8 Main Benefits of Building an MVP

Minimum viable products and startups are conquering the market of custom software development. However, many of us still don’t know what MVP means, how it works, and what are the main benefits of building an MVP.

Before naming and examining the 8 main benefits of building an MVP, we must answer the previous questions first.

MVP Startup Development in a Nutshell

A minimum viable product, or simply MVP, is a software development approach, based on the idea of creating the most basic version of an app.

To cut a long story short, building an MVP is a much faster and cheaper way to deliver a working application and embody a concept with a minimum effort. MVP software development is a beloved approach among startups and small companies with limited resources, yet huge ambitions.

Building an MVP startup offers the creation of a working application and testing business strategy and app concept by pushing it online and gathering data for further improvement. For instance, a small business can hire a dedicated development team to create a simple app. Then, business owners can collect user feedback and reports, text UI/UX, business logic, etc.

Finally, after having the collected data, you can analyze it, and learn what can be done to improve and scale the application. Frankly, many modern tech giants originally started in terms of MVP software development. For example, Facebook, one of the most popular and influential social media networks was an MVP at first.

Main Benefits of Building MVP Startup

Before getting into details, we should say, that cheaper prices, limited time, and the possibility to test the idea are not the only benefits of building MVP startups.

1. Focus On Core Functionalities while Building an MVP

The MVP software development approach helps to find clarity and focus on the core functionality of your product.

Apart from reducing risks and testing business concepts with minimum spending, this helps to deliver a more high-quality product. Clearly, when your dedicated software development team is building an MVP, they have a limited number of features to code.

Small app size and functionality make it easier to perform software quality assurance, detect and fix bugs or other issues. So, despite the limited time, your development team can still ensure a much higher level of software quality than a full-fledged software app development.

Many product owners are prone to adding redundant functionality before the product even enters the market. A huge amount of functionality and code-based elements, makes your developers and project managers lose focus on the specific problem you aim to solve.

2. Clarity Of MVP Startup Vision

At the initial stage of your MVP software development, you should specify the core features and customer expectations. Hence, in terms of building an MVP startup, you will have to weigh all the pros and cons and define the least number of the most vital features.

As a result, MVP startup development demands a clear and specified idea. On the one hand, it requires an accurate and conscious discovery phase of building MVP. So, it might take more time to balance and reconsider all the aspects of your future startup MVP development.

On the flip side, it also results in another benefit of building an MVP: business owners and the development team, know what exactly they are working on.

So, for extra clarity and even better results, share your MVP checklist with the software development team. This primary vision will help you to stay on track and make better decisions in the long run.

3. Early Customer Relationship in Building an MVP

As was mentioned, building an MVP is a popular decision among startups and businesses, with limited resources. Thus, one of the major aspects to consider even before starting the MVP software development - is to learn your target audience and its expectations.

Therefore, business owners have to start communicating and learning about their future users already at the planning stage. So, when building an MVP, business owners have to spend extra time and resources to communicate with future users. Thus, they can adjust the concept of MVP startup to meet the expectations.

Still, such two-sided communication fuels the users’ interest and shapes a more friendly and close community around your MVP software product, which is an undeniable benefit of building an MVP.

4. A Better Understanding Of MVP Users’ Demands

Frankly, this MVP software development advantage is directly connected to the previous benefit of building an MVP.

Still, apart from asking your target audience before starting MVP startup development, you should also keep tracking and monitoring users’ feedback after publishing your MVP startup.

Don’t forget, that user feedback and reviews are among the top reasons for building an MVP: it creates an opportunity to gather such important data as fast as possible and make suggested improvements to better compete with the rivals on the market.

Collected data and detailed research of the target audience can not be overestimated. Feedback from early adopters is much more valuable than the best assumptions of business analytics and experienced advisers. The sooner a client can test the product, the more effective development you get. Your users will tell you which functionality they appreciate the most, which – the least, and what features you should add in the next release.

5. Clear User Interface in MVP Startups

Building an MVP startup is not cluttered with unwanted features. As a result, the product is easily adopted and not complicated to use. Thus, your MVP users can easily adapt to using an app, and quickly learn the user interfaces. Therefore, it would be easier for both of you to define the pitfalls or other issues, related to the app functionality, and make improvements.

Additionally, it will be easier to define the “missing spots”, i.e. to understand what features should be added next to improve the customer experience.

Finally, that’s also a good chance to try how different features work. You can investigate each one separately without the need to keep an eye on everything.

6. Quicker MVP Release

The decision to develop only core functionality significantly speeds up the product release.

After your first product’s version release, you can test key hypotheses quickly and gather users’ feedback on both core and desired features. Procrastination with the release date can lead to the development of useless features and wasting time on expensive bug fixes.

Don’t forget, that there is always someone who can release the same good app before you. So, do your best to keep your initial release minimal, and subsequent releases incremental. It will make you much more responsive to the market.

7. Flexibility And Constant Updates in MVP Startups

The next advantage of building an MVP is the possibility to be exceptionally responsive to the needs of the modern fast-paced market.

Building an MVP startup creates space for updates and new features that customers ask for. Also, your product can benefit from newer technology and custom development tools as they become available. It will help you to keep the product relevant in a competitive market.

8. MVP Development With Minimal Risks

It is very important to keep in mind that polished large-scale apps take years to develop and require lots of money, time, and effort.

Each modern popular software product started small and adopted costly extensive features over the years. Facebook, Instagram, Snapchat, Spotify, Airbnb, Uber, Zappos, Dropbox, and many others were developed as MVP startups first.

When Building an MVP Is Worth It?

Always. Generally speaking, building an MVP - is a concept, that all startups should start with. Of course, the most advantage will be received by the fully fresh products, that are just starting their way on the market.

When launching a completely new product, it’s more rational to add features step-by-step, without a rush. This makes the MVP software development approach so great - a possibility to watch how your product is used by the users and adapt it to their needs.

After feedback, the app owner can decide if the extra API should be added, and if it’s more important to work on the UI or improve your monetization strategy.

But, there is no chance that MVP can damage the product launch, whatever industry it enters, or whatever size it has. You are working wisely and launching quickly using the MVP development methodology. You do not wait till the product is polished before releasing it.

Once you've identified a market need, you can quickly construct the most basic form of the product and entice users with the answer you're offering. This helps you establish authority and establish a following early on. So, building an MVP is worth every part of the outcome it brings.

Conclusion

To save your time, costs, and resources when entering the market with a new idea, you should consider building an MVP startup.

At Incora, we have experience in developing MVPs for all sorts of projects and offer you a free consultation for MVP development. To prove our point, we recommend you check our latest case studies. If you’re considering building an MVP or have any questions on how to develop your minimum viable product, don’t hesitate to fill out the contact form.