The Minimum Viable Product (MVP) approach has helped several mobile apps become successful. Some of the leading names include Instagram, Uber, Spotify, etc. All of them have used the MVP process to initially test their feasibility and viability. After considering the feedback from users and testing data sets, the features are designed, developed, and incorporated into the real version of the app.
What is a minimum viable product?
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The MVP is a basic version of mobile development that has only limited functionalities that solve the core problems of users.
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Once an MVP is launched, a lot of data and feedback is collected. Based on the inputs, future iterations of the mobile application will be improved.
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The popular and mature mobile apps that we see today were once called MVPs.
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Depending on the type of mobile app (travel, fintech, e-commerce, etc.), it would require at least 12–18 weeks to build a quality MVP.
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The duration of building an MVP varies depending on the project requirements.
Here is the importance of developing MVP in mobile app development.
Reduce the risk involved
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Mobile app development involves an investment of time and capital.
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All the large-scale and successful apps that we see today (Facebook, Snapchat, Uber, etc.) were first developed as MVPs.
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MVP allows organizations to develop a mobile application with minimal risks involved.
Secure funding from a stakeholder or investor
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In many businesses, starting a mobile app development project requires securing buy-in from stakeholders or investors.
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Developing an MVP is an effective way to do it as it allows organizations to test business ideas and product concepts before actually approaching the investors or stakeholders.
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Investor buy-in is crucial for a new product. MVP development can help you confidently showcase the market validity of the app.
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With MVP, you can build confidence while pitching to the stakeholders or investors.
Verify the market demand
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Many a time, organizations assume and believe that their mobile apps will fulfil the specific requirements of users. However, this may not really be true.
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Either the need to solve a specific user challenge does not exist, or there may be other products available on the market to do it.
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With an MVP, you can determine if the prospective users really need your mobile app and will use it.
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Verifying market demand without making any significant investment is one of the major benefits of MVP.
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Based on the findings, you can make changes to the mobile app or come up with a completely new version of it.
Build a relationship with customers early
Time is money in any business. Launching an MVP enables businesses to engage with the users and stakeholders during the initial stages of development. The early users will provide valuable feedback and spread the word about your mobile app in the market.
Cost-effective
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Choosing MVP at the beginning is an effective way to distribute the mobile app development costs over a long period, rather than taking a big risk upfront.
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With time, as you become more aware of the user's needs and market demand, you can invest in additional features at a later stage.
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Thus, the app development costs are minimized with MVP and spread out over a longer period.
Transform the app
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With MVP, you get to build a user base and gain valuable insights from them.
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You get to understand what will work in the market and what won't.
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Based on the feedback and valuable insights, the developers can transform the app aligned to the user's needs.
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They can also make decisions on which custom solutions & features to keep in the app and which ones to remove.
Faster development and deployment
It requires much less time to build an MVP than a complete mobile app & website redesign with fully loaded features. Rather than wasting time on developing unnecessary features and costly bug fixes, it makes sense to start with an MVP first and build the fully featured app slowly.
Handle security issues better
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In today’s world, security has become paramount for every mobile app since it deals with sensitive user information and the financial credentials of users.
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With an MVP, you can easily identify security loopholes and resolve them immediately before they can be exploited by cybercriminals or hackers.
Are you looking at building the MVP for your mobile app first for a specified number of target audiences? Get in touch with Nettbyte Technologies today to get quotes & build the MVP and test the idea before bringing it to life completely.
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