What’s the difference between a high-end mobile app you love and an average one? The Minimum Viable Product (MVP) development process. 20% of new ventures make it successfully to the market while 24% of startups scale up to become viable businesses, shows a report by McKinsey.
Developing the ultimate viable product takes more than just initial surveys and rudimentary research since it relates to a near-functional prototype including key features. While an MVP may be missing some additional add-ons or UX improvements, it provides a fair deal of market perception using a cost-feasible product design, enabling companies to capitalize on user-based feedback.
Businesses show that digital transformation has accelerated 20 to 25 times faster, given the COVID-driven digital trends. That being said, MVP development companies offer services that not only come at a feasible price but are easily scalable to a comprehensive product that can be later launched in the market. Although MVP development services may sound quite straightforward, companies are faced with certain challenges that need to be addressed to ensure error-free conceptualization, design, development, and launch.
In this blog, we uncover the most common mistakes in MVP development and how your business can overcome these barriers, leading to successful product delivery.
The primary approach in MVP development is to make sure the proposed idea is in sync with market values and standards. One of the main reasons MVPs fail is because product owners believe that market research is not an essential part of the process. The matter of concern is a lack of understanding of the target audience, their behavior, and preferences, leading to a major turn of events resulting in financial loss and lost market worth.
Apart from that, the time and effort spent on the MVP development process could go down the drain if companies consider not investing in competitive market analysis. A good practice in this regard is to ensure your product aligns well with the interest of its potential users and how well it will be received in the market.
When it comes to MVP development, companies need to understand what it exactly means – a prototype that entails all critical features of the product. The minimum viable product is expected to be a near-functioning version of a product, but not equally expensive. What some companies do is riddle the MVP with complex features that add additional time to the initial development process. Now, when companies start incorporating the feedback, they are met with a vicious cycle of redundant features which they need to get rid of first, making the product difficult to scale.
As a resolution, making a list of all important functionalities and then prioritizing them based on prospective customer response makes the task much easier. One of the most important things for an MVP development company is to think from the perspective of its user, empathize with them to understand their needs, and create a fine-tuned prototype that is flexible in terms of cost, time and effort.
Experts at Gartner suggest that in the technology industry, product failure rates lie between 42% to 80%. Don’t confuse your MVP with a completely functional product or some sort of cardboard prototype – it lies in the middle of both. Since the MVP is a functional prototype that gives a 360-degree view of the original product, it also needs to go through a prototyping phase to cross-check any missing features. Some companies do not consider this significant, omit the archetype testing, and jump straight to the final step. An MVP in software development without proper prototyping is just like working on a vague idea.
These days, MVP development companies are well-versed in how to utilize input from potential customers in order to make the product user-centric, and most importantly viable. While prototyping the MVP, your development team might need to get an insight into the product with the design department to create a suitable project wireframe that allows better visualization of product details, and the potential user journey. With a clear roadmap in mind, you don’t need to change your plan midway through the process, allowing you to avoid disarray in the future.
For MVP development companies, a seasoned team of experts and effective communication go side by side. When a customer or business explains an idea for the potential product, it is likely to be unstructured or the requirements might not be clearly described. Lack of communication and management tools adds fuel to the fire, especially when your team is not acquainted with how the particular technology works, resulting in missed deadlines, poor organization, and compromised deliverables.
However, a Project Head has the capability to interpret ideas, convert them into actionable goals, and address them to the team, keeping intact the vision and desired functions. Optimizing your internal procedures and external collaboration with customers brings the expertise your MVP development company needs to deliver tangible results on time.
MVP development companies have one long-term goal in mind – to run a series of tests on the idea and turn it into a functional product. Considering the user feedback comes out as an essential part of the MVP development process which plays a key role in understanding their perspective and building on the prototype to reach the final destination. While most service providers think that skipping the feedback cycle will save them time and cost, it does not contribute much to the end goal, causing a greater collapse with greater loopholes.
The right mix of both qualitative and quantitative feedback is the key driver of success for MVP development companies and their prospective customers. It enables them to identify problems and incorporate timely changes to improve the software development process.
MVP development is much more than what meets the eye; from taking into account the market to prototyping and striking equilibrium between cost and production. For an MVP development company, the best way forward is to take diligent steps in prototyping the MVP, considering the timely feedback, and exerting it to make user-centric changes to deliver the perfect product.
Are you an MVP development company seeking market expertise to win the market? Get in touch with our technology experts to learn more.