Is an MVP worth your time and money?
An MVP (Minimum Viable Product) is the optimal method for an entrepreneur or a company to confirm their premise by putting it in front of their consumers via digital marketplaces and testing it with a real audience.
The process of building an MVP is expensive in terms of both time and money. To get positive outcomes, an MVP should emphasize on a minimum required feature-set that would facilitate evaluating the product's concept.
According to psychologist Gerald Weinberg, people are more efficient and accomplish greater results when they concentrate on only one activity at a time. Switching perspective and performing more than one item has a significant impact on productivity and overall quality of work done.
When doing two activities, switching contexts consumes 20% of your productive time; when performing three tasks, this figure rises to 40%. This is also relevant for mobile products; by focusing on a small set of features, a founder or firm that builds an MVP has a far greater chance of success and produces much better outcomes since he is only concerned with fixing one challenge.
What should an MVP comprise of?
Choosing an MVP's path and features is a challenging process, particularly for a first-time entrepreneur or a company attempting to tackle a new issue that is distinct from to what they're used. Before diving in and creating an MVP full of random functionality that will give no value to your users, it's critical to prepare ahead of time and concentrate on the issue and the proper demographic.
An MVP, like the name implies, is a MINIMUM VIABLE product, which indicates you'll have to trim and minimize the product's functionality until you get to the heart of your key idea. Aside from the advantage of letting the founders focus on solving an issue in a novel way, limiting the functionality allows for speedier delivery, resulting in a shorter time from concept to market and, most significantly, cheaper costs.
Shazam is a prime example of this; when they initially started, their software just performed one thing: it recognised the title of the track from an audio recording, and they accomplished it incredibly well. Most of the other functionality, such as the top 10 most searched songs, the option to play the complete song, and the option to save it to your collection, came out later, once they'd established product-market fit and people started using and appreciating the software.
While Quibi, a pandemic-born mobile streaming service that allows users to view bite-sized material on their phones, is at the opposite end of the spectrum. They had to close things down six months just after launch since they did not produce market share having spent over $1 billion building the complete solution with no market validation or variations on the concept.
Our Discovery workshop, in which you'll engage with a group of mobile experts, designers, and programmers to define your product (tech and design), as well as a path for delivery, is the best approach to launch an MVP. You'll be able to gather input from a community of participants in your target demographic, change the product, and have a clear view of the plan of action, prices, and timeframes based on the conclusion of the product workshop.
Reasons to build an MVP
The initial version of your project is an MVP, which is a trimmed down rendition of your long term vision. It should find a solution to the fundamental issue you're seeking to address in a way that consumers can use and interact with, allowing you to validate the product premise.
- Appeal to investors, stakeholders - While developing MVP for a corporation, you can use it to sell your idea to stakeholders and investors. It demonstrates the project viability of your solution, allows them to get a deeper understanding of what you're seeking to accomplish by allowing them to experiment with the app, and, most notably, based on the response from your beta testers, you can demonstrate both the pros and cons of your solution, and how this coincides with your growth and future expansion plans.
- Understanding your target audience – The MVP's feedback, evaluations, and application analytics bring you valuable insight into how they're experiencing your product, what they're having trouble with, and how you might tweak and adapt it to better represent their requirements. You'll be only able to expand your MVP and create a successful product that people enjoy if you include user input and give heed to their demands and how they use it.
- Test your market – There are several cases (such as Quibi) of companies that did not necessarily test the waters before investing on a full-fledged product. An MVP may assist solve this challenge by allowing entrepreneurs to evaluate interest for their service and choose whether or not to commit more money and time in it.
- Hone your business strategy – An MVP will bring you your initial client, and then you'll be able to make the right investment decisions relying on their behaviour since you'll have a definitive diagnosis of how many of those become patrons and what your operating expenses are. Mobile MVPs typically utilise a freemium business model, in which they offer their resources for free in order to attract more users and gather feedback, but they also offer additional purchased material or memberships for those who want more and are prepared to spend.
All successful mobile apps start as an MVP
We all understand that the launch of a new mobile product is among the most crucial milestones in its development. There are several resources and publications available to educate you how to manage a profitable business, but there are very few assets for people who have recently begun or wish to begin developing a mobile product. We at SoftCircles are here to assist and coach you through the whole process of developing an MVP, including selecting the proper set of features and platforms so that you can have the ideal configuration to validate your hypotheses and pivot based on early user feedback.