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Having a great business idea and presenting it in front of the world are two very different things. If you have a mobile product and are quite uncertain about launching it formally, an MVP can help you take a viable decision.
What is an MVP?
An MVP is the acronym for ‘Minimum Viable Product’. It is basically a mini version of your product with enough features to test the viability of the product and generate potential excitement about it in the market. It helps you efficiently tests your concept without spending a fortune or time on the endeavour. You can get valuable insights to optimize your product and analyze if it resonates with your target audience. In all, it contains the core features of your product and what you ultimately hope to achieve. It also provides a clear idea about where you stand and helps you figure out what exactly needs to be done.
Below are 7 significant reasons that make MVP the best Way to start Building a Mobile App:
1. Minimizes your Initial Investment: Though you try your best to showcase all the core features of your actual product in a MVP app, yet this early version of your product is still a cheaper alternative in comparison to the full version. It consumes very low investment and thus, in case you need to retool it or completely abandon it, it won’t cost you a fortune.
2. Helps You Define Your Value Proposition: When you define an MVP, you are forced to define your value proposition. You need to critically examine your vision in detail and ascertain the value it provides to your customers.
3. Allows you to test key business functions: An MVP app helps you test the key functions of your business. You can test the marketing and sales of your product and also analyze your business model assumptions. This gives an honest feedback, providing you with a chance to improve on the weakest functions of your product.
4. Strengthens your Case: MVP demonstrates the feasibility of your product and strengthens your case to discuss the idea with the investors and know their opinion on it. This will also help you bring funding from the investors who find your concept interesting and appealing.
5. Reduces rework: Agreed that for a MVP you would need to conduct a thorough market research and spend sincere efforts in designing, but you still get saved from the risk of wasting development efforts for a product that has an unpredictable future. Until and unless you release the product to the world, you just cannot anticipate the reaction of your potential customers. MVP helps you reduce the cost of rework, if required, and be more responsive to the market feedback.
6. Helps you develop an early relationship with consumers: Having an MVP app helps you start developing relationships with the early adopters of your product. Their feedback will help you evolve and validate your proposition. It is said that there is no better publicity than the ‘Word of Mouth’. These early adopters are your excellent campaigners who can really help you build a strong community around your product.
7. Powers product evolution: An MVP is launched with the most core features of your product and is your first face with the users. It helps you create a user base that can provide you with valuable insights and feedback about the product. You can then use these suggestions and statistics to develop your product. It is a perfect opportunity to actually evolve your product into better. There have been apps where the finished version is miles different from the MVP app initially rolled out.
8. Reduces Go-to-market time: Well, from idea to release can take ages, of course depending upon what you’re creating. Since a MVP is somewhat like a soft launch of the product with the core features, it helps build people’s interest into the product and get them hooked to it, even before the release of the full app.
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