MVP Development in the Right Way: What does the Platform Economy Teach Us?

There are 3.5 billion smart-phone users across the world, and it is no surprise that the mobile app industry is thriving. Each individual is using one or the other app at work, at home, at a shopping mall, at a restaurant, in bed, and even in cars.

And, it might be possible that you are reading this post on your mobile phones. It would be interesting to know that people across the globe spend 90% of their time on mobile apps. With so many opportunities lie ahead in the world of mobile app development, it often happens that many mobile apps fail to attract users, and end up entering in the junk.

Building an application is not an easy deal. It requires a lot of time and effort meticulous brainstorming, energy, and above all plenty of money. If an app does not succeed, all the above-given factors would be in vain. The experienced mobile app development companies know about these aspects and are constantly making the required changes by adapting to better technologies and improvising on the secret of building a mobile app.

The concept while developing an app that these companies have followed is MVP – Minimum Viable Product. The MVP version of an app is a tool that helps companies to analyze the potential of the application.

It means, to launch a mobile app with only the most essential features for the purpose of initial testing. Opting for MVP development helps businesses to understand the success rate of a Mobile App in the market.

One of the best parts of the MVP mobile apps is that the MVP development requires a very little amount of money at the initial stage because there are only limited and essential functionalities in an app. Once the app starts making profits, the money earned can be spent on increasing the features in it.

Why New Mobile Apps Fail? Here Are The Top Reasons?

Lack of Initial Research

One of the most common mistakes that developers make is to directly jump into the development process, without making pilot research.

Solution:

• One should always study the target audience.
• Add only the important & user-specific features.
• Keep users’ feedback on priority and complete your research accordingly.

Unwanted Application

Even if everything is well-placed, one often wonders why the app is not successful.

Another major reason is the launch of an unwanted application. If there is a lack of demand for the kind of app you have developed, then it would end up in junk.

Solution:

• Always do proper research and look into what’s trending in the market.
• Find what the users demand, at a given point of time.
• Deliver the exact solutions that users are looking for.

Cut-Throat Competition

The competition is getting tough with each passing day. There are several other mobile apps that are already doing great in the market, you have to recognize them and build your app with the features that your audiences accept with open hearts.

Solution:

It is essential for you to learn from the strengths of your competitors, draw lessons from their failures, and make sure how your competitors solve the problems which your mobile app does have.

Lack of Promotions

As there is a tough competition in the market, it becomes evident to do proper research about the app & promote it rigorously to the target audience. You have to explain to your prospects about your application and the benefits they would get by using it.

Solution:

Unless you explain your users the benefits of an app and spend money on the promotion of an app, it won’t appear anywhere and the number of app downloads on Google Play Store and Apple App Store will remain low.

Also Read:- A Few Things to Consider before developing your Mobile App

The Top Phases of MVP Development

Do you want to know how to build a Minimum Viable Product (MVP)?

Though the MVP has fewer features still there are a few essential steps that need to follow for MVP development.

Phase 1 – The Initial Analysis

If you do not want your app to end up in some corner, then do proper market research.

Things to consider in the analysis phase:

• Make an app that fascinates the users with its features.
• Make sure the development of MVP does not stretch more than 48 to 72 hrs.
• The product must be easy to promote.

Phase 2 – Clear Vision

Post initial analysis, you should discuss the following things with your team:

• The problems that your product will solve.
• The usefulness of the product for the end-users.
• The major reasons that make end-customers use this app.

In this way, you would get a clear picture of the quality of our product. Only after the features are finalized, you could jump into the development phase.

Phase 3 – The Development Phase

This phase begins, once all the basic features of an app are properly defined. You should develop a basic level product that represents only the simplified version of the final product.

You are mistaken if you think a simplified app means the poor quality application. MVP app development does not mean building a poor quality application but rather a version that includes only the most important features and functionalities.

Make sure the product you built is laconic, matches users’ needs, and easy to use.

Phase 4 –Testing & Feedback

Once a product gets developed, it becomes essential for you to send the product for testing and collecting users’ feedback. It would help you understand if the product is successful or not.

If the MVP app is successful, then you need to focus on adding the next features.

If the MVP app is not successful, then you need to understand why the product or the service is not of good quality, or if you missed the app promotion strategies.

Major Benefits of MVP for Business

We can call an MVP development, a sword, and the shield of an application. It not only can spark the interest of users but also prevent your business from bearing the losses. Following are the major factors that contribute to the advantages of developing an MVP:

• The MVP development is cost-friendly. Lesser the features, the more cost-effective it will be.
• The MVP will help you gradually build your business, and also enable you to invest money that you have earned through profits.
• The Minimum Viable Products make the testing easy, as there will be a limited number of features.
• Another benefit of MVP development is the initial feedback of end-users about the product.
• You can customize the products’ features according to the demand of the users.
• Since MVP has lots of scope for feature enhancements, it will attract investors, as they do not have to wait for months to see feedback.

The Best Examples of Minimum Viable Products

Below is the list of big names that started as MVPs:

• Facebook
• Twitter
• Amazon
• AirBNB
• Buffer
• Dropbox
• Pebble
• Foursquare
• Instagram

The Conclusion

The tech biggies such as Facebook, Twitter, and Amazon have become million-dollar fortune companies in the world. They reached here step by step after analyzing the user requirements and their preferences.

The success of these companies is a true lesson for all the start-ups and SMBs to effectively leverage the advantages of Minimum Viable Product development. The companies must learn, the sooner they understand the benefits of MVP development, the better it is for them to survive in the long term.

As we discussed above, Minimum Viable Products are developed after performing well-conducted research. In this way, you would be able to harness the powerful benefits of MVP development, understand the market & the end-user, and stay sturdy in the competitive market.