What is MVP and why do you need it?

As you probably know, MVP means minimum viable product and it’s the first stage in product development. While it is not obligatory to develop an MVP, we highly recommend doing so as MVP can help you in many ways, such as testing your idea and being able to fix the product on the go.

In order to better understand what MVP is, let’s look at the following example. You want to sell cakes but you want to know what the audience thinks about the taste, texture, etc. So you start with cupcakes and collect feedback to better understand what the areas of improvement are and what the competition is. In this example, our cupcake is an MVP and the cake would be a maximum value product or final product.

Some may ask: why would I spend time and money on MVP when I can start right off with developing the final product? Here are the reasons why MVP is your bro:

• It allows testing your idea with real users;
• Low development costs and low development time;
• Prioritization of features from the start.

And if that does not sound convincing enough for you, below we list down all threats that MVP can save you from.

What are the threats that MVP can protect you from?

There are many traps in the software development process that become obvious only after you fall for them. Luckily, MVP development can eliminate or at least mitigate some of them.

Overloading the app with features

One of the most common mistakes in software development is overloading the product with features in an attempt to please the users and outrun the competition. But in reality, it’s not the number of features that pleases the users but their value. 

The selection of features is especially important for MVP since MVP has a limited set of must-have features with no fancy add-ons. Therefore, we recommend that you list down all the features that you’d like to include and then prioritize them by high, medium, and low priority. In this way, you will better understand what features are essential and bring the most value to the product and what features can be left aside. And then pass the list to your MVP developer so he can start working on them!

High development costs

If you pack a product with features and do not test it with users in advance, you might face incredibly high development costs as you’ll have to fix the product after its release. As well, don’t forget about the possibility of bugs and errors that might be present after the product is complete. With MVP, you significantly reduce the development costs by 1) minimizing the set of features 2) testing the product and 3) continuously tweaking it. MVP lowers the risk of releasing malfunctioning products as well as it lowers the risk of releasing a product of low value.

Missing the mark with target audience

We’ve stated it multiple times and will repeat once again: MVP is awesome for testing your idea and seeing whether your product really brings value to users. One of the biggest mistakes one can make is releasing a product that users do not need or do not like. Lack of analysis and testing equals high risks as the audience may simply ignore the product and it won’t bring you any revenue.

How much does it cost to build an MVP?

While there is no definite answer to that question, it’s safe to assume that MVP development cost would vary somewhere between $15,000 - $50,000. There are multiple factors affecting the price and they include:

• Platform of your app: web, native mobile, hybrid mobile
• Number of screens needed;
• Complexity of design;
• Amount of custom features and custom design;
• Amount of features in general;
• Needed integrations.

To make things easier for you, Dashbouquet offers a simple MVP calculator. By going through a set of questions about the desired functionality and look of your app, you’ll get an approximate price for MVP creation and will be able to plan your budget correspondingly.

From minimum viable product to maximum value product

An MVP indeed is a great way to start off your project but what’s next? The next stages would be MMP and MLP.

An MMP stands for minimum marketable product and that’s the 1.0 version of your final product. While MVP is mostly about testing, MMP is a product that you can release on the market and even get a certain ROI. MMP is more defined and you already know what your audience wants.

As for MLP, this means a minimum loveable product. Unlike MVP or MMP, the main goal of MLP is to grab users’ attention and interest them in the product. Hence, MLP focuses mainly on the product’s design (as well as usability) and on creating an emotional connection with product users.

MMP and MLP are two most common stages that come after MVP creation. However, depending on the nature of your product and your marketing strategy, you can choose a totally different route. Just remember to always aim for product value and make sure the product meets the users’ needs.

Conclusion

We at Dashbouquet firmly believe that MVP is a necessary step in developing any software product. Having delivered a great number of MVPs for businesses across various domains, we know that well-designed MVP plays a big role in saving your time and budget. However, an MVP itself can be successful only if you dedicate enough time to market research and analysis. And in case you worry about not being able to conduct proper market research, DashBouquet specialists are here to help. We not only create stellar MVPs but help analyze the market and identify business opportunities. Does it sound good enough? Contact us to learn more.