What does MVP mean to you?
Does the term sound familiar? Before you jump on to any full form of it let us help you understand it. Frank Robinson first introduced Minimum Viable Product or MVP as commonly called and later Eric Ries the pioneer of the Lean Startup movement and Steve Blank, a serial-entrepreneur and academic popularized it.
MVP refers to the minimum viable product that focuses on the smallest thing, which you can build that delivers customer value and inturn you get some value back. In mobile app development, MVP is a basic version of an application. MVP is a complete process where a new product is designed & developed with core functionalities just to test how the target audience would react. Later after receiving the responses and after a thorough analysis, the actual product, with a complete set of features is developed.
MVP facilitates in testing, designing, and delivering the final product to end user. MVP development plays an essential role in web development and designing. A number of businesses have difficulty while trying to launch a minimum viable product for a mobile app or a web. That is why it is important to understand the build process of an MVP.
Is MVP necessary?
The idea of MVP is to introduce a product quickly, based on a unique idea, with a small budget. This approach enables companies to collect user’s feedback for the primary product and include it in future iterations. MVP can help in searching the right audience; draw the ideas based on experience, and save time.
Building an MVP involves finding the exact balance between what your business plans to offer to its users, and what users truly need. The reason MVP is implemented, is to test the hypothesis by reducing errors. MVP helps in accumulating maximum quality feedback, by targeting specific crowd, or types of users.
Benefits of MVP
Various benefits of using MVP are applicable to the design team as well as the company and investors at large.
- Helps you on focusing on a single idea of the product.
- You can better analyze the need to the customer and need of the product.
- Early testing of the product helps to take better-informed decisions.
- MVP helps in designing the product with minimum resources and is budget friendly.
- It helps to make your product reach the market faster.
- Less development time means lower app development costs.
MVP approach is ideal design approach for startups although it is often applied within established businesses. It is implemented to get a basic product to market in short time and later the feasibility of the product is examined to determine which features should be included in the next iteration. MVP is a user-focused design approach that gathers valuable feedback constantly to offer an improved product along each iteration.
Raybiztech is a leading Global Information Technology (IT) Services and Solutions, a CMMI Level 3, ISO 27001:2013 and ISO 9001:2015 Certified Company. We are a Member of NASSCOM, HYSEA, NJTC, and AIIA. Raybiztech offers comprehensive end-to-end IT Services for Business Application Development, Enterprise Solutions, Enterprise Collaboration Services, Testing and Quality Assurance Services, Cloud Computing and IT Infrastructure Management to organizations in the Banking & Finance, Insurance, Healthcare, Manufacturing, Retail, Media & Entertainment, Leisure & Travel, Telecom and Energy & Utilities verticals as well as Independent Software Vendors.