MVP in Product Development- Why Your Business Needs it & How To Approach it?
TheCodeWork Team | 15 February 2023
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MVP in product development? Okay, wait.
Picture this scenario: You have a super innovative product idea for your business. You can’t wait to develop it into a full-fledged product and keep thinking of new features to make it even better. Now, you have a product that is all decked up with lots of features. You send it to the developers, and oh boy! It’s going to be so expensive to build and it’ll take a lot of time. What a bummer, right?
But guess what! You can totally avoid this nasty surprise! How, you ask? Well, that brings us to today’s topic. Ready to solve your entrepreneurial problems?
Now, before we start, let’s talk about the star of this article: MVP or Minimum Viable Product. As you may already know, an MVP is a product that has just enough features to validate a product concept by attracting the first users. Its primary aim is to collect valuable customer feedback on an idea or product at minimal cost and time.
And now, let’s take a deeper dive into this approach and why your business should adopt it too!
Why MVP in Product Development is the way forward?
A minimum viable product, as I mentioned earlier, is the most basic-yet-functional version of your product. It is the absolute bare minimum required to validate your business idea.
Consider it a soft launch–you release your product to a small group of people and gather valuable insight from them. Then you address the issues (if any), enhance the core features, and eventually launch your product into a larger market.
One step at a time, you see?
A well-built MVP is like a window into the minds of your customers. They –
Give you some really useful insight into your target customers’ buying habits
Help you to determine whether your intended consumers are ready and willing to purchase your product
And the best part? You get all of this crucial information at a fraction of the time and money to build a full-fledged product! Pretty convenient, isn’t it?
So embrace the convenience of an MVP in product development! Book a free appointment with our expert tech team at TheCodeWork to kickstart your product development journey now!
Why choose the MVP in product development Approach?
This entire concept is like the super foods of the product development industry– basic, but packed with benefits. Here are just some ways in which they will give a running start to your budding business.
Trust me, you don’t want to pass these up!
1. Cost Efficient
See, the simple truth is, developing a fully-fledged product requires a lot of time, effort, and money. But for budding startups, the primary goal is to conserve resources while bringing the idea to market. You agree with me on this, don’t you?
So the solution is to build a product around the fundamental core features. Obviously, this will take far less time and effort, and get the job done as well! How smart is that?
Once your product gains validation and more users, you can then add more features to your MVP, And finally launch it into the market with a bang! Do you see how cost-effective it is?
So save your money and sign up with TheCodeWork to start building your product now!
Or just give us a call to get any assistance with your startup journey–be it technical, funding, marketing, or legal aid. India’s first ever ZERO-EQUITY startup ecosystem—TheCodeWork’s Startup Ecosystem is here to help!
2. Quicker client feedback
Using a minimum viable product allows you to understand the user’s expectations and demands from your product. Client feedback is crucial to developing a better product, as I’m sure you already know!
It doesn’t even matter whether you get positive or negative review! You can use both to your advantage. For instance, you can use any type of feedback to improve product development and iterate to better suit the market and needs.
Now consider something:
Would you be able to work on user feedback as easily if you had built a full-fledged product and released it to the market? Even if you tried, the resource loss would be enormous.
So of course, the step-by-step process from concept to product release is far more feasible.
It just doesn’t make sense to try to sell a product if you have no knowledge of the market, does it? But don’t worry, because the MVP has got you covered there too!
A minimum viable product will help you to understand market trends and break down market demands for improved business functionality.
Like I said, pretty useful!
What’s more, if your target audience accepts and embraces the product during this stage, you can be sure that there’s a market for your product. You can then create a community around it and continue to add to the development loop.
It’s how success stories begin!
4. Creating a solid Monetization Strategy
At the end of the day, you obviously need to make revenue from the product, don’t you? A good monetization strategy is also crucial when you’re trying to develop a sustainable revenue stream for your business.
But given the huge options available nowadays, it’s difficult to pinpoint a specific monetization strategy that will work best for your product.
For example, you can test particular monetization strategies with your product’s core features to see if people are willing to pay for it. If users are unwilling to pay for it, you can be certain that iteration is required. Pretty straightforward, right?
5. Improving customer engagement
Now comes the most significant benefit of the MVP approach— the opportunity to engage with your customers and leverage feedback to improve your product.
Nowadays, customer engagement is key to driving business growth. You’re with me on this, right? An MVP provides an excellent opportunity to talk to customers and create a buzz around your product before it even fully hits the market. Tell me, how cool is that?
Reach out to us with your idea for a free consultation now!
You must be wondering already: how should my business approach the MVP development process?
Well, let me tell you that it’s super easy to adopt this approach for your business. Indeed, the whole process has only a few steps. Let’s take a look at them, shall we?
Kick start your MVP in product development now!
Firstly, what exactly do I mean by “creating an MVP”?
An excellent MVP is one that demonstrates a product’s core functionalities. It avoids overcrowding the product during the initial phase of the product development process. After all, it is all about highlighting the core features, right? That’s all there is to it!
Now, let’s check out the step-by-step process of building a foolproof, functional minimum viable product.
1. Identify the issues to be resolved
Businesses frequently begin their market research and analysis with various investigations and client meetings. Yes, this is how it’s done! It allows you to get first-hand reviews on what a user requires, desires, or is stuck with. Collect this information and incorporate the appropriate solutions into your sample product. Does that sound right?
2. Examine the market’s competitors
This is extremely important! The underlying key to success is keeping an eye on competitors and their products.
Once you understand the features of your competitors’ products, you can work on their flaws! Do you see where I’m going with this?
Once you are done identifying the problems and analyzing your competition, it’s time to move on to your product. This is where you come up with solutions to the problems you found, and incorporate them into your product.
3. Think about value addition
Now what exactly is value addition? It’s straightforward. Tell me why a customer should buy your product. Obviously, because he/she derives some benefit from it, right? Something that your existing competitors cannot provide. That’s all value addition means!
So when launching your product, you have to keep in mind the value that it adds to a customer. When you strip your product down to its core features (aka, build an MVP), you are simply focusing on value addition. And this in turn allows you to channelize and market the validity of your product.
I know, it’s a brilliant move, right!
Thinking of building an MVP to validate your product idea? Why not check out TheCodeWork’s portfolio and make an informed decision on the same!
Reach out to us for any queries you have, anytime!
4. Create a user flow
Once you’ve successfully defined the value added by your product, it is time to move on to the MVP’s growth and development. This is where user flow comes into play!
And mark my words, this is a significant feature. Do you want to know why? When developing a product, you may become so focused on the core features that you unwittingly overlook the users’ perspective of the product.
Don’t be alarmed. This happens more often than you might think.
The user flow ensures that you don’t miss anything and build the MVP with the end product and customer satisfaction in mind. Do you see how essential this is?
5. Prioritize MVP features
Hey, this is a distinct pointer.
Let’s say you are building an MVP and have all of the features clearly listed out. Don’t you think you should prioritize this list? TheCodeWork founders can certainly help you with this.
The best way to do this is to ask yourself what your product’s users want. Once you’ve found the answer, sort them into pointers and highlight them as low, high, and medium priorities, and voila! You’re all set!
As you can see, an MVP is a very practical solution in product development for a variety of businesses. By creating one, you can achieve great results while spending relatively little money and effort.
But what if you don’t have the necessary team? Hiring an in-house team can be a costly investment, and can quickly deplete your budget.
So what to do?
Well, the answer is simple: outsource the development process to an experienced MVP developer!
Fortunately for you, we at TheCodeWork have a number of such successful development projects under our belt. Our tech team has an established but flexible methodology in place that we can adjust based on your unique business needs.
What’s more, we will have your back every step along the way. Our tech experts will
go over market research notes with you and your team,
assess competitors and user requirements,
clarify user flow, and
help you pick the most important features for your minimum viable product
Once we have all of these elements in place, we’ll move on to actual development and focus on perfecting your product until the very end.
So if you do have a brilliant product idea in mind, don’t hesitate to reach out to us at any time!
Click here for a free consultation regarding your product now!
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