Build Your MVP: Launch Lean, Win Big

MVP (minimum viable product) is such a stage of development of a startup or IT product when it solves at least one significant problem of users (clients) and, in this way, demonstrates its “viability”. At the MVP stage, the product has users who may praise or strongly criticize it but still use it, thus confirming the existence of a need that the product satisfies. And in the opposite direction: if, at the MVP stage, the product does not solve important user tasks or solves them poorly, then such a product is not needed by the market and is ultimately “unviable”. Let’s explore the steps to building an MVP, from identifying core features to testing and refining your product.

What does MVP mean in software development?

In software development, MVP stands for Minimum Viable Product. Think of it as your product’s simplest version that still provides users real value. The goal is to build a basic version with just the essential features needed to solve a specific problem or meet a key need.

What does MVP mean in software development? The idea behind an MVP is to test your product idea quickly and with fewer resources. By focusing on the main features, you can get your product out there faster and start collecting feedback from actual users. This feedback shows you what’s working and what needs fixing. In short, an MVP helps you validate your idea efficiently, so you can make smart changes based on what users want and need.

Launching an MVP allows you to get feedback from real users and understand whether the product is really interesting to the audience and what they need right now. An MVP is a working test version of a product in which only the main functions (sometimes even one) are implemented. Its capability and relevance are verified by receiving real user feedback. For instance, MVP for travel could be a simple app that offers basic features like booking flights and hotels. This allows you to test the core functionality and gauge user interest before adding more complex features like personalized recommendations or multi-language support. By understanding how do you develop an MVP, you can quickly validate your product’s value proposition. 

Why Startups Should Create an MVP

From the moment of the idea of ​​creating a new product to its successful implementation is a long way. So MVP is an important part of product creation. But what exactly are the benefits of building an MVP, and how do you get an MVP up and running so that it really delivers results? Knowing how to build an MVP and creating such a product automatically gives you the following benefits.

Get Funding 

Investors don’t finance dreams, they finance businesses that have a chance to succeed. An MVP shows them that you’re not just another “great idea” on a napkin. It proves that you have a real product, even if it’s basic, and that people are using it. This is gold for investors. It means you’ve gone beyond the idea and validated your concept in the real world. MVP user feedback reinforces your pitch by demonstrating that you’re solving a problem that people actually have. In short, an MVP is your chance to show investors that you’re a serious contender.

Validate Startup Idea

Creating an MVP is a low-cost way to see if there’s real interest in your product before jumping headfirst into a full-fledged launch. By hosting the basic version, you can test the products with real people. Does it solve the problem they are concerned about? Does it resonate with your target audience? An MVP helps answer these questions and not waste time and money on an idea that might just be a big splash without anyone. The key is to focus on promising ideas, not just cool concepts.

Reduce Risk

Creating a full product takes a lot of time and money. By starting with an MVP, you lower the risk. An MVP only has the basic features, so you don’t waste resources on things users may not want. This way, you can find and fix problems early in your MVP software development services. You can then change or improve your product based on what users say.

Optimize Development Process

Building an MVP for startups helps keep things simple and focused. By focusing only on the most important features, you can avoid extra complications and save time. This lets you launch your product faster and make changes based on what users say. Keeping the process simple also helps you use your resources better, saving money and making your development process more flexible.

Collect User Feedback

One of the best things about an MVP is that it lets you get feedback from real users. By showing your MVP to people, you can find out what works and what needs fixing. This feedback helps you make your product better and make sure it fits what users want. Knowing how users interact with your MVP helps you make smart choices and focus on the features that matter most.

To put it simply, building an MVP is like selling toy cars. Instead of buying thousands of cars right away, you buy a few types to test first. This way is smarter and saves money. Just like with toy cars, you create a basic version of your product, show it to people, and get feedback to make it better. Focus on the key features and listening to feedback. This way, you will set up your product for a successful launch.

How to Build an MVP 

There is no single instruction for building an MVP, as everything depends on the type of product, demand, and financial and resource capabilities of the company. However, we can illustrate the right approach for building an MVP.

Imagine you want to build a car. You think people would love to have a car. But building a whole car is expensive and time-consuming. So, before you spend a ton of money, you decide to test your idea first. You make a skateboard, which is a simple, basic version of a vehicle that can help people move faster. If people like and buy the skateboard, it shows that there’s a real need for faster transportation, and they’re willing to pay for it. Once you know that, you can start adding features to the skateboard to make it more like a car.

Nevertheless, there are basic principles of creating a Minimum Viable Product that will help structure the work. Here’s a simple guide on how to build an MVP:

Step 1: Research the Market

Start by learning about the market. This means looking at the industry, finding gaps, and seeing what other products are out there. Check out existing solutions, their features, prices, and user feedback. Even if you managed to come up with something new or special, companies that offer something from the same industry may still be working in this niche. It is worth analyzing their market share, studying experience, learning advantages, identifying shortcomings, and understanding what makes them unique and why consumers choose them.

Step 2: Find Your Target Audience

Before you build your amazing thing, you gotta figure out who will use it most! Think about people who would be happy if your product existed. Are they kids, grown-ups, or maybe both? What do they like to do for fun? What problems do they have that your product could solve? Knowing this helps you make your thing even better for them!

Step 3: Make a Plan

Imagine your product is a giant sandwich, but you only have a few slices of bread and some fillings. You gotta pick the most important stuff to put in first, right? Same with your amazing product! Make a list of all the cool things it could do, then pick just a few of the most important ones. This way, your MVP is easier to build, and people can still tell you if they like it. Then later, you can add more fillings, just like adding more features to your amazing thing!

Step 4: Prototype Before Development

Regardless of the scale of the future project, the MVP should present only the main functions. It is undesirable to offer the user additional features of the product immediately: this can confuse the client and distort the veracity of the results of the study of the feasibility of the idea. Advanced functionality can be added later, after testing the product and analyzing the feedback received.

Step 5: Choose Your Development Approach

Decide whether to develop your MVP in-house vs outsource the development. In-house development gives you more control over the process, similar to how you choose which games to play in your fort. However, this option may require more time and possibly additional assistance. Outsourcing, in turn, can be more cost-effective and provide access to specialized skills that your team may not have. Regardless of the choice, make sure that the partners you choose have the necessary experience and are easy to communicate with.

Step 6: Develop Your MVP

How to implement an MVP? Start by focusing on the most important features that you have identified as priorities. Use a flexible approach to development that allows for incremental progress and adjustments as needed. It’s like building a fort: you build it in stages, making adjustments at each stage. Regularly review results and organize meetings to ensure that the project is moving in the right direction and meets your quality standards. Try to simplify the development process to avoid delays and complications. If something doesn’t work as planned, you can quickly make the necessary changes before you complete the main development.

Step 7: Testing and QA

The MVP should be tested throughout the development phase, regularly. Alpha (internal) testing is done by the developer company’s testers, while beta (external) testing requires outside help. The ideal option is to attract a real audience of future users of the new product. You can find people willing to participate in testing on specialized platforms: BetaList, Quora, ProductHunt, Reddit, etc. You can also attract followers of your social networks, blog readers, use email newsletters.

The main task of testing is to technically improve the product so that occasional failures or imperfections do not prevent the audience from evaluating the functionality of the new product when it appears on the market.

Step 8: Launch and Grow!

Once your MVP is tested and ready, it’s time to show it off! Let people use it and tell you what they think. Are there ways to make it better? We can keep improving it based on their feedback, just like adding new blocks to your favorite building set. We’ll also track how well it’s doing (KPIs) to see if it’s growing and reaching more people.

In summary, building an MVP involves careful planning and execution through these key steps. By following these steps to build an MVP, you set up your MVP for a successful launch. 

How much does it cost to build an MVP? 

The cost of building an MVP can change during the development of the project. It is influenced by many factors. But there are basic costs that will need to be incurred in any case. Planning an initial budget will help you get started, even if the options are too limited. The bottom line is that at the planning stage, the price of developing an MVP is determined, taking into account some risks.

Here’s why it’s hard to pinpoint a fixed cost:

• Complexity of Your MVP: If your MVP has simple features, it will be cheaper to develop than one with complex functions. More complicated features mean more time and resources, which raises the cost.
• Development Approach: Developing your MVP in-house with your own team will cost differently than outsourcing to another company. In-house costs include developer salaries, benefits, and equipment. Outsourcing costs can be fixed fees or hourly rates, depending on the vendor’s location and skills.
• Team Expertise: The experience level and location of your development team can also influence cost. Highly skilled developers typically command higher rates, and developer rates can vary depending on geographic location.

Forming an initial budget is not so difficult. It consists of several cost items:

• Formation of an idea. If you have a ready-made idea – great, especially if it is written in detail as a business model. If not, the services of consultants will be needed to help shape it. And at this stage, you absolutely cannot save money, because the final result depends on it.
• Analytics. If you can collect all the necessary analytical data yourself – great. But their quality must be excellent, since the concept is formed on the basis of this data, and the prototype will be created. It is necessary to take into account the target audience and understand their needs, tasks, pains, and wishes. It is also necessary to analyze the competitors, and the general situation in the market and collect all the information that will help to understand what the product should be as a result clearly.
• Design. This is the point of expenditure on which savings are made most often. And this is the right approach. You can really save on the appearance of the program, thereby reducing the cost of the MVP. But in no case should you skimp on UX design. Externally, you can make the application simple, but it should be convenient and functional.

Ever wonder how much does it cost to build an MVP? The truth is, it depends! There’s no one-size-fits-all price for building something cool. Imagine building a giant fort out of blankets and pillows. A small product might be cheap and easy, but a giant product with different creatives will cost more. It all depends on how big and fancy you want it!

Building an MVP is similar. It’s the first, simple version of your idea. To get a good idea of how much it might cost to build yours, talk to someone who builds MVPs (a developer). They can look at your idea and tell you how much it might cost depending on a few things. A simple drawing app might be cheaper than a game with lots of levels. Sometimes, building MVPs in some places costs more than others.

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When Is It Time to Move from MVP to a Full-Scaled Product?

Transitioning from a Minimum Viable Product (MVP) to a full-scaled product is a significant milestone. Here’s how to know when it’s the right time:

• Achieved Product-Market Fit

This happens when your MVP meets the needs of a significant portion of your target audience. Signs of this are active use of the product, positive feedback, and the desire of users to return for new features. Monitor metrics such as the time users spend on the platform, their satisfaction and engagement levels. If your MVP solves a real problem and is in high demand, that’s a clear signal to expand.

• Validated Business Model

Make sure your business model is sustainable. Check if your revenue streams and cost structure are stable. Analyze metrics such as customer acquisition cost and lifetime value. If your MVP demonstrates the viability of your business model, you’re ready to scale.

• Stable Technology

Your MVP should use technology that is reliable and can grow with your needs. If your current setup is working well and you see where you can easily expand, you’re ready to grow. Assess your technology’s ability to handle increased user volume and additional features without compromising performance or user experience.

• Positive Customer Feedback

Customer feedback is really important in deciding if your MVP can become a full product. Evaluate signs such as consistent positive comments, high satisfaction levels, and growing user numbers. If your MVP is not only liked by users, but also receives recommendations and suggestions for improvements, it shows that the product has strong potential. Such feedback confirms that your MVP has a good foundation and is ready for further development.

• Clear Market Opportunity

Assess the market opportunity. Ensure there is a large enough target audience and that your product meets a significant demand. Conduct market research to confirm that scaling will address a clear need and offer a competitive edge.

• Financial Readiness

Make sure you have all the necessary resources, budget, and funding to support the development and promotion of a full-scale product. This involves having a clear financial plan that covers scaling costs, marketing campaigns, and operational costs. Determine in advance how much it will cost to expand your product and make sure that you have enough funds to promote and support the business at a new level effectively.

• Operational Readiness

Check your operational readiness. Have the right processes and teams in place to manage increased demand. Reliable customer support and scalable operations are necessary for a smooth transition. Determining the right time to move from an MVP to a full-scaled product involves evaluating product-market fit, business model validation, technology stability, customer feedback, market opportunity, financial health, and operational readiness. Monitoring these factors will guide a successful scaling process.

Want a more detailed guide on what comes after MVP? Check out our article.

Сonclusion

Building an MVP (Minimum Viable Product) is a key step in the new product launch process, focusing on the most important features that address the core needs of your target audience. This strategy allows you to test your concept in the market with minimal costs, get valuable feedback, and evaluate the viability of the product. Thanks to this, you can reduce risks and form a clear plan for further development.

When moving from building MVP to scaling a full-scale product, it is extremely important to carefully analyze several key factors, such as user feedback, performance metrics, market demand, and financial readiness. Understanding these aspects will help you determine when and how to develop the product and effectively manage the scaling process.

So, building an MVP is a strategic move that provides a foundation for further successful scaling. By focusing on the core ideas of how to develop an MVP, analyzing the information gathered, and changing the product based on real-world feedback, you create the foundation for a reliable and scalable product that meets market needs and ensures long-term success.

Questions? Answers!

How long does it take to build an MVP?

The time to build an MVP varies based on complexity and scope, typically ranging from a few weeks to a few months.

Isn’t an MVP just a prototype?

No, an MVP is a functional version of your product with core features, while a prototype is an early, non-functional model used for testing ideas.

Is MVP only for startups?

No, MVPs can be used by startups and established companies to test new ideas, validate concepts, and minimize risk.

How do I choose the right software development company for my MVP?

Choose a company with experience in your industry, a proven track record, and strong communication skills. Review their portfolio and client feedback.

When should I start moving from MVP to a full-scale product?

Transition when you have positive user feedback, met key performance indicators, validated market demand, and ensured financial readiness.

How can I protect my MVP idea while I’m developing it?

Use non-disclosure agreements (NDAs), limit access to sensitive information, and ensure that your development team follows strict confidentiality practices.

What are some common mistakes to avoid while building an MVP?

Avoid adding too many features, neglecting user feedback, failing to validate the market, and underestimating development time and costs.