Building a startup is a risky endeavor since it often has to do with implementing technologies that are new to the industry, creating a never-thought-of-before service or product. While it is tempting for business managers to build something innovative and groundbreaking, there’s always a risk that a project will be irrelevant to the end-user.
In order to be confident that your future project will appeal to a prospective audience, you need to validate the idea before spending time, money, and effort into designing the tool. Creating a minimal viable product, also known as MVP, is an efficient way to do it. In this post, you will find out what is mvp in software development and why there’s no way for your business to miss out on it.
An MVP in software development projects is a prototype of the product that, despite having the essential features of the end software, is cheaper and quicker to develop. Its main purpose is to see if there’s enough demand to justify the development costs and time needed to create the software.
Usually, an MVP has a basic interface and feature set. As soon as it’s released, the minimal viable product is distributed to beta testers or focus groups — these early adopters complete the testing of the prototype and offer constructive criticism.
If you’re wondering why mvp is important for software development, it’s because this is a powerful source of insights. After presenting it to the public, a business owner will have an understanding of what customers’ expectations are and whether or not the final result will be able to meet them.
There are four major MVP types:
An MVP helps get as much uncertainty as possible out of the team’s way. By developing a product that loosely resembles the ready software and sharing it with users, project teams can forecast the demand for a future solution, plan the development process with skyrocketing precision, and find out what improvements would make the product more efficient and easier to use.
Why is MVP important for software development? Here are a couple of reasons:
Developing an MVP falls in line with the build-measure-learn paradigm that allows companies to get insights and continuously improve the product based on the data that was captured during the release of the prototype.
Sometimes, an MVP helps identify a new pain point or a new audience to target. Also, it helps package and present the features the right way. Although designing an MVP feels like a considerable investment to make, the advantages of using MVP provide a solid return on investment.
At Gearheart, we understand that every product is different — that’s why we don’t use a one-size-fits-all MVP development strategies. However, our software experts have developed a working development framework that helped us validate the concepts behind multiple small-, medium-, and large-scale businesses.
When we developed a platform that enabled the search for government procurement vendors, our team firstly manually entered the list of existing suppliers. This basic model was tested on the group of buyers, who provided us with valid feedback. The product owner and our team saw the direction that a product should take — and we used these insights to develop a high-end version of the platform. Often, it’s enough to develop a simple prototype to provide a solid foundation for a more complex solution.
At Gearheart, we are happy to help innovative teams test their ideas, so our team developed an MVP for LookSMI — a platform that helps collect, process, and monitor information from all open media sources. Thanks to building an MVP, the client was able to develop a relevant, easy-to-use product that resonated well with journalists, influencers, and writers.
If you are making an innovative product and want to know which audience to target or see which features are essential to the end-user, developing an MVP is a cost-efficient and data-driven way to get all the answers.
By designing a functional solution that’s not as complex as the final product, tech teams can estimate how much time creating a final application will take, while marketing specialists can start fostering meaningful connections with prospective clients as early as possible.
To create an MVP for your next groundbreaking idea, reach out to Gearheart. Contact us to discuss your project — we will make sure your vision comes to life.
Minimal Viable Product is almost a must-have for a startup. It can help you persuade investors to finance your new project, obtain real feedback and not waste a fortune. Though development costs vary greatly, this article gives you a roadmap to figure out your MVP price.