Coming up with an idea which is unique is really difficult. The SMEs pour their maximum efforts in that idea. Now, these efforts are more in the monetary terms. They indulge huge resources and their lifetime of savings in their unique idea. If that turns out to be great, that’s nice. But, if it doesn’t the idea and the cost all goes in vain.
The market always has room for an app coming up with an innovative feature. It is basically the MVP or the USP of the app. However, the time and cost invested are always attached to the fear that the users won’t be interested in the app. The app will not get proper response from the users and it will be a failure.
All this brings to one easy solution, MVP. It’s not just the SME’s but even the big enterprises fear the risk of failure and opt for MVP instead of a full-fledged product. Let’s start with what MVP actually is.
What is the MVP?
MVP stands for a minimum viable product. It means to develop an app with a set of features that is absolutely necessary for the app to go live. It will be like a test drive for the app. You can get a better idea of whether the customer is accepting the app and interested in using it or not. You are open with the option to update it and invest more once you are sure about its acceptance.
Benefits of MVP
1) Early Testing Of Business
Instead of a feature-rich product, an MVP allows testing your idea at a very early stage. It is the best way to collect the user’s information, try hypotheses, and manage the cost-effectiveness.
2) Polished Product
The best part of MVP mobile app development is that you can start with small and keep making improvements based on the feedback. You can incorporate the user’s views and their needs into the app making the end product ROI centric. The product is more mature and as per the market needs, nothing more and nothing less.
3) Cost Management
Spending a fortune on a project which has no guarantee of success is nothing less than a mistake. An MVP model will keep the cost low at the inception stage of the project. Of course, the addition will add the cost at a later stage but by then there would inflow of revenue to bear the expenditure. The revenue generated from the first launch will finance the update and the revenue from the update will finance the next update.
4) Easy to Get External Funding
MVP model is like a release in the form of installment of a complex and difficult product. The initial releases will ensure the acceptability of the idea and provide a clear vision for further development. The idea that is strong with a clear vision and a full-proof roadmap to that vision is easy to put trust and money on. With a successful MVP launch, it is easy to get funding from the external sources and stakeholders.
5) Stronger User Base
In the case of full-fledged mobile application development, the user can get lost with plenty of features. It might also look cluttered and clumsy at times. In the case of the MVP model, the app solves one single problem of the user which makes them stick with the app. They get exactly what they want without having to go through plenty of other features. This will create a strong and loyal user base.