Key-notes you should take while developing your Minimum Viable Product (MVP)
If you have carefully prepared the strategy for building your Minimum Viable Product and have created its prototype, then now you must be going ahead to its development. The MVP development for software innovation is probably the most strenuous or arduous task. It requires a highly skilled team of designers & developers who are having previous experience of MVP development services.
Based on the statistics data, around 90% of startups fail, with 10% closing during their initial year and up to 70% not making it past their 2nd to 5th years. The primary reasons for these failures include:
- Inadequate understanding of market demands (approximately 40%);
- Exhausted funds (30%);
- More successful competition (20%);
- Issues with marketing, pricing, or design (10%).
Developing a minimum viable product (MVP) is an effective strategy for startups to mitigate these risks and successfully launch their projects. Let’s explore the concept of an MVP and discuss how to create one that truly stands out.
Apparently, Minimum Viable Product development (MVP) seems easy then other IT applications development, however, there are numerous things of which you should be aware to avoid any crashes during the development process. In this article, we have penned down the important aspects of MVP development, of which you should take the keynotes.
1. Defining your goals:
It’s crucial to understand the primary purpose of your MVP before starting the development process. Clearly outlining your goals will help you stay focused and ensure that your product addresses a real problem or pain point. Some common goals for an MVP include:
- Validating a market need for your product
- Testing the viability of a particular feature or set of features
- Gathering user feedback to inform future iterations
- Attracting investors or securing funding
By identifying your specific goals, you can make more informed decisions regarding your product’s features, design, and overall direction.
2. Selection of essential features & functionalities:
It is a hassling task to note down what features & functionalities which can deliver the best user experience to users. At the initial stage, you should include only those features which can validate your Minimum Viable Product ideas, test assumptions, get feedback from users and showcase the potential of it to the investors.
A top MVP development company can easily identify your end-users understanding, the vision, and the goals of your application.
Read about: The Essential Guide to MVP Development: 20 Must-Ask Questions
3. Prioritize simplicity and usability:
Prioritizing simplicity and usability in your MVP means creating a product that is user-friendly and easy to navigate. By focusing on delivering a smooth user experience, you can increase user satisfaction and engagement, which can contribute significantly to the success of your MVP. Here’s how you can achieve this:
4. The proper way of building the MVP application:
The aim of an MVP is to deliver a minimum yet all essential features to the end-users. While building the application, an MVP development company should have a focus that the final product allows users to meet their end requirements in the easiest & fastest way possible.
5. Go for the Agile Development process:
Agile methodology has become the primal choice for almost every IT software and web development, MVP is no else left. The foremost factor for choosing agile is its quicker pace for changes. In agile methodology, changes and redirection are always expected, and henceforth are easier to manage. There are many methods or practices fall under Agile name such as; Scrum, FDD, Kanban, DSDM, ASD, XP, Crystal, etc.
Adopting Agile methodology, you get a better quality MVP due to its progressive nature. Whenever the developer encounters any bug or issue, he/she can remove it straight away. In addition to this, it opens new opportunities for better features & functionalities.
In agile, as a client, you are given involvement in the project development right from the beginning. Agile opens new channels of communication between the client & developers. Henceforth, there is more transparency in the overall development.
6. Final Testing of the MVP application:
In every application development, testing plays the most important role, especially in an MVP. Mostly, the time frame of an MVP application development is quite short, henceforth, there is no need to do unnecessary tasks. But testing is not something which you can skip. Testing is an important part of development, not a separate process.
The testing process depends upon the development methodology followed such as in agile, testing is a continuous process and occurs throughout the MVP development. The advantages of continuous testing are that the MVP will be developed faster and released with fewer bugs.
Be prepared for pivoting: Pivoting refers to making significant changes to your product or business model based on the feedback and insights you receive from users, investors, or market research. This flexibility is crucial in the early stages of a product, as it allows you to adapt and better align with market needs. To be prepared for pivoting:
7. Be open to feedback:
Be prepared for pivoting: Pivoting refers to making significant changes to your product or business model based on the feedback and insights you receive from users, investors, or market research. This flexibility is crucial in the early stages of a product, as it allows you to adapt and better align with market needs. To be prepared for pivoting:
- Be open to feedback: Actively seek user feedback and be receptive to criticism. Use this feedback to identify areas for improvement and potential pivots.
- Monitor market trends: Keep an eye on the market landscape and your competitors to identify shifts in trends that may require a pivot.
- Stay agile: Adopt an agile development approach, allowing for quick iterations and changes based on new insights or shifting requirements.
- Maintain a lean mindset: Be ready to let go of features or aspects of your product that don’t contribute to its core value or are not resonating with your target audience.
8. Plan for post-MVP development:
Have a plan for the next steps after launching your MVP, such as incorporating user feedback, adding new features, and scaling your product. You need to have a plan for further development and growth. This may include:
- Incorporating user feedback: Use the feedback collected from your MVP to refine and improve your product.
- Adding new features: Develop a roadmap for adding additional features and functionality based on user needs and feedback.
- Scaling your product: Plan for how you will scale your product to accommodate a growing user base and increased demand.
- Establishing a revenue model: Determine how your product will generate revenue and implement a suitable pricing strategy.
- Continued marketing and promotion: Develop a long-term marketing strategy to maintain
9. Billing method:
Do you know that payment or billing methods can affect the outcome of your MVP project? In agile, billing is as per the hourly basis. It should be clear from the beginning that your MVP development services provider should be ready to work in an hourly-model.
In the hourly method, the client sees where his money is getting spent, and have more transparency into the project’s progression. It also results in faster development as the developers don’t spend too much time planning, unlike in a fixed price model.
Read more: Prototype vs MVP vs PoC (Proof of Concept): What to Choose?
An MVP Development for Software Innovation can be a challenging task. At Amplework, we provide the best MVP Development Services For Startups, MSMEs, and big enterprises. Share your requirements and we will turn them into reality.
Amplework Software Development Company is well-equipped to assist you throughout the entire MVP Software development process. With a skilled team of designers, developers, and strategists, Amplework can help you bring your vision to life and turn it into a market-ready product. From initial concept and feature prioritization to post-launch improvements, Amplework is committed to providing the best possible solutions for your MVP development needs.
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