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You’ve come up with an idea and wonder if it’s profitable. Or maybe you want to find out if a feature will attract more users to your app. Whatever it is, you need MVP software. But you don’t know what it is, how to build one, or if it’s worth it.
This article will guide you on the basics of a software development MVP. You’ll understand what they are and how they benefit your project. But most importantly, you’ll get to see how to make them and whether they’re the right fit for your mission.
What is a Software Development MVP?
A software MVP refers to a software’s most basic version, carrying only essential features a client may need. It’s why MVP stands for “Minimum Viable Product.” The software carries only its core features for customer evaluation. They use it and send feedback for the developers to consider for future development.
MVPs are also created to test a software’s potential market value. In this case, the software is the base version of a larger idea. The developers launch it with just enough features to attract customers. Based on user feedback, the developers decide whether to shut it down or invest more money.
Three factors are considered when designing an MVP in software development: user experience, functionality, and scalability.
The developers depend on customer feedback to decide how the software will perform in the market. The MVP’s function must also attend to the idea’s main pain point; this way, developers can gather the correct value propositions from its use.
Finally, an MVP must be basic enough to allow upgrades. Keep in mind that its sole purpose is to collect user feedback. This way, once feedback is positive, you can update its features without problems.
POC vs. Prototype vs. MVP
MVPs aren’t the only ways to confirm a software’s user potential. Developers have also used proof of concept (POC) and prototypes for decades. But there’s a reason why MVPs are trending today, and it lies in the core difference between the three.
- Proof of Concept (POC): A simple project describing a business idea’s value. POCs are used to decide if building a project without major spending is possible. It also showcases the software’s core functions.
- Prototype: A stage in project discovery that carries the product’s appearance. It helps developers confirm users’ needs and interactions, as well as manage and build resources.
While POCs are usually presentations, MVPs are actual software. POCs also propose feasibility and future development costs. However, MVPs display features that you can test and review.
Prototypes are almost as close to MVPs because they are also software; prototypes are almost identical to MVPs. But they only display UI and design elements. But MVPs allow you to test out a marketable function. This makes them more expensive, but it also means they offer more viable feedback.
Why Create a Software Development MVP?
While it’s fascinating to know what MVPs do, we shouldn’t ignore their financial weight. The average MVP software development costs as much as $70,000, but the range can stretch from $15,000 to $150,000. And that’s a lot to spend on something you’re not sure of.
So, why should you invest in a software development MVP? Well, here are a few reasons:
Idea Validation
All MVPs, including successful ones like Spotify and Uber, were born from an idea. However, not all ideas are potential profit-makers in the software industry. So, if you pour resources and funds into an idea based purely on belief, you risk losing your shirt.
This is why MVP application development is helpful. Instead of investing heavily in direct development, you only need to fund the testing phase. You can assess your idea’s value and gather improvements from scratch.
Time and Cost-Efficient
MVPs are relatively cheap compared to how much a full software development project costs. It’s why many brands consider an MVP development service instead of building one in-house. You’ll also save money by knowing early if you’re on the right path. It’s a sure way to save you from financial ruin should the software become a flop.
And if it turns out to be a potential win, you’ll get early feedback from the MVP. This way, your developers can add features users want, saving time on brainstorming and second guesses. And you get to launch early, so it’s a win-win!
Early Investment Window
When you launch a successful MVP, the audience gets a sneak peek of what’s to come. Potential investors are among those searching for investment opportunities. If your MVP aligns with their interests, you will attract early investors who are willing to invest. This way, you can speed up development and plan for the project’s future.
An MVP in software development is extremely handy. This is why they are highly recommended, particularly for those who fall into the following categories:
- Startups with limited resources and are unable to finance a complete launch.
- Small businesses that want to test an idea before committing to full development.
- E-commerce platforms looking to test a new user-engagement feature.
- Tech firms, since they’re subject to rapidly changing market trends.
- Innovators who want to try out a new technology.
- Companies looking to enter new niches but aren’t sure their idea is viable.
Software Development MVP: Steps
Now, you’ve decided that developing an MVP product is the right path for you. But you still need to know how to go about it. Following the right steps can help you simplify your experience. Plus, you allocate your resources better, saving time and money.
Define and Research your Concept
The first step is to determine your idea. The foundation of MVP software development lies in verifying the marketability of your core function. So, start by defining the pain point you plan to solve. Have a full briefing with your team, and see if the problem is serious enough to sell your app.
But don’t end there; run deep research on the idea. Check market insights, trends, and projections. Read blogs, comment threads, and social media posts. Check reviews on products from rival developers, and listen to the audience’s general complaints. Gather as much information as possible to determine the viability of your idea.
Define your Target Audience and USP
Next, you need to confirm who you’re building your software for. The biggest mistake you can make as a developer is creating software with the ‘general’ public in mind. Your idea must solve a problem specific enough to pull genuine interest. So, among your potential users, consider parameters such as age, location, income range, profession, and even hobbies.
Once you’ve figured this out, you can decide your MVP’s unique selling point (USP). Decide how your software stands out from the others, because, let’s face it, similar products probably already exist. Ask why people would choose yours over existing products. Additionally, develop a unique feature for your software to attract more attention.
Decide MVP Features and Risks
The next step is to determine the essential features of your software’s initial version. Remember, your MVP will showcase these features, so make sure to select only the most crucial ones.
Start by listing the potential features your software will carry. Then, select the most essential for your MVP. Ensure the inclusion of the core feature that embodies your app’s unique selling point.
Your MVP development service can implement various strategies to achieve this goal, including:
- Pareto: This approach uses the 80/20 rule, saying 80% of customers only use 20% of a product’s function. So, list all your software’s features and determine which 20% are most valuable.
- MoSCoW: Divide features into Must Have, Should Have, Could Have, and Would Have. Then, pick the most essential for your software.
- Prioritization Matrix: This visual method divides your MVP features into four parts (Do First, Delegate, Schedule, and Eliminate). Using two axes, importance and urgency, you can rank your features by importance and decide which goes into your first version.
As you decide on the features, also outline the potential risks associated with building your MVP. Consider the possibility of missing the core idea or setting unrealistic goals. Also, be prepared for feedback misinterpretation and technical difficulties. Planning for these helps you cut costs and save time.
Build and Test Your MVP
You can hire an in-house team or outsource your software development MVP project. Outsourcing is ideal because you can explore a wider pool of experts and spend less on project costs.
But if you use an in-house team, determine the necessary tools and technology. Decide on the programming language, software framework, and other factors. Then, split everyone into teams to focus on tasks based on your preferred methodology.
Your MVP software must also go through numerous tests before launch. You don’t want to roll out a faulty app that gets people complaining before serious use.
Because MVP product development is a basic project, you don’t need a large team. Most times, your MVP software team consists of the back-end developer, UI designer/front-end developer, and a project manager.
Launch and Improve with Feedback
Now comes the deciding moment: launching the MVP. At this point, all you can do is wait and listen—but listen more. Feedback will be received, so take note of it and utilize it to enhance the software.
Explore every avenue possible to get user responses. To determine your ultimate audience, analyze user personas. And depending on user reception, decide the way forward for your software.
How We Can Help
North South Tech creates MVPs to swiftly validate your software idea and assess market interest. We know a viable MVP is important to a product’s success.
We aim to create cost-effective, time-efficient MVPs that reveal user needs and preferences. We help with concept definition, feature prioritization, development, and launch.
We simplify complex ideas to guarantee your MVP has the basic functionality your target audience wants. This simplified strategy reduces financial risk and boosts early user adoption and investment interest.
Are you prepared to take your software idea to the next level? Message us and let us discuss how we can help you create a compelling MVP and launch your idea.
