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What Is An MVP? And Why Does It Matter?

24 Jun 2021 Developer News
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If you build a new software product, you must feel certain doubts. It’s okay, you need to focus on MVP software development first, and then most of your doubts will disappear. But what is an MVP? And why should you care?

MVP Definition

An MVP stands for a minimum viable product. Basically, it’s a new software product, which has limited functions, yet it can satisfy users’ needs. Note that an MVP operates effectively despite its small capacity.

Here the question arises: Why should you care?

MVP software development is a critical step in launching any new software product. This step is needed to collect users’ feedback to improve existing features or add new ones. Remember that agile software development is about validating and iterating products based on user input.

Why do you need to develop an MVP?

  • to validate ideas before investing time, efforts, and money in them
  • to create a product that is more likely to succeed since it’s developed based on user input
  • to release a product as quickly as possible
  • to have a working model that can be introduced to investors

As you can see, an MVP is highly relevant for startups. 

MVP Requirements

Even though an MVP has limited functionality, there is a set of requirements that you must consider. Let’s take a look at them!

  • An MVP must deliver value. Your product has to satisfy people’s needs if you want them to use it. Unless MVP is useful and has some value, nobody will use it.

  • An MVP must be quick and cheap to develop. One of the main goals of MVP software development is to save resources by validating ideas before investing in them.

  • An MVP must be without any bugs. Bugs can have a detrimental effect on user experience. Remember that an MVP should be flawless so that you can get valuable customer feedback.

How To Build An MVP?

It’s impossible to write step-by-step instructions on how to build a minimum viable product. Everything depends on your product type, resources, marketing factors, etc. Here are some general steps you need to take while developing an MVP.

  • Define the central goal of your software product. The best way to do it is to ask yourself the following question: What specific user problem will my product solve?

  • Determine who is your target audience. It’s a grave mistake to target wide audiences while releasing an MVP. You’d better narrow your audience to receive more valuable feedback. 

  • Explore your competitors. Who are your competitors? What are their strengths? What are their weaknesses? How your product will outperform theirs.

  • Carry out SWOT analysis. Now, it’s time to analyze your strengths and weaknesses. Also, determine your opportunities, as well as threats.

  • Recognize the user flow. Look at your product from a different angle - from your customers’ perspective. Determine what steps users take before buying your minimum viable product.

  • Pick up the main functions. Keep in mind that an MVP is about limited functionality, so there is no need to add a large number of features. In the testing phase, do your best not to confuse users with complex functions.

  • Perform Alpha and Beta testing. Alpha testing is about launching your product within a small group of people - your employees, friends, relatives. If everything is okay, you can get down to Beta testing - offering your product to real consumers. Then collect feedback, analyze it, refine your product, and repeat.

 In-House Vs. Outsourcing MVP Software Development

If you’ve decided to develop an MVP, you may face the question of whether to hire in-house employees or outsource your project. Each option has its benefits and drawbacks.

Outsourcing is the best option for those who want to launch an MVP quickly and cost-effectively. On the other hand, if you have enough resources and the complexity level of your project is high, you should consider hiring in-house employees.

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