What is actually an MVP?

Starting a business is hard, really hard. Most of the start-ups fail because of improper planning. As per CBS Insights research , the top two reasons are NO market need (42%) and Ran out of Cash (29%) . The stakes are even high at the early stages. Therefore, it is imperative for your company to build what is necessary.

Now let's talk about MVP (Minimum Viable Product) and how it will help prevent your business from a catastrophe. MVP is a common practice in today's world, especially in web and app development sector. This type of development is especially useful in the planning phase of a project or a business.

Definition of MVP

MVP is a development technique in which an app is developed with sufficient features to satisfy early users. The app is then tested on the market to see whether or not it has the potential to succeed. Afterwards, the final stage is only designed and developed after considering feedback from initial users.

To perform the initial testing, the product only requires the most essential functions; anything fancy and beyond minor functionality is not added. The MVP version of the product is one of the most reasonable tools with regards to both time and money. It helps to determine the product's potential. The MVP is used in almost every sector but mostly in tech.

Why is it Important?

MVP is important because it helps to get information on the product from a user's perspective. It will help you understand the user's impression on your product and also aids to define a demand. Founders are often overly excited about their ideas and eager to start building features without proper planning.

You will be able to get the following things from an MVP:

1. Check the product's potential by getting user's feedback.
2. Figuring out the user needs and current market demands
3. Present your ideas to investors and attract early investment.
4. Acquire potential client base and find the product's early investor.
5. Save money and time in product development by cutting off market research cost.

example of mvp

Developing a software product is expensive. The end product can cost anywhere from € 10,000 to € 150,000 or even more depending on the project while it might take more than a year to complete. Working without an MVP can have detrimental effects. How does it feel after spending hundreds of thousands of Euros and working hard for more than a year just to find out that there is no demand for your product? 

The MVP will help you to speed up your product's launch as soon as the essential functions are developed initially before you begin getting real feedback on your concept. MVP design and development usually takes about a month or two to complete with a budget of somewhere around € 5000- € 12000 or less. 

Now, let's get to this picture, which was first introduced by Henrik Kniberg. 

Henrik Kniberg car MVP example

The picture above is only a metaphor. It is not talking about car development but a product development in general. Here, the main objective is to travel from one place to another in a more efficient way. You can see that the MVP here is just a skateboard which is way faster and cheaper than developing a car. As time passes, product owners and developers receive constant feedback from their initial users. As a result, they start adding new features add a handle so that the users could manoeuvre with more ease, or an engine so that users would get an extra power punch. With time, the same process gets repeated over and over in an incremental way until it leads to bicycle, motorbikes and cars.

Many of the apps we all know today began their development with a properly designed MVP in mind. For example Instagram, which was first established as a photo editing and filtering app does a lot more than that today. Additionally, Facebook, Spotify, Airbnb, Dropbox, Snapchat were developed as an MVP first.

How to get best out of your MVP

The best MVP is to find the right balance between maximum value with minimal design. The MVP version should contain the product's most basic purpose and functionality. Development should be minimal, but should not miss it's selling point.

Focusing too much on minimizing development while creating a viable product can be harmful as well.  The product might be unsuitable to address the market demand accurately and this could damage the brand's image

Here are some Do's and Don't to consider while developing an MVP.

  • Monitor User's behavior and act accordingly.
  • Release your MVP, and get to the market as soon as possible.
  • Make sure you keep an eye on your competitors and their developments.
  • Create a marketing plan that could target a large number of customers.
  • Learn from your first release and make sure to correct any issues.
  • Prioritize the features and that you want to implement in your MVP.
  • Make sure your MVP is well-designed and user's can navigate properly.
  • Develop anything fancy and add unnecessary functionality.
  • Forget about the product's overall viability.
  • Delay in entering the market.
  • Being scared of starting over again if the MVP's results are not favourable.

Need help developing an MVP?

At Hamro, we have developed MVPs for all types of projects, applications and websites and offer full consultation for minimum viable product development. So, if you are interested in developing your MVP with us or have any questions on how to make an MVP, just click the button below .

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