Among the many problems of startups and various innovations, one of the most significant issues is how to develop an idea into a product without investing time and money into something that will not be appreciated by the public. A report from CB Insights revealed that out of 101 startups, 42% of them were unable to meet the market demand.
This is where the concept of mvp app development comes into play. MVP enables startups to test hypotheses in the most efficient way, with the least amount of time, effort and capital, which makes it a fundamental stage when moving from an idea to a product.
In this blog, we will discuss what MVP is, what it is not, why MVP is crucial, and use examples to demonstrate its relevance.
Understanding MVP and Its Importance
An MVP or the Minimum Viable Product refers to a product that has the most basic set of features required to meet the initial customer needs and to be built upon in the future. The concept is to start small, test, and iterate based on what people actually want, as opposed to what one may think people would need. This approach also helps in avoiding risks and is a way of developing a product that people will have a demand for.
It is crucial to draw a clear line between mvp vs proof of concept when comparing them. While the proof of concept focuses more on demonstrating the possibility of an idea or technology, an MVP takes it a notch higher and introduces a functional product to users. The MVP’s purpose is to validate hypotheses concerning the product’s utility and the demand for it under real-life conditions.
Examples of Successful MVPs
1) Dropbox
Dropbox is a perfect example of how an MVP can validate an idea. Instead of providing a complete workable cloud storage service at the inception of the business, the founders of Dropbox started with a video of how it will work.
The video created a buzz which in turn created a list of people who are willing to use the device. This affirmed the concept before any significant capital was invested in the development of the project.
2) Airbnb
Airbnb, now a giant in the hospitality industry, began as an MVP. The founders were unable to pay the rent and so they turned their living room into a dorm with air mattresses. They set up a basic website for the purpose of this experiment and decided to target a particular conference that was to be held in their city.
The MVP was able to attract interest and bookings, which proved the viability of the short-term rental model. This early success enabled them to continue evolving the platform, which resulted in Airbnb of today becoming a global success.
3) Zappos
Zappos, an online shoe retailer, adopted the MVP strategy to confirm the market need for selling shoes online. Rather than buying shoes wholesale and stocking them, Nick Swinmurn just took pictures of the shoes available in nearby stores and listed them on his site.
When a customer ordered for the shoes, he would purchase the shoes from the store and then deliver them to the customer. In doing so, this MVP helped him to assess the demand for online shoe shopping before developing an actual e-commerce website.
4) Buffer
Buffer, which is a social media scheduling tool, began its journey with a simple landing page only. The MVP was a two-page website explaining the concept and encouraging people to sign up if they wanted to be part of it.
When the product idea attracted a large number of users, the entrepreneurs realized that they have an idea that can work. This MVP approach helped Buffer to determine whether their idea is worth developing further before fully committing to it.
How to Approach MVP App Development?
1) Identify Core Features
Begin with the identification of the core elements that address the primary needs of your users. Emphasis should be placed on implementing features that provide tangible benefits and not include features that are not required.
2) Choose The Right Platform
Determine if your MVP should be developed for Android, iOS, or both, depending on your potential users’ preferences. Consulting with professional mobile app development services can help in making this decision.
3) Engage With Users Early
Engage users right from the start by launching your MVP to a limited audience. Gather opinions on usability, functionality, and general experience, and utilize this information to guide the decision making process. If initiated early, it is easier to capture potential problems and opportunities, thus making your MVP more user-focused and improving its likelihood of success.
4) Hire The Right Developers
The quality of your MVP will greatly depend on the team that is developing it. Hire mobile app developers that are capable of creating MVP and those who are willing to share your vision. If you are planning to get your app developed for the Indian market or if you are looking for affordable solutions, then hire app developer in India.
Conclusion
MVP is effective in confirming the viability of the idea, as well as in checking whether the developed product is actually required by the public. This way, you can avoid many risks, allocate your budget effectively, and achieve higher chances of success. Remember, MVP’s aim is not only to create a product with minimum features but to create a product that is valuable and allows for further development.