For the planning phase of a new entrepreneur project or start-up’s, MVP (minimum viable product) is a term one should be familiarized with. Not only will an MVP assist in validating the idea for a mobile product, but it will also provide direction towards which app features business should include to achieve maximum success.
So, what exactly is a minimum viable product? Well, MVP (minimum viable product) is a minimal form of your product that is tested on the market. This development strategy allows your team to validate (or invalidate) product assumptions and learn how your targeted users react and experience your product’s core functionality. An MVP enables users to play with the product and provide feedback on their favourite features, the interfaces, price and engagement. The time they spend with the product and how much they tell friends about it are all key metrics.
In a conversation with Ritu Kapoor, (Director Technology & Development, Pulp Strategy), we learn more about MVP and its benefits for business.
Why is it better to create a minimum viable product for your start-up?
Well, it’s always better to create a minimum viable product, especially in the case of new entrepreneurs and start-ups because:
- Shortens product development cycle and builds a startup according to the needs of early customers to reduce risks and outlays. That’s exactly why MVPs are necessary.
- Highlights the core value of the product, test its demand in the market before releasing a full-fledged product.
- It reduces implementation costs, when under budget constraints.
Sample this, for example, if you own a hotel chain and want to launch your app. Then, I feel, that it’s important for you as a brand to highlight its core features in the early stages while the rest follows.
How much does it cost to create a minimum viable product?
Depending on a new entrepreneur project or start-up’s core objective, the cost may vary. Ideally, iOS, Android and Admin Panel, should be part of your launch plan. But, with brand budget constraints, entrepreneurs and start-ups can stick to any one of them. What also influences the development cost is that there are native and hybrid solutions and there is a difference in development cost.
How can you minimize development costs?
For the new entrepreneur project or start-up’s, I would suggest, go for core features first and then plan your budget for marketing and promoting the app. Focus on basics and keep adding more features as you grow your business.
Do you think that MVP helps in understanding the user behaviour?
Yes, it does.
With MVP, you can gain valuable insight into what works and what doesn’t work for your brand. Also, it avoids failures and large capital losses.
There are several ways which help you get a deeper understanding the user behaviour. You can get feedback, either from a selective people of your choice – also called alpha testing. Or you can get feedback from actual people also. AB testing and performance marketing are also effective ways which help in finding more about user behaviour.
Please share a little about the value of an MVP and feedback of users?
When you launch a minimum viable app, you get to understand the consumer behaviour, how users are responding and the challenges they are facing. Sometimes in product flow, there could be a gap and consumers may face challenges while using the app.
They give their feedback on the basis of their experience, hence it becomes important to develop an app in phases.
How much does MVP help in getting investors on-board?
It helps a lot, because if your MVP is a success, then you can get investors on-board. An MVP app helps gather and enhance your user base, which in turn will get investors on-board. Now, that you understand the minimum viable product better. Combine your core idea and underline the most important tasks and features of your product by building a brand today.