One of the most widely spread pitfalls in either small startups or big ventures is the intention to catch the big fish on the first try and present to the market the completed version of the product, without preliminary measuring of the pond and examining the utilities.
Resolving to create the final product could undergo several drawbacks. The leading issue is the long-lasting developmental process, as the full project requires establishing an extended list of features, continuous preparation and much more subsidiary operations, which postpone the inception. Another stumbling stone ensues when the developers follow the single plan, pursuing their belief in the success of the project. Frequent is the situation when this persistence evolves into discordance between the current appeal of the market and the product being presented. The needs of the customer tend to change in the course of time, that is why opting for a full product introduction can lead to losing the opportunity to catch the targeted audience. Furthermore, there is a risk of overdeveloping the project and creating too many features which are not appropriate for the client and the point of presentation. Fast globalized world and its tendencies evolve a huge amount of facets that are easy and practical to use. Hence, after the prolonged creation of the final product, developers may end up presenting irrelevant features, or even outdated ones. Last but not least major worry of the managers is the evaluated market price. Thus, when they intend to create a full product, it takes time and, consequently, expanded funds, especially on maintaining and operating the team and processes.
These risks have the way to be omitted by adhering to the favoured and practical approach for implementation of your idea called Minimum Viable Product. MVP is a technique that provides a ready-to-use product with all basic capabilities, still having room for improvement and further development. It gives the opportunity to conduct comprehensive testing of the project, choosing the most efficient model, collecting feedback, analyzing the market and predicting the future ups and downs. After the cycle of testing and development, the client gets proof and a stable basis for further product implementation. This strategy could be advantageous for all types of businesses, moreover, it is essential for all of them.
How can MVP add to your business?
1. User Experience Testing
MVP pays a lot of attention to graphic design as it is a factor of primary importance leading to the level of clients’ engagement. The majority of users estimate the product at first glance, judging by its general view and appearance. The main intention of the MVP developers is to attract clients and hold them, excluding the fallacies of fast denial of the product connected with an unpleasant user experience. The approach enables testing the product on real clients, gathering their feedback and developing next features, based on those answers. Examining the pain points of the users, their problems and worries, MVP analysts work on the clients’ retention and preserve the primary level of engagement.
2. Analyzing Market Demand
Contrary to the Final Product, MVP has a keen sense of the pulse of market needs. It allows to alter the direction or expands the list of features at every stage of development if any changes in the demands occur. It prevents ventures from failure, unnecessary investments and wrong developmental direction.
3. Benefits to Early Adopters
MVP is the sensitive approach for those who decide to try the product. So that people who do beta testing acquire perks and bonuses of usage, while developers analyze the pool. One more benefit of this technique – although the product is not finished yet, the interface is already intuitive and user-friendly.
4. Reducing Funds
Developing MVP does not take too much time as the Final Product do. Moreover, with MVP clients do not have to hire a vast staff of workers to conduct the job. MVP developers are a limited number of people, who productively work within a limited amount of time in order to finish the product preparation. Applying the Sprint methodology, professionals take several circles of development, then analyze, test and present, saving time and money for the clients.
And the bonus — MVP gives the opportunity to gain money even from the simple versions of the products, as it is already viable and usable.
5. Fast Release
The market is highly competitive, thus new projects must enter it, and meet the new directions and needs. The benefit of the MVP is that you can implement your idea quicker than the competitor. Obviously, with MVP time is on your side. As you enter rapidly, you got the possibility to attract early adopters and become the leading product in the field. To get the stability and become a reliable project, MVP gives the basis of minimal but trustworthy product, which can be improved and incremented with the further releases and updates.
6. Startups perks
MVP is the gold mine for the startups as they can attract additional funding due to the successful launch and presenting the minimum strategy. Investors have enough credibility for the MVP, as it is not vague and unclear but a ready-to-use product tested and proven among potential clients. Startups can lean on this feedback and the model of their project, planning to address the investors. MVP developers provide the presentation event and business case for the project, which leaves no option for the investors as to cooperate with you.
If you wish to save time, costs and efforts — the MVP strategy is the best option for your business. Having read the lists of its benefits, now you get a complete understanding of this strategy and are ready to apply it to your venture. Magnise specializes in MVP development and is able to fulfil all your desires. Feel free to contact our manager and get your idea blossom.