A 5-Step Development Process Roadmap For MVP: Gauging Startup Businesses

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Today, every budding business wants to maximize its output in the market by delivering the best products. This requires speed and innovation

Product development is a daunting task, which targets your ability as a startup to fully meet the needs of your target audience. This is where the MVP approach is taken into consideration. 

As a startup venturing into a new business, it is important to consider this approach for long and short-term benefits for your product.

What is MVP approach?

MVP stands for Minimum Viable Product. In this method, a prototype of the product with the minimum yet essential features is introduced in the market to attract early adopters. 

MVP approach

Once the adopters receive the product, they share their feedback in the form of technical issues, bugs or inconsistencies for further modifications, in a way, helping you to improve your overall product for future use.

Why should startups invest in MVP?

Did you know around 42% of startups fail due to incomplete market information and almost 29% have exhausted resources before they are fully established?

To evaluate how your potential customers behave and whether your product is filling the market gap and catering to consumer needs, MVP is a great strategy to determine your product’s potential

By releasing the product early in the market, startups would be able to scale their product effectively and also, attract potential investors and business partners.

MVP development process roadmap

Let’s understand the basics of the MVP Development Services process for a budding digital product studio:

First, the product idea is audited

Even before a viable MVP is developed, the existing idea is audited and thoroughly analyzed on the following parameters:

  • TAM or Total Addressable Market
  • PAM or Potential Available Market
  • Market size

Second, documentation for business requirements

This includes all important details related to product development such as:

  • Organizational objectives
  • Customer's needs and expectations from the product
  • Agreement with stakeholders
  • SDLC (Software Development Lifecycle) models
  • Roadmap of prototype and product development
  • Product expectations from the business perspective

Third, software architecture

What is a solution architect and why is it so important for your project?

Software architecture plays a significant role in the development process. It defines the product's journey from start to finish, including design, testing, launching, sales, support, updates, and more. 

Software Architecture

In short, it defines various steps to take in a development process, establishing a relationship between different features and their stance in the market.

Fourth, product roadmap creation

With all the essential elements on the table, a product roadmap is created after thoroughly studying the scope of its initial version.

This will highlight the product’s strategy and future product planning, eventually helping a digital product development agency with a final product.

Finally, introducing a viable MVP

With all the above-mentioned key points in mind, a prototype is created to be released in the market. It will help with valuable feedback for further modifications and overall product improvement

It is important to note that the prototype should focus on its main function so that consumers can rate the product accordingly.

Benefits of MVP approach

Here are the many benefits of the MVP approach for an app design company:

Cost-effective process

As a startup, managing funds is among the top priorities. And, since there are so many things to invest in, the MVP approach comes as a savior.

By providing minimal yet important features in the prototype, the startup can extensively cut costs and save them for the R&D of the final product. Even if the MVP project fails, the price would be minimal.

Faster market penetration

the MVP approach allows for faster market penetration as it takes less time to complete and launch a viable product.

Faster Market Penetration

The sooner you release your product into the market, the faster you can attract potential clients. This also allows the startup to stay ahead of its competition.

Focus on primary features

As mentioned earlier, the MVP approach emphasizes providing the essential product features, it enables you to add core functions to your product and focus on your product’s main selling points. 

In this way, you are not just able to effectively scale your product but also test your business on a budget. The MVP approach eliminates functional redundancy to create the best possible result, thus helping startups to stick to their goals.

Client relationship is enhanced

The client relationship is an essential part of a successful startup business. With the MVP approach, the startup provides an early look into the product they are developing.

This helps in collecting useful insights and feedback on the product for further product revamp. It will help you understand your customers’ demands too and make significant improvements in the final product.  

Boosting customer experience is the first step towards a successful startup, and if your first version of the product manages to catch an eye, it is a big win.

Analysis of the consumer market

The MVP approach allows the startup to look closely at the consumer market. During the modification process of the prototype, data and client feedback give a fair idea of the consumer requirements

Analysis of the Consumer Market

An app design agency can capitalize on this information by making necessary improvements and staying close to its potential clients.  

Making customer-centric updates

Since real-time feedback is used to make product improvements, your response to customer feedback and suggestions will help you commit to your target audience and look into their requirements with respect to your product.

The making of a sturdy product

With MVP, you get to know your product and customers better. As a result, you can keep on making improvements to your product until the time it’s ready to serve your target audience. 

Adding relevant features and functionality to your product from time to time will result in a robust product.

Conclusion

The MVP approach is an all-around performance indicator for any newly launched product. It allows startups to mingle in the market and dive deeper into their consumer requirements. 

As a ready-to-start digital product design studio, make sure to follow the best practices of the MVP approach and develop a product that understands the users’ pain point and make things simpler for them.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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