8 Main Benefits of Building an MVP

What is MVP and why do you need to focus on this? We have already outlined this topic in our blog, but long story short: that’s the first thing you strive to do when developing an app. Let’s dive deeper and find out what is what and why it’s beneficial.

Eric Ries, the author of “The Lean Startup”, first used the term MVP and described it as: ‘A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort’.

MVP is a product management concept that works exceptionally well when bringing a new product to market. The main goal of MVP is to deliver the bare functionality that will meet the essential needs of the users and solve a specific problem effectively. Such an approach has numerous benefits including cost efficiency, minimal risks, product clarity, and others featured in the article.

1. Focus On Core Functionalities

The MVP approach helps to find clarity and focus on the core functionality of your product. It allows you to test your business concept with minimum costs and time. The majority of product owners are prone to adding redundant functionality before the product even enters the market. By adding a huge amount of functionality, it’s very easy to lose focus on the specific problem you aim to solve.

2. Clarity of Vision

At the initial stage of your product’s development, you should specify the core features and customer value of the software and write everything down. After a checklist is created, share it with the team. This primary vision will definitely help you to stay on track and make better decisions in the long run.

3. Development of Early Relationship With Customers

Timing plays a significant role in business. It helps to engage new users and stakeholders at the initial stage of the development. Early adopters will spread the word about your product and give priceless feedback. What can be better for making your product 100 % customer-oriented?

4. A Better Understanding of Customer’s Needs

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 less, and what features you should add in the next release.

5. Clear User Interface

The MVP approach prevents your initial product from getting cluttered with unwanted features. As a result, the product is easily adopted and not complicated to use.

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 Release

The decision to develop only core functionality significantly speeds up the release of the product. After the release of your first product’s version, 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. There always is someone who can release the same good app before you. 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

The next advantage of building an MVP is the possibility to be exceptionally responsive to the needs of the modern fast-paced market. The MVP approach creates space for updates and new features that customers ask for. Also, your product can benefit from newer technology and tools as they become available. It will help you to keep the product relevant in a competitive market.

8. Development With Minimal Risks

It is very important to keep in mind that polished large-scale apps take years to craft and require lots of money, time, and effort. All the most used and popular software products started small and adopted costly extensive features over the years. Facebook, Instagram, Snapchat, Spotify, Airbnb, Uber, Zappos, Dropbox, etc were developed as MVPs first.

When MVP is Worth it?

Always. Generally speaking, 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 MVP great - a possibility to watch how your product is taken 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, 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, we highly recommend considering an MVP.

At Incora, we have experience in developing MVPs for all sorts of projects and offer you a free consultation for MVP development. 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.