Why Nimblechapps Suggests Their Clients Go with Minimum Viable Products
The Minimum Viable Products (MVP) approach has helped several startups and existing businesses succeed. Highly successful apps and websites like Facebook, Uber, Spotify, Instagram, and Airbnb all started with an MVP and used its approach to test their products' viability and build functionality to evolve into what they are today.
As a reliable mobile & Web application developer that cares, Nimblechapps understand that starting a bespoke web or software development project can be incredibly costly and time-consuming for some businesses. Hence, we always encourage our clients to go with Minimum Viable Products to cut the prospect of failure and develop a business application that delivers on their core objectives. In this post, we discuss what a Minimum Viable Product is, its benefits, and why we recommend it to our clients.
What is a Minimum Viable Product?
A Minimum Viable Product is a simplest possible version of a product (website or app) that includes only the features required to solve a core problem for a specific set of users. This allows organizations to launch their product into the market faster, minimize development costs, and gain crucial feedback that they can apply to improve the product's future iterations.
Building an MVP is an iterative process allowing businesses to start with the simplest product version before moving on to a more complicated custom version. Instead of building the final product in a single step, you build an MVP, measure the product's feasibility and gather data and feedback to create a polished and advanced version that is more lovable for the users. This development approach continues, and your product will keep improving with each development cycle.
The Benefits of A Minimum Viable Product and Why We Recommend It to Our Clients
Lower Costs and Minimal Risk
When you want to create an app or website for your business, you make assumptions about what users to target, your designs and how they should work, the marketing strategy to use, and many more. However, no matter how specific these assumptions are, you need to validate them for your products (website or software) to succeed.
Developing a full-featured product can be very demanding, and any little changes required are also costly and time-consuming. Moreover, if users reject the product or fail to yield the expected results even after the changes, it becomes a complete waste of time, energy, and resources. However, using this "build-measure-learn" iterative process, you can build an MVP at a lower cost, release it to users, validate or invalidate your assumptions, and decide what other features to add before investing more time and money.
Moreover, the MVP development approach can help you identify users' pain points and prove your product's feasibility with little to no risk. Besides minimizing the risk and cost of developing a fully-fledged product, it also reduces the prospect of failure by allowing you to test your business assumptions against feedback to make changes and create proper functionality to address your users' needs.
Fast and Easy App Launch
We all want our bespoke development projects completed faster and under budget. An MVP allows you to achieve that by starting with a simple version with only the most essential features and removing all the extra features you can build and test with users during the next version. Furthermore, since this simple version is easier to build, it provides a faster turnaround time, allowing you and your team to get a product you can launch into the market.
Analyze Market Demand and Prove Products’ Feasibility
Nearly 90% of startup projects fail because their product idea has no market need. They have an innovative idea, aim too high, and invest without analyzing the market needs. They may feel that their idea will be able to solve a market need, but in reality, this need may be non-existent. This is where the MVP comes in handy.
A Minimum Viable Product acts as your main product's prototype and allows you to test your product, including your ideas and assumptions, without investing complete funds. This can help shape your innovative ideas by allowing you to try them on your target audience to understand the market demand early. It will also help your organization discover a concept well-loved by the people or identify and abandon an unprofitable project before investing more resources, energy, time, and efforts.
MVP Attracts Investors
It is easier to get investors to invest in your product if they are sure of expecting a huge outcome and benefit from the product. MVP technique provides an excellent way to demonstrate the feasibility of your company's concept and project's benefits to potential investors. The positive feedback received from your customers after releasing a Minimum Viable Product shows your project's importance and viability. You can use this to boost your investors' confidence and readiness to invest in your product.
Improved End Products
Another reason we recommend starting with a Minimum Viable Product is because it is a surefire way to ensure a perfect and improved end product. By releasing the simple version of your product to your target market, you would be able to gather feedback and user ratings that you can use to improve future iterations of the product. Moreover, your developer would better understand the users' needs and make necessary adjustments to create a full-featured end product that meets your business needs and gain users' acceptance.
MVP Aids Customer's Involvement and Loyalty
When you involve your potential customers in testing your product, it makes them feel valued and important. They'll appreciate the fact that you involved them in your product design, which aids their familiarity with the product, thereby strengthening the bond between you and your customers. In addition, the customers' feedback will give you more insight into necessary adjustments and new features or designs to implement to boost customers' engagement.
It's advisable to validate your product idea with minimal investment by starting with an MVP. The MVP development approach helps organizations validate ideas early on, save resources and time, and create a highly successful product through real-time customer feedback and iterative development.
If you need help developing a Minimum Viable Product or a fully-fledged website or software application for your business, you can rely on the result-driven team of developers at Nimblechapps.
At Nimblechapps, we are a dedicated, experienced, and talented development team that can design any mobile or web application to provide modern, scalable, and intuitive solutions for your business. We focus on design and branding and provide the best solutions by emphasizing the features your customers expect and leveraging your existing resources and strengths to help you achieve your goals. Learn more about our services and contact us today to arrange a free consultation – we can't wait to build something great with you!
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