Building A Minimum Viable Product: The Way To Ensure The Reliability Of Your Software
What is the most important step in building software? A proper filling. You cannot satisfy the demands of people if you don't create the right product. That is where you should get acquainted with an MVP - a minimum viable product. MVP gives users the main features they need. But how you can determine the right features for your software development? This is what our article will be about. Stay tuned!
How to build a minimum viable product
If you want to know more about MVP development process, then follow these steps below:
- Step 1. Get acquainted with the purpose of an MVP
- Step 2. Monitor the benefits of MVP creation
- Step 3. Determine the challenge you should solve
- Step 4. Find the right solution to build an MVP efficiently
- Step 5. Analyze the market
- Step 6. Build the priority of features in your MVP
- Step 7. Monitor the main metrics to measure success
The purpose of an MVP
On the whole, the minimum viable product makes it possible to release your software quickly. As a rule, MVP development doesn't require a large budget so it helps entrepreneurs create a new product with minimum costs. Also, MVP is often built to get a primary feedback from first users and then think about updates and modifications. MVP helps owners draw a new audience and tell them about a new product.
See an MVP influence on your business. Read MVP as a start of your business
So, MVP is designed for finding the right balance between your product's capabilities and needs of users. For example, you have an idea, but you don't know how feasible this idea is - a minimum viable product is the right way to find out it. You create MVP and provide people with your product to see their appraisals. MVP development steps include 3 main principles as you see below, and you will find a more detailed information about it in the following section.
3 main principles in building an MVP
Thus, MVP should be the basis of your app if you want to offer people something new and unusual. But let's single out the main benefits of MVP and discuss them.
Benefits of MVP for your business
MVP development has a few strong benefits for your business you should know about, so we cannot ignore them.
As we noted above, MVP software development doesn't take much time, that is why software developers you will cooperate with can build it quickly and put it on the market. Then, your potential customers can start testing the product and write their feedbacks. In turn, you will be able to evaluate how your strategy works, whether it is successful or not, what you should modify, and so on. Then, you can order new updates from software development and enhance your app to make it a stronger product.
MVP it is just a start of your powerful and large product that potentially can be developed in future. But, for example, you simply lack additional funds, and you need to find investors for funding your project. If you build MVP, it will play an important role in this process. You will show investors what you already have, what capabilities and potential your product has, why people need it. Then, if your product was well-thought and skilled developers built it, there is a high probability that investors will be interested in funding your project.
It may take from a few weeks to one year to upgrade MVP product, depending on the complexity of a software and the number of additional features. So when you release an MVP, you are able to understand what is good and what is bad in your app. Thus, improvement will be made gradually, step by step, so it will allow you to create amazing software upon MVP app development that will be perfect for users and will bring you a large profit.
Despite the fact that high-quality MVP development is not so cheap, it is still not so expensive as the development of a full-fledged software. So mind that you will be able to allocate your budget wisely. If your MVP starts gaining popularity and it will bring a profit, you can use your revenue to update the product and make it better.
You can start promoting your app before you release it. Just tease people and make a surprise for them. Users will not have to wait for your product for a long while - MVP is built rather quickly. And you will be able to communicate with the first users as soon as possible, and any changes can be done quickly and losses will be minimal.
Benefits of MVP for your business
'Doing extended development of an unreleased software product is building a tower of hope on a foundation of assumptions' Shawn Crowley said. As you can see, this statement has a strong ground, and our specialists at Cleveroad agree with it. I think it is the time to speak about steps to create MVP in detail.
Steps to build your MVP
A wise approach is required regardless of your field of activity, so properly undertaken steps to create MVP are mandatory. I would like to share with you a detailed guide on building your minimum viable product if you still have any doubts or you don't know how to implement it. Let's go!
Delineate the challenge you plan to solve
First, before you start your minimum viable product development, your main task is to understand what problem exists and why you should solve it to satisfy users' demands. You cannot just build the product that you want. You should create a product that people need. Moreover, you should conduct a detailed research to find out what people are interested in, what they want to get in your new app or website. Thus, when you will single out the challenge, you will be able to proceed to the next stage where you need to find an appropriate solution to the problem.
Learn more about project planning phase. Read How our team approaches to project planning phase
Find the right solution
You found the problem and now you should find the most appropriate way to solve it. But, please, note that you shouldn't start pushing on developers to MVP product development immediately. You may have come to the idea of many cool features development that will be a good basis for your minimum viable product. But when you spend a lot of money and time for the development of these features, everything can be changed: it is the solution to the problem that nobody cares. That is why it is very important to remember one simple truth - the number of features should be limited as much as possible, your product should have features it cannot work without. Therefore, if this product doesn't become a solution, you will be able to add or change something with minimum costs and time.
Watch our video to know more about reasons to launch MVP for your business:
Why Should You Start Your Business from MVP?
Know your competitors
Never underestimate other competitive products that already exist on the market. Even if you think that your new product will be a bestseller, you should always know your competitors. Analysis of competitors is very important to know how competitive they can be for you in the battle for customers. And if you didn't find a competitive product, it means that either you are a pioneer in this field and you can start to build an MVP app or website (this option is better, of course), or this field is not profitable.
If you see that there are many competitors, analyze their resources using different tools to find out how many visitors they have monthly, what features their product has and so on.
Build the priority of your features
Returning to the right building of the software skeleton, you'd better spend some time for the segregation of core features that will be the basis of your MVP solutions. 'Good' and 'cool' features should be put aside, and MoSCoW method will be your best friend in this case. MoSCoW stands for 'Must have, Should have, Could have, and Won't have'.
- Must have. Here everything is simple, the main features that your software should include and their absence will affect the functionality of the product. That is what MVP means;
- Should have. These are features that should be added to the software, but it can be done later, after release and when you collect users' feedback and main appraisals;
- Could have. Additional features that can strengthen your product and make it more interesting, but they don't bear a large value for your software. When your software has a very good rating, people like it, you can add more features you want;
- Won't have. It is also necessary to single out features that won't be included in your app. It will help you distinguish what you should pay attention to, and what you should ignore.
Create, measure, learn
3 simple principles that will help you walk this path when you study how to develop an MVP. MVP development is not the end, your final goal is to generate revenue, retain the popularity of software, gain more users and so on. But to achieve it, you should measure different important indicators and learn, learn, learn.
You should start attracting the right target audience to your software, collect usage data, get feedbacks from users, and don't ignore updates if you see that your product is interesting for more and more users.
Steps to create an MVP
As for MVP success measuring, it is necessary to describe this crucial issue in a separate section you will see below.
MVP success: ways to measure it
In fact, there are a few crucial metrics you should take into account if you want to monitor the popularity of your app or website. We recommend you not to ignore these metrics since they will let you make timely fixes in your software and not retain existing users.
Discover types of developers to choose specialists. Read Types of teams in software engineering for your project
Communication comes first
If you want your software to be popular and you don't want to repel users, start communication with potential customers. Promote your product on different forums, speak with visitors, ask them for feedback, let them share their opinion and tell you about any problems that your software has.
Measuring user engagement, you will be able to see how your product is valuable for today, and even evaluate the potential of your software, how it can be popular in the future. With the help of user engagement metric, you will be able to modify UX if necessary.
The number of downloads
This metrics is important if you create an MVP of a mobile app. The more downloads and launch rates your app has, the more popular it is, the principle is simple. That is why in the case with an app you should always monitor this metric.
Percentage of active users
If your app has 1000 users, it doesn't mean that all of them actively use this app. Therefore, you should check it out how many users are active and think through a strategy to retain passive users and make them return to your app. So monitor this metric regularly.
Percentage of paying users
If you earn on your software, you should know how many users are using paid services in your software, find more information about users, why they are interested in your software, what they like, how much time they used your software before they start using paid services and so on. Keep it in mind that the number of paying users will always be less than the number of free users.
Customer lifetime value
This metric is also crucial, it gives you an understanding of how long users spend in your software before they remove it. If this time too short, you should monitor other metrics to find out the reason for such activity.
Metrics to consider when you measure MVP success
All metrics above will help you stay tuned.
How much does it cost to build an MVP?
Regardless of what you build - an MVP for a website or mobile app, the price will always be different, and it is impossible to indicate an accurate price. Everything depends on the number of features and the complexity of their implementation. Also, MVP pricing also depends on the types of developers you cooperate with.
For example, if you hire a freelancer, the MVP cost may vary from $2,000 to $10,000, but it may take much more time for one freelancer to build an MVP.
Whereas, the cost of MVP building in such software development company like Cleveroad will vary from $5,000 to $50,000. The price depends on an hourly rate which is $50 per hour at Cleveroad. By the way, you can use our development cost calculator to get an approximate estimate of your future app. However, you can also contact sales department directly and they will provide you with a detailed estimate for free!
Find out what type of software is better for your business. Read Web application vs website: what suits your business better
So, an MVP price cannot be indicated precisely until we get more information about your app and its features. But don't forget that the value of app lies in its troubleshooting, not in the number of features. Our specialists are always at your disposal and they can share with you some useful tips on how to create the right MVP. Drop us a line, subscribe to our blog (Subscribe button on the right side) and follow the right road!