MVP Benefits for Software Development
Have you ever thought you had an amazing idea for a project, but when you presented it to other people – it turned out that you didn’t think through many important aspects of this project? It seems like this scenario happens a lot. But what is more surprising – there are businesses that launch their products exactly like this. They have an idea for a project, and they develop it without spending any time on research or validation beforehand.
However, there is a way to test and validate a business idea or product concept with minimal resources and investment – MVP Software development.
What is an MVP?
In software development, an MVP (Minimal Viable Product) is a product that has just enough features to be usable by early adopters and to validate a product idea with real users.
Gartner defines it as: “(…) the release of a new product (or a major new feature) that is used to validate customer needs and demands prior to developing a more fully featured product. To reduce development time and effort, an MVP includes only the minimum capabilities required to be a viable customer solution.”
We can call it “a stripped-down version of the product”. The MVP approach is used to minimize the risk of building a product that nobody wants and to allow the product team to gather users’ feedback before investing time, effort, and resources into a full-scale product development. MVP is a crucial aspect of software development and helps startups and established companies alike to make informed decisions about future development. By launching an MVP, businesses can quickly determine if their product has a market fit and if there is enough demand for their solution.
Discovery phase in software development
The discovery phase is the initial stage of software development where the focus is on understanding the problem and defining the requirements for the product. During this phase, an MVP can be created to test and validate the product idea or concept with real users, gain feedback, and identify any potential issues before moving on to the development phase. By incorporating an MVP into the discovery phase, it can help businesses save time and resources and increase the chances of success for the full product.
What makes a good MVP?
A good MVP should have the following characteristics:
Solves a problem:
The MVP should solve a real problem or address a real need for the target audience. The problem should be clearly defined, and the MVP should address it in a simple and effective way.
Has essential features:
The MVP should have only the essential features required to solve the problem or meet the need. It should not have any unnecessary features or functionality that may complicate the product or distract the users from the core functionality.
The MVP should be easy to use and understand for the target audience. The user interface should be simple and intuitive, and the product should have a clear value proposition that is easily communicated.
The MVP should be testable, which means that it should be possible to measure and track user engagement and feedback. This will help in validating the product idea and making data-driven decisions for future development.
The MVP should be developed in a cost-effective way and should not require a significant investment of time and resources. The focus should be on creating a functional product quickly and efficiently, rather than building a fully featured product that may not be successful.
MVP, Proof of Concept, or Prototype?
An MVP is not the same as a Proof of Concept (PoC) or a Prototype. A PoC is a demonstration that a particular technology or solution is viable and meets the requirements of the project. A Prototype is a preliminary version of a product that is used to test and demonstrate the product’s design and functionality. Both PoC and Prototype are usually less functional and polished than an MVP.
An MVP, on the other hand, is a fully functional product that is released to the market to test its viability and to gather feedback from real customers. The focus of an MVP is on delivering just enough value to early adopters and to validate the product’s key value proposition.
To show you an example – we have developed an MVP for Bosch & Siemens Hausgeräte.
MVP is an important concept in software development because it helps to reduce the risk of building a product that nobody wants. After all, developing a full-featured product without any testing or validation can be a risky proposition. By creating an MVP, businesses can reduce the risk of investing significant resources into a product that may not be successful.
What is more, it helps the product team validate their assumptions about the target customers, their needs, and the market demand for the product. This feedback can be used to identify any usability or functionality issues and make data-driven decisions for future development.
In addition, an MVP allows the product team to test the product’s marketing and sales channels, customer acquisition, and retention strategies. This information is critical for the success of the product and can only be obtained by testing the product with real customers.
Finally, it allows businesses to quickly bring a product to market and test it with real users. This can help to identify any issues or opportunities for improvement and enable the product to be refined and improved in subsequent releases. This can also help to save time and resources by avoiding investing in unnecessary features or functionality that may not be required.
Does your project need an MVP?
By creating an MVP, businesses can test and validate product ideas, reduce the risk of investing significant resources into a product that may not be successful, and bring a product to market faster. Ultimately, an MVP is a valuable tool for those looking to build successful software products while minimizing risk and maximizing efficiency.
Do you know the saying “better safe than sorry”? Creating an MVP has a lot in common with it. MVP may seem like just an additional step that you have to take before starting with software development, making it slower to develop what you truly want. However, in this case it is better than wasting time and money on developing a product that has no market value.