MVP software development: what is it and how does it work?

MVP software development: what is it and how does it work?

MVP software development helps you turn your product idea into a reality using the least amount of effort without turning a throwaway at the end of the process.

So, what does MVP mean?

An MVP in software development is a product that sets the fundamental foundation for supporting a hypothesis or vision. Simply put, an MVP (Minimum Viable Product) is a bare-bones product or software designed for use by early adopters whose test use can either prove or dismantle a hypothesis for functionality.

Strategically speaking, how does it benefit my team?

A team effectively uses MVP as the core piece of a strategy of experimentation. They hypothesize that their customers have a need and that the product the team is working on satisfies that need. The team then delivers something to those customers in order to find out if, in fact, the customers will use the product to satisfy those needs. Based on the information gained from this experiment, the team continues, changes, or cancels work on the product.

And how does it all come together?

By using a rudimentary set of “test” features, a product can be tested by users and their feedback can be gathered by developers to further MVP development and improve the likelihood of success of a digital product.

For turning an idea into a digital product, creating an MVP is the best way to begin software development because it allows a developer to get the product in front of users as quickly as possible.This means testing and feedback can happen almost simultaneously which provides developers and product managers with invaluable feedback for improving the product before its next release.

Additional required functionality can present itself during the testing process and from user feedback. With those new changes/functionality, you can make sure that the product will match what users want or expect. Basically, there is no final product without extensive development, and that development relies on good, old-fashioned user feedback.

What benefits can MVP software development bring to my project?

Well, using MVP software development you can:

  • Acquire a potential client base and find the early adopters.
  • Check whether the project is appealing to potential users.
  • Attract investors earlier.
  • Save time and money on product development by avoiding expensive market research.
  • Open an early testing opportunity.
  • Gather user intelligence and feedback.
  • Keep things budget-friendly.

How do we start the process?

Now that we can all agree on the importance and benefits of MVP software development let’s talk about the process step by step:

1. Identify and understand business needs

Before you even consider building an MVP software, ask yourself – will your product idea solve an existing problem?

If you can’t answer with a definite ‘yes, then you should approach your idea with caution.It would be best if you had a clear-cut plan, which answers the following questions:

  • How will my product solve user problems?
  • How big is the market I want to enter?
  • Will my product be another app in the market, or will it create an entirely new category?
After you’ve figured out the answers, list your long-term business goals. You need to know how your app is going to make revenue. Next, list out the metrics you’ll be using to measure your goals. Think of things like conversion rate, app retention, or total sales. Finally, how will you tell if your software is successful? Make a checklist of success criteria.

2. Spot the opportunities

Once you understand your market and find the market gap between existing companies and users, the next step is to find opportunities to fill in the gap. Try to understand your potential users and create user personas. You’ll find a lot of information on your potential customers by spying on your competitors.

3. Agree on which features to build

Once you find the opportunities, list all the possible features you can add to your software.

Separate the must-have features from the nice-to-have ones. One method you can use to organize your ideas is creating a prioritization matrix. Remember to prioritize the features that can easily make you stand out from your underperforming competitors. As this is a crucial step in your MVP software development, all of your teams need to be on board. Take into account the insights from both your tech and business specialists alike.

And finally, test and validate your software!

Are you interested in MVP software development for your company? Then you will find in Cobuild Lab the perfect hub of specialists ready to take on the challenge. No job is too small or too big for us. Set up an appointment and let's get started!

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