Mobile App Development

MVP Apps Lets Startups to Spend Little and Get More

Published July 11, 2017

MVP development Apps Lets Startups to Spend Little and Get More

Oh, to be a startup in 2017. We’ve long passed paying the hefty bills a Mobile app development company may cost for an app that you’re not sure will solve a definite problem of your users or not. It was and now possible to build engaging, raw form of your project idea built after building a deep marketing and business strategy—no extra resources required. If there’s a downside, it’s just that it can be time-consuming and requires a fair bit of know-how.

MVP aka Minimum viable product is a product with a minimum set of features that solves a definite problem of users. Let’s get the words straight.

What is An MVP?

Eric Ries, who helped popularize the concept, defines MVP (Minimum Viable Product) as the ‘version of a new product which allows [you] to collect the maximum amount of validated learning about [your] customers with the least [amount of] effort.’

In essence, an MVP has enough value that could prompt people to use it or buy it initially. For startups, it is a good starting point that can help them better understand their audiences and their requirements and define a proper plan for its launch and growth. It’s a low budgeted key to retain early adopters by demonstrating the app features and functionalities. Hence this process helps startups achieve a feedback loop that further guides the future development.

Now we can fairly say “MVP’s key aim is to reduce resources, save time, engage your first users and provide your potential audience with a solution quite quickly to get real and useful feedback”.

Facts That Supports MVP’s Necessity for Startups

  • 74% of high growth internet startups do not succeed because of premature scaling;
  • At the same time startups that scale properly grow about 20 times faster;
  • 29% of startups run out of money before they are fully established.

How Can You Benefit From Developing An MVP?

1. Minimize initial development costs

You can drastically trim down the development costs by opting for an MVP since its feature set is minimal, requiring less time and manpower to bring the software to life.

2. Test your business project by quickly moving to market

Get your idea tested by airing your software into the hands of targeted users. Check if it merits in successfully in solving the key problems of users. Also, you can fend off competitors by making your software go LIVE much quicker than a full-scale version in a shortened timeline.

3. Get your early adopters and first paying customers

Create early customer relationships while you test the validity and viability of your new software. Attract potential customers who are engaged with your product. Furthermore, with the ongoing testing process, you can get your first paying customers, adding to your source of income.

4. Get Users opinion about your product

As you test your MVP amongst your audiences, you start getting the feedback from the users and if the feedback does not align as per your plans you can quickly pivot to the alternate defined path for your software that can better match the demands of audiences. This way you can adapt and react more efficiently.

5. Save your time and efforts

MVP development saves your efforts and time. It helps you to plan your startup with great wisdom and peculiarity without stepping ahead recklessly.

Types of MVP

  • Wireframes;
  • Mockups;
  • Explainer video;
  • Landing page;
  • Website;
  • Mobile app;
  • Software prototype

The Final Thought

By building an MVP you can also better understand your core idea and make notes of the most vital features and tasks of your startup.

Featured Blogs

Read our thoughts and insights on the latest tech and business trends

The Benefits of Augmented Reality for Business

There’s no denying that Augmented Reality Benefits Businesses and poses a big move in the Retail Industry. From Pokémon Go to IKEA and from Snapchat to L’Oréal, almost every business is trying out its luck... Read more

How AI is Revolutionizing the Automotive Industry

Artificial Intelligence (AI) has sparked a huge talk in the Automobile Industry. The potential of AI in automotive industry is not limited to self-driving cars, it unlocks various features of comfort for everyone. Imagine AI... Read more

Augmented Reality in Retail Transforming the Retail Industry

Augmented Reality in Retail! A hot topic ruling over customers’ hearts and the bottom line of retailers. Gone are the days when retail stores struggled to capture the attention and engagement of tech-savvy customers. With... Read more