26 Nov 2020
Guide To Build Minimum Viable Product- Benefits and Challenges Explained
The dream of building a startup and getting it running is appealing for a budding entrepreneur. Thousands of success stories in entrepreneurship can be considered prominent reasons for starting up your own business. However, let’s take a look at the dark side! Many startups have also failed with considerable loss to investors. So, where do these startups fail? Was it the lack of a new idea or lack of investment?
In most cases, most startups’ failure was the lack of foresight on the market they wanted to cater. When the market doesn’t need your product or service, the startup is destined for doom. Therefore, an MVP or Minimum Viable Product development plays a crucial role in defining your new business idea’s feasibility in your target market. The following discussion dives into the benefits of an MVP and challenges associated with it.
What is MVP? And What does it achieve?
Before a reflection on the benefits of an MVP, let us know what it is. A Minimum Viable Product is more of a prototype containing only the bare essentials targeted at solving customer’s problems. Developing an MVP helps collect feedback about a particular product or service from users before moving towards product development. The primary objectives of developing an MVP are,
1. Evaluation of the viability of a product at a lower cost
2. Ensuring faster product delivery with assurance of solving least possible problems of user
3. Reducing the expenditure on new product development
Also Read: MVP Development – The Best Way to Validate your App Idea
Benefits from MVP Development
As a result, MVP helps develop products that can be successful in the target market by garnering users’ interest alongside preventing unwanted losses. Also, an MVP enables the following notable benefits,
1. MVP strengthens the initial customer research and a better understanding of the market situation. If MVP does not find a suitable customer, you can review some features and the overall development process again.
2. MVP allows you to test the complete concept for a given project. For example, launching an app with multiple features will create difficulties for targeting a particular audience base in the future. So, developing an MVP with minimal features allows sufficient room for improving existing features or introducing new ones according to user feedback.
3. MVP saves a lot of time and money with the step-by-step approach as you add new features gradually. Additionally, the profits from the MVP could gradually improve investments in developing additional features.
4. MVP develops the interest of investors in a product or service. A functioning MVP provides more opportunities for collecting funds as investors perceive favorable chances in a limited period through user feedback. Additionally, MVP showcases a product or service’s performance in the real market rather than just on paper, thereby garnering investors’ trust.
Understanding the Challenges in Building MVP
Although the premise of developing an MVP seems favorable with so many appealing benefits, you cannot overlook the challenges. A closer look at the challenges associated with building an MVP can be crucial for avoiding failure. Here are some of the notable challenges encountered in the development of MVP.
1. Limited focus on iteration and brainstorming to find alternatives for a better solution can negatively impact the product.
2. Failure in rounding up on a product objective before development often leads the team to develop the wrong product.
Also Read: Why React Native is the Best Choice for MVP Development?
3. Excessive, unnecessary features in an MVP generally tend to reduce user experience quality or irritate the users.
4. Failure in asking right questions and obtaining proper feedback can create discrepancies in understanding customer needs.
Therefore, it is evident that building an MVP focuses on clarity of objectives, user focus, and in-depth analysis. Just because the MVP lets you save costs and effort, it does not imply that anything ‘basic’ would be acceptable to users. The process of developing an MVP is not about complicated development. However, the MVP building process should be comprehensively focused on re-evaluation and bringing innovation into the fray. So, an MVP building process is successful only by considering the challenges over the benefits that you can reap in the long run.
Mobio Solutions is a Business technology Solutions company who will guide you with strategic advice on the technology that fits best to your business solution. We help enterprises to test and validate their business model by using Agile Development approaches. As a leading MVP development company Mobio Solutions offers you 60+ proven IT specialists who possess various skills for the best MVP solutions. You can also select your own development team to rely on.