What is Minimum Viable Product (MVP)? What are the benefits of using it?

In the Techworld where there are enormous mobile apps, web apps, software tools, and digital products that make daily chores easier. So, it is quite easy to have an idea of doing a startup, but it is tough to hit the right market segment with your product or app idea cost-efficiently. That’s where the MVP comes into the picture.  MVP is an abbreviation of ‘Minimum Viable Product’. The main purpose of MVP is to create an initial (saleable) version of your new business concept. MVP concept originally derived from a book named ‘The Lean Startup’ by Eric Reis. It sounds new in the market but you might get astonished by knowing that bigger names like Airbnb, Uber & Spotify have already used MVP. These tech giants didn’t become victor overnight, it all starts from zero for them as well. They are better with their ideation & thinking capabilities, but it is MVP who turns them into the Best.

The report suggests that with years passing the rate of failure of business startups has increased exponentially. What do you think will be the reason behind it? There are many. But factors that can be considered as accountable for startup failure are:

• Lack of funding

In 2018, 8 Indian startups become prolific with a valuation of over $1 billion. But the report suggests that almost 88% of startups fail within the first 5 years. Most investors often fail to see value in your product/ startup. It can create a lack of funding in your business startup & eventually turn into a failure or slow-paced business.

• Below the line Ideation

A totally opposite scenario from the above one. A group of investors might want to invest their money in your product/ startup, but your ideation is not up-to-the-mark to present in the market. For ideation, it is essential to come up with as various ideas as possible. It will become crucial if you think about expanding your business on a bigger scale.

• Lack of Feedback

It can be possible that you have a better idea with better investors & you also going forward by launching your product/ app in the market. But, after releasing your app- it ain’t having enough potential to grab & maintain user’s attention. It turns out as a loss to your product/app & you would face a downfall in your business startup at some point.

Roadmap to eliminate Roadblocks

If a thing has bad traits, then it must have good qualities. In this case, MVP is the good quality that you are looking to expand your business in the right way.

• Detail scope of product

If we are discussing a product, then you must have to know the scope of the product. In this segment, you can unlock the detailed product scope, variance analysis, market trends, Market test & market research. In a few words, you can get a detailed idea about your product.

• Technical Documentation

In the documentation, you can mention the development that can be done easily & the development that might be difficult or just impossible. You can find out alternative ways to solve your problems in MVP. So, better documentation consists of functionality creation & process Architecture.

• Time & Budget Estimation

Time & budget are crucial assets for MVP development. The Discovery phase is incomplete without the estimation of time & budget. It totally depends on product development. With MVP, you can get an approximation of time & budget which will help you to raise funds from investors.

• Final Blueprint

“All goes well if all connect well. “After going through all the steps, it finally comes down to the point of creating a blueprint. A blueprint associates with clear ideation of your dream product, multi-layer process diagram, customer journey & valued stream.

Key Takeaways from MVP

• Verifying Market Trends

Knowing Market Trends is essential to survive in the market, so MVP is helping you in that. In simple words, MVP is to see what’s working & what needs to be removed/ repaired in your product. If you are initiating a startup with MVP, you can change your business concept according to the user research. MVP allows you to release your product/ app that is cost-efficient. It leads customers to buy them without any large amount of money.

• Testing Business Concepts

Testing business concepts is the biggest advantage of building an MVP. It allows presenting an app/ product in the market with a core set of features (Not full-blown). From MVP, you can figure out when to release, which type of users are suitable for your product. Keep everything aside & talk about Instagram. Only a few of us know that the main objective of Instagram is to provide GPS features (In the Initial stage). But, MVP changes the whole picture & we can clearly see it in today’s Instagram.

• Better understanding of customer’s needs

Data Analytics & Customer response is all you need to make your startup successful. With MVP, you can release an initial version of the product among potential customers. Their feedback is more valuable than the best assumption from business insights. You can easily find out which feature or segment of your app/ product, customer likes the most. You can add or remove features according to customer’s feedback.

• Cost-efficient, Faster & Effective

When you have started building a product, you are definitely thinking about the total ( Design & manufacturing) cost. But for solving this problem, MVP provides the best optimal way to build an app/product. In MVP, you don’t have to gather all the features in a single release, you just need a minimum set of features that solve the problems of your customers. The least features describe the least moving parts, least support staff, & least lines of code.

• Smooth & Quicker Release

Release an initial version with minimum features means to speed up the product release. After the initial release, your only work to examine the customer’s feedback & make changes for that feature/ segment only. On this side, Extend release can lead to useless features in development & wasting your time on expensive bug-fixes. You need to be quicker & good in the market because there’s always someone in the market who can release the same good app/product before you. Thus, MVP makes your initial release much quicker.

Seamless process of MVP development in Blobstation

• Discover project scope-

Use idea to discover UI/UX, tech stacks, other development needs

• Commencement of Agile project-

Convert an idea into a successful product with Agile project management

• Iteration-

Concentrate the initial stage of product development by keeping end-user choice in mind

• Initial stable launch-

Push your product for the initial launch

• Scaling-

Facilitate operational & functional support

In ending,
You can trust Blobstation for MVP development with the kind of developers we’re having in our talent pool. We’ll offer assistance in prioritizing core features for your MVP development. We’ll bring some extraordinary tech-stack along with a cost-efficient development approach.

Still, found yourself in a desert of confusion? Contact Us @blobstation, we have a great MVP solution for you!

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