What is MVP in software development [+5 benefits of MVP] | SumatoSoft

1. What is MVP in software development?‍

An MVP is the smallest functioning and fastest product the company can deliver to test how the business idea survives in the real market. MVP helps companies answer one important question before launching their first product: are we on the right path or not?

‍1.1.‍ What are MVP development goals?

The main 7 goals of the MVP development are:

  1. Enter the market as fast as possible;
  2. Obtain the data required to build solutions;
  3. Find the right solution for the right target audience;
  4. Collect maximum user’s feedback about your idea;
  5. Minimize risks of wrong investments;
  6. Safe time on development.

1.2. Top inspiring MVP examples‍

1. Dropbox

2. Expected benefits: why does my project need an MVP?‍

2.1. Why do companies avoid building MVPs?

It is natural that some startups are skeptical about launching MVPs because they believe that a shortcut product development will be excessively costly and will not help in gathering marketing analytical information which is essential in the releasing stage. What do most companies fear?

  1. Some companies are sure that the success of MVP and its contribution to further achievements are unreal because customers simply don’t know what they want. How can a company guess what their wishes are? Startups can see no profit in building up an MVP which in result will bring no difference in the approach to the audience.
  2. Other companies believe that building a full product from scratch without constant changes will be faster and cheaper, so the revenue will be received more quickly because the market niche will be taken by their product, already perfect and ready to be sold.

2.2. 5 benefits of Minimum Viable Product development

It is hard to enumerate all benefits of MVP in software development. We mentioned only 5 key ones above. However, software development for startups also features the following benefits:

  • Learning from experience
  • Gaining and expanding the user base
  • Avoiding big failure

3. MVP Development Process Overview‍

3.1. Why is to launch of MVP not that simple?

  • analyzing data obtained from metrics;
  • full target audience understanding;
  • and checking people’s feedback all the time.

3.2. MVP Development Steps

This is a six-step guide to building your own MVP.‍

Step 1: Market research

Market research can help you identify target users and come up with ideas that meet their needs.

  • The problem, which the product is able to solve. It is not reasonable to develop a product without defining the range of problems it should be capable of solving. When a problem is specified, it’s easier to discuss the set of the essential features to embed in the initial product version.

Step 2: Outline your thoughts and choose MVP type

An MVP in software development is not an MVP, no one will buy it. You must outline how your product will provide value to customers.

  • Product designs
  • Demo videos
  • Crowdfunding
  • Software prototypes
  • Concierge MVP
  • Wizard of Oz
  • Piecemeal

Step 3: Design

Suppose you are the end-user of the proposed product or service. What do you want to see?

Step 4: Determine the functionality

After determining the design process, you may have many features that cannot be completed or are not included in the MVP. You need to prioritize them and determine which features will become part of your project.

Step 5: Build

Always strive to make the manufacturing quality not lower than the quality of the final product. Prioritize ease of use, applicability, and intuitiveness when developing.

Step 6. Measure and Learn and Repeat

That’s one of the key ideas behind the MVP development framework. You should measure users’ feedback, learn from your mistakes and repeat everything will you make a perfect product.‍

‍3.3. 10 ‍common mistakes made in MVP development

  1. Overrating your business idea.
  2. Not making and listening to market research and feedback.
  3. Making a product that users don’t want to buy.
  4. Not building an MVP.
  5. Starting the development with the wrong development team.
  6. Trying to be too perfect.
  7. Defining wrongly core features and functions.
  8. Ignoring users’ feedback.
  9. Not promoting your MVP.
  10. Not making fast changes.

4. How much MVP in software development cost?

It is hard to say one number that will make MVP development cost. The price of building MVPs for startups varies based on a variety of factors, such as:

  • Complexity of MVP;
  • Dev team (its expertise, location, hourly rate);
  • Speed of implementation;

5. Need help developing an MVP for your idea?

There are 5 main reasons for developing your MVP with SumatoSoft:

  • We concentrate our efforts on the functionality, features, and approaches that will bring value to your business and your end-users.
  • We are agile and know how to build this Build-Measure-Learn process effectively.
  • We have a very thorough process of talent hiring. We check their hard and soft skills, test and train for recent technologies knowledge. We don’t hire the cheapest candidates, but the best ones.
  • Our developers and project managers speak English (some even speak German, Polish and Spanish), so the communication process is easy and comfortable.

In Conclusion

The key ideas to keep in mind when planning and developing an MVP are the following:

  • It focuses more on the process, not the product.
  • MVP is not a product with the least number of elements, but a core function sufficient to attract early adopters.
  • MVP in software development is based on the lean startup concept and implies the iterative process of building — measuring — learning cycle until the product fully meets the market demand.
  • MVP is built to avoid developing useless and unnecessary products.

FAQ

What is a good MVP?

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