Humans progressed from a large computer that would occupy a whole room to this point where everyone has a portable smartphone. The software are getting introduced in the market as the technology is prevailing and is seen everywhere. But we cannot turn a blind eye towards the fact that a lot of software, apps and devices fail. Not every app has the privilege to be as big as Facebook, Instagram, Whatsapp, etc.
To save themselves from losing all their money people have made a very smart move of introducing MVP. Well, if you are looking forward to building an MVP and saving yourself if your product fails then this is the best guide.
What is an MVP? MVP is also known as Minimal Viable Point. It is basically a concept that is widely used in the technical world. According to this concept, a software is made such that only the main features are included in it. This is done so the budget and the time utilized on it can be minimized.
The application or software is not launched with all its features included. The modifications are done later on depending on the success of the initial product. If people like the main features then one by one other feature are added to the basic MVP and the popularity of the product grows.
In case, the MVP does not get good feedback, the company will not invest in the product.
Why is MVP required?
An MVP is required by a company or a person because instead of taking a big leap and losing everything, it is much better to lose a small amount of money at once. MVP is a stage where the software is not only on paper but also exists physically. However, it still is not a full-fledge final product.
This intermediate point is what helps companies test their products by not losing a lot of money and time. MVP is a concept that is adopted by a lot of companies in order to help them with testing their hypothesis.
The important thing is that all the features that are not reliable and are not sure to be effective can be deducted from the product in order to bring them in later when there are a large number of users.
Aim of building an MVP
The aim of building an MVP is to make sure that the reliability and the success of the product can be tested with the minimum use of money and time. The focus should solely be on the basic role of the app. If the app is going to be about interaction then the main focus should be on making a chat corner available.
The learning through this process could be increased and that too is something to be focused on. Developers can learn to develop software and applications in a much better way and can enhance their skills. If all these aims are achieved by developing an MVP then, the overall procedure has been a success.
Pros of MVP
It helps the company in getting investors. All the features that are to be added need expenditure of money and this problem of money can be solved by attracting the big fishes available in the market.
Developing an MVP and introducing it into the market will help the company evaluate the user type. The earlier users’ feedback can be used to develop a much better final product. This will determine which area to focus on.
Once the user base has been set, the purchasers will automatically come that way and be willing to buy the features that the company will add later on.
One of the prime and the most basic advantage of MVP is the saving of money. Instead of a full-fledge project and a full-fledge investment, the companies have to go for a midway product. This leads to a decrease in total expenditure.
Developing an MVP gives the developers to test the product in a very early stage. After launching an app only with the prime features, the efficiency and reliability of the app could be tested.
The feedback of the users that is provided also helps in the modification and improvement of the product. The final product comes out to be much better than the blueprint only because of the constructive criticism of the users.
How to build an MVP?
Development of MVP itself is not a complicated step but there are some steps that should be taken before the developers get started with its development. These steps and the development is as followed:
- Determine the purpose and targeted audience:
The initial step of building an MVP is by identifying the purpose of the app. The purpose that the app will serve will be specified. If the purpose will be to help people find restaurants then it will be made sure that the planning precedes keeping it in mind.
The users should also be specified. If the app is going to target youngsters then it couldn’t be basic and boring. It will repel the users and will lead to the downfall of the product. Once the users are determined, the next steps can be completed.
- Check the competitors:
If the company is going to make an app or software that is already available in the market and has active users then it is important to study the competitors. All the companies that are providing the same services must have some good points and bad points.
The company has to see what they are not providing and also has to learn from their efficient features. It is also important to read their users’ feedback and try to avoid all the problems that the users face.
- Minimize the features:
The developers must make a list of all the features that they have in mind and that will make the app great. Then, they have to look for reliable and different ones. Basically, the features that will serve the purpose well.
The rest of the features can be excluded and saved for later. As the product will gain popularity, those features could be introduced one after another. This will pave the way towards making the MVP into a full-fledge final product.
- Developing the MVP:
Working of MVP
It is really easy to understand one thing i.e. once you have launched your MVP, it will either work well or fail. If your product works well and people like it then, you are supposed to add new features into your product and bring versatility to it. The additions will attract more people as you also will have gained investors.
However, if a product fails then it simply means that all the budget of the company or the person has gone down the drain. The hard work and the money that has been put into the product will be of no use but this step surely would save that person/company from spending more money.
Things to keep in mind
While making an MVP it is important that the developer keep these things in mind. The launching of the product should be done right after it is developed and should not be introduced in the small market as it will lower the chances of it being successful.
The users of the product should be kept in mind. If the app is designed specifically for the elders then it is supposed to be easier to operate and not haphazard. The developer should be well informed about all the competitors that exist in the market so, the app could be good enough for the users to switch to it.
Not a lot of features should be added as it will go against the main objective. Keep the features to the minimum and work only on the prime role that the app will serve.
Examples of MVP
Many well-renowned apps that are used by millions of people once used to be an MVP which was then modified into their present condition. All they used to do at first was serve the basic purpose instead of having so many versatile features as they provide to their users now.
Some examples of such apps are:
It was at first introduced as an app that developed a social network using the location of its users. At first, when the MVP of this app was introduced, experts said it wouldn’t lift off and that the investments were useless. Well, the app did take off and is now used by over 55 million people worldwide.
The secret behind this turn is the use of the constructive criticism of users. The users helped the app grow and the founders paid a lot of attention to it. Now the app serves many purposes including the purpose of being a city guide. It suggests the user places to visit according to what the user previously preferred.
Spotify is an app that now has more than 100 million users who have purchased it. The app took off when its MVP was launched into the market at the minimum expense possible. The feedback of the users was then used to make the app better and new features were added to it. It streams and provides music to its users.
Everyone who doesn’t own a private car must have experienced using uber. Well, the app didn’t initially have all these different features that come handy now. At first, it was only an app that would help you with your transportation and allow you to pay from your credit card.
The founders kept their focus only on the main purpose and as the app took off, variant features were added for users’ convenience. The app now has 75+ million riders worldwide.
Instagram initially was an app that used to allow its users to click pictures and apply different filters on them. The app, when got famous between masses, started introducing new features. Now the app allows users to add videos, chat live, add stories, etc.
The app now has over a billion users! This without a doubt is a huge success as it started off as nothing but an MVP which only allowed taking pictures and adding filters. The additional features and the users’ feedback played a major role and making the app reach here.