No matter whether we believe that we acquire a great business idea, at some point we will be having second thoughts about the fate that lies after the mobile app is finally launched. And why not? Designing a competent mobile product is surely a challenge! In such a case, what do you think is the best choice to opt for?
The answer lies here; Minimum Viable Product (MVP). Nothing could be more enthralling than gaining a bulk of valuable insights which would optimize your product effectively and help you to sort out better design decisions. Yes, this is what MVP does! It provides you an opportunity to test your business concept efficiently and give you a grasp whether it resonates with your target market or not.
GLIMPSE AT MVP
Minimum Viable Product (MVP) is designed to polish the products prior their inauguration in the market. Simply put, an MVP is an early version of the product which is used for testing its adequate built features whether it is viable/workable in the market. Following an MVP, the product developer can easily strip away all redundant features, leaving the essentials of the product.
Listed below are the good reasons why one should go for for MVP before the launch process of the product;
TESTING KEY BUSINESS FUNCTIONS
The key advantage an MVP holds is that you can test your sales and marketing by initially bringing your product in the market, giving you a clear notion about its traction. You have an excellent opportunity of testing your basic functions, business model assumptions, acquisition cost etc. This way you can have a chance to improve the weak spots of your functions that could possibly become problematic for your product post launch.
STATING VALUE PROPOSITION
You have to define your value proposition once you decide to define your MVP. This way your vision is examined thoroughly and the core value is identified which you want to deliver to your customer. This stage helps in clearing your targets and giving you an idea about how to get best ROI.
Despite putting in lots of resources and conducting a thorough market research into effectual design, one could never have a surety about the outcome. It could all be wasted by just putting on assumptions. Here, MVP plays an effective role by offering enough to confirm your assumptions which inevitably reduces the cost of rework if you find it necessary.
POWERING PRODUCT EVOLUTION
With all the core features and functionalities, an MVP is released in the market allowing you to fabricate the first user base which will offer you multiple insights regarding the know-how about the main valuable additions. This data could be used effectively in the utmost development of the product, allowing you to allocate your resources at the best areas.
A STRONGER CASE IS MADE
MVPs are a great source for creating a strong business case which could be demonstrated to the investors, exhibiting the marketing validity of the product. In this way the investors could learn effectively either the final product is worth the investment. The best part is your position in the market could be definitely strengthened with a tested MVP if funding is what you are looking for.
Grasping the significance of developing an MVP is not that hard! The reasons listed above would already have had made clear that why Minimum Viable Product is in your interest. Want to give it a try? Have a free consultation over your app idea with us!