October 24, 2022

Why Spend the Time and Money to Build an MVP?

Your MVP software is what allows businesses to enter digital marketplaces and begin their journey to success.

Building an MVP allows businesses to begin the iterative process of development, polishing each aspect while ensuring overall alignment stays in place, as adding new pieces always changes the balance of your system.

What should MVP software development look like?

When building a digital product, understanding that focusing on a solution to a single or small group of closely related problems is the goal.

Your MVP needs to provide a useful service that either brings innovation to the market or spins an existing formula for the better – most importantly, it has to be engaging.

The mantra for an MVP is “cut, cut, cut” to the point where it simply captures the essence of your main idea. It should have minimal features to engage early adopters such that you can test your hypothesis.

How to get started building an MVP

Running through a Design sprint is the ideal way to go begin MVP software development. You’ll work with a team of designers and developers to hone in on pressing matters that your product will solve while creating a roadmap for future feature releases.

Your UX will evolve as your product evolves but the starting point is arguably the most important. | Source: Alvaro Reyes on Unsplash

Incorporating what you’ve learned into the UX designs is what will allow you to test your hypotheses with real users to understand how your product will be received by your early adopters.

The prototype you’ll have by the end of the process will closely resemble the MVP as it will incorporate the feature set for the digital product’s first iteration.

Here, you’ll collect your first batch of feedback from a group of test users that will serve to solidify your initial designs and features.

Benefits of putting time and money into your MVP

Though your MVP will be a refined version of what your product will look like down the road, it still needs to get the job done. Putting together a great MVP will enable you to do the following.

Win stakeholder and investor buy-in

MVP software development showcases actual results to those putting up the money for development. Because most digital products don’t typically yield enough profit for further development during their MVP phase, you’ll need additional funding to promptly build the next wave of features.

An MVP serves as a proving ground where you can demonstrate through feedback, both good and bad, that a product’s growth aligns with its projected earning trajectory.

Learn about the usability of the product

The UX of a digital product is often built on layers of assumptions that, when combined, work to define the UI which is why constant feedback is so valuable.

The prototype from the design sprint will give a glimpse of insight into the product’s usability – once it’s live on the market, you’ll learn much more from real use case scenarios.

Information from app store reviews as well as data gathered from backend analytics will both expose shortcomings and reveal opportunities.

By applying this information to optimize the UX, your product will be better equipped to retain its user base.

Verify market demands before going all in

Through testing, analyzing feedback, and measuring financial results, you’ll gain insight into your product’s market viability. Your performance (or lack thereof) will reveal if your digital product has the wherewithal to continually produce results throughout its lifecycle.

It’s a good idea to request specific feedback through a survey of your existing users to understand how pricing might affect their experience. Finding the sweet spot for pricing allows you to retain your early adopters as well as appeal to new users.

Observe user behavior to solidify or adjust the next milestones on your roadmap

Future releases organized on your roadmap are a result of early assumptions and initial user testing. You may well find that your next planned feature won’t be nearly as valuable to users as something scheduled for later in the development cycle.

An analytics stack needs to be set up alongside well-defined funnels to understand how people are finding your product and interacting with each element once they’ve become users.

Information you gather from feedback and analytics should be used to either justify your roadmap or tweak feature releases to align with user expectations.

We understand that a successful product starts with a true MVP

Year of experience has taught us – and continues to teach us! – how to effectively create engaging digital products and get them to the market quickly.

Get in touch with us to learn more about our MVP software development process and how we can help your product to engage with users throughout its life cycle.