Why MVP is so important in a business idea implementation?
All highly successful apps have something in common — using an MVP (a Minimum Viable Product) process to test the viability of their products and build functionality gradually, based on user feedback.
Nearly 70% of startups fail; there are a variety of reasons for this — from the development disharmony to a lack of product-market fit.
Businesses can avoid failure by getting feedback from the users before they develop the final product and this is the idea of the MVP process.
By using an MVP you only implement the most essential functionality — delivering enough value to users — to perform an initial testing; which can realise technical and business solutions based on certainties, rather than suppositions.
Challenges
01
Achieving the right balance between minimum and viable: for creating a product with both basic and competitive functionality, prioritizing the features is the biggest challenge
02
Failing to define accurate key metrics lead to getting irrelevant results and making wrong decisions
03
Insufficient research after launching an mvp can confuse you and make you feel you haven’t chosen a right product
Our offering
We help you to make your steps toward creating an MVP
- Starting by framing the problem which is one of the most important steps in creating an MVP in this step we help you to understand and articulate the problem
- The next step would be identifying and understanding your business and market needs the pain points and expectations of your users by market research
- We help you to Ideate on potential solutions for your users needs and review all the abstract ideas and prioritize them based on their potential and feasibility and create a set of feature backlog
- Help you to find the best minimum subset of features from the complete product backlog.
- Identify the KPIs (Key Performance Indicators) which will reflect the performance of your product against time and other dimensions.
- We help you to Build, Measure, Learn and iterate
Benefits
By creating and testing a minimum viable product, you can:
- Aсquire a potential user base and find early adopters.
- To save money on developing the final product: the investments for creating a minimum viable product should be approximately 10 times lower than those for a product development.
- To Attract investors earlier. A best way of presenting an idea to potential investors by having first quick income
- To make it possible to predict commercial and technical capabilities as well as the implementing solutions based on certainties rather than suppositions.
- To save money by not investing in a failed project
- Minimum time-to-market: To assess the prospects of the business ideas in the market in a short term and getting early feedback that leads to product improvements
- To use the iterations in development which is the most optimal way.
- Spending very little time on design and development and getting user feedback very quickly
- Speed up the process of learning: These kinds of lessons can’t be achieved through in-house research or testing
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