely have to do is choose a hosting plan for MVP)
- Create an MVP with all the essential characteristics of the product (that is, it contains all the characteristics that express the authentic value of the product or service, in line with the Value Proposition)
- Define evaluation and analysis metrics
- Monitor user behavior and listen to feedback
- Improve the product/service by listening to the market
MVP – WHAT NOT TO DO:
- Create a prototype, focus on unnecessary features and features not in line with the Value Proposition (spending too much time and resources);
- Be afraid to question the idea (or some features of the service/product);
- Be afraid to test other MVPs;
- Don’t listen to market feedback.
Some Examples of MVPs
The best service providers and companies started back as MVPs. Constant reviews and feedback from the users made them what they are today.
Let’s look at some of the biggest names that reflect how vital MVP is for the success of your business.
Back in 2004, when our favorite social networking site was launched, it was an MVP to connect students of schools and colleges via messaging.
It was launched to share notes, connect friends over a platform, and organize gatherings as and when required. What started 2 decades back as a college group today has 1.3 billion active users.
Odeo entered the market with a microblogging program called “twttr.”
The platform started as an internal resource for Odeo staff members. They chose to offer it to the public because it received positive team feedback.
However, this social network didn’t become well-known overnight. After the 2007 SXSW festival, additional supporters joined the initiative. And in the modern era, Twitter is an excellent illustration of how to build a social media website. Platform revenue for the second quarter of 2021 was $1,190 million.
By taking on the likes of Barnes and Noble, who were mostly still operating in the brick-and-mortar era, Amazon was established to sell books online. That was all they required to grow and establish their business in the retail industry. Originally built in 1994 to concentrate on books at a low price, with a simple web design based on an MVP.
Groupon has achieved new heights through sharing and socializing with coupons and discounts. At first, WordPress was used to launch Groupon, and subscribers received emails containing standard PDFs. It was successful in testing with the aid of an MVP. As a result, Groupon developed its backend and voucher system, propelling it to even greater success.
A demonstration video to illustrate the service offered. A landing page to explain the service. Here is the Dropbox MVP. Simple, fast, and useful to collect contacts, customers, and information (without the service being implemented yet).
Another example that I like is Airbnb. It was 2007 when Brian Chesky and Joe Gebbia came up with an idea (which would later become Airbnb). How to validate the business idea quickly and for little money? They found the solution by opening the doors of the San Francisco lotus apartment to 3 guests who had not found accommodation in hotels in the city (all full due to a design conference). So they photographed the apartment, uploaded the photos to a website, and launched the Airbnb MVP.
The best in the business started somewhere…built a tribe…worked on the reviews…and reached the zenith.
The Step-by-Step Process to Develop an MVP
Although MVP has limited features and isn’t the final product, planning is important before we start working on it. We share SIMPLE steps to building an MVP that helps you understand the market response and analyze your product.
Start with Market Research
When working on product development, the first thing is understanding the market and users. Analyze the industry’s existing products, and list the best features, unique points, and loopholes in existing solutions.
Also, understand your buyers’ persona to develop a product that helps you earn great profits and lure loyal customers.
To target the right audience considers the following points:
- Check reviews and feedback by users on other competitive applications
- Give users a reason to make the purchase
- Consider the geographical limitations and conditions
Ideate Value Addition
The idea of your application must be clear and robust. The application’s name plays an important role in reflecting its idea, but the major significance is the function and looks of the application. The app must reflect the problem it is solving and what makes your product stand out.
Also Read: Tips for Picking the Right App Name
Map Out User Flow
You must be clear about the design process and the user flow. It would help you and your development team save time and energy. Also, it would streamline the development process and help you enter the market faster.
Prioritize the Project Features
you must be ready with the list of features you want to integrate into your application and then select the features you want in your MVP. This would help you analyze the response to your application soon and reduce the time to market.
Launch Your MVP
Once your MVP is developed, be ready to take it to the market. Here is the final test begins. Ensure your MVP isn’t overloaded with features and functions that may damage everything.
Your MVP is expected to attract customers and solve their problems with ease.
Examine the Results
Use your feedback and review to modify your MVP for a more customer-friendly solution. Also, check for the points that didn’t work for you and find alternatives. This would help you build a strong presence in the market and be at the top of your game.
It’s just taking the first step that needs courage. Moving forward needs a strategy and an action plan.
Development Mistakes to Avoid While Building an MVP
As your development team decides to work on the MVP, consider a few things to reach the right goal. A minute mistake may leave you in an utter state of confusion and misguide the complete process.
Choosing the Wrong Problem to Solve
What if you enter the market with a product that doesn’t solve the right problem?
Maybe users have a different approach to the problem and expect a solution that aligns with the same scenario. In this case, they would skip your product and take another available solution.
Skipping the Prototype Phase
One of the major mistakes most people make is skipping the prototype phase. With a prototype, you would know what your application looks like and how long you could survive the market.
Targeting the Wrong Segment of Persona
When you choose the wrong segment of people to take your MVP forward, the reviews won’t help. It would spoil the essence of your application and may divert the product from its problem.
Inappropriate Development Method
With the wrong development methods, your product will be spoilt. Your development firm must follow a method that helps you stay involved and grow.
Confusion Between Qualitative and Quantitative Feedback
You must consider genuine users feedback. Do not go for review by many users, just some quality people who would genuinely need the app.
These are some silly mistakes that your development team needs to avoid to deliver an efficient and exciting solution.
Measuring Success After Building an MVP
Word of Mouth
Ask people what they liked about the product and what didn’t work for them. This would help you build a connection with the users and understand their needs better.
The engagement on the application reflects not just the present worth but also the prospect.
The easiest way to gauge users is to ask them sign-up to the application. The solution must have high user engagement for great results.
Better Client Appraisals Based on the Feedback
The lighter your app, the better engagement. Lighter apps are easier to download and thus drive more traffic.
Percentage of Active Users
The number of active users reflects the application’s popularity and utility in the market.
Client Acquisition Cost (CAC)
Customers acquired via the channel over money spent on the channel.
Number of Paying Users
It is the average revenue earned per day concerning active users.
Client Lifetime Value (CLV)
How long a user uses an app before deleting or stopping it?
Churn displays the quantity or proportion of users who have removed or stopped using the app.
Churn is calculated as follows: number of churns every week or month / total users at the start of the week or month.
MVP Implementation Drawbacks
Missing the Priorities
With the MVP constructed, you must understand when to stop. A failure to set the goal may divert the focus to the incorrect solutions and have unfavorable effects.
You must precisely work on the product concept before they enter the development phase. By doing so, you’ll be able to identify the problem you’re trying to address and the kind of solution the described problem will require while developing an MVP.
Not Experimenting Enough
By developing an MVP, you successfully identified an issue. Now you must look forward to marketing your product at a reasonable price.
However, remember that for proper marketing, consumer communication, drawing, brainstorming sessions, and so forth shouldn’t be overlooked.
Otherwise, your product may fail to stick to the latest trends and customer needs.
With little feedback, you may need help entering the market with a reliable solution to help you survive. Take your product to a bigger group and consider their feedback and reviews before you launch the final product.
Do not overload your MVP with lots of functions. It just needs to have the basic functions and features to be reviewed.
Starting late on working on the MVP would be the next hazardous thing in the picture. Start early, get the reviews, and work accordingly.
So, yes, the struggle is real!
Wrapping It All Up!
If you don’t want to bear the loss and ditch the post-launch stress, ask your developer to build an MVP that would help you better understand the customer response. Once you know what your customers are looking for, you are already way ahead of your competition.
Good luck! Doing business is not for everyone; you need it!