How to Build a Minimum Viable Product (MVP) in 6 Steps?

  • to show customers an app that works
  • to make money out of the application
  • of a bug-free app ready to be marketed
  • of higher retention rate at low cost
  • to know the market feedback for an application to proceed
  • gather early feedback from the end-users
  • facilitate faster time-to-market
  • save the product from failure

What do you need to know in developing an MVP?

  • bigger development readiness
  • continuous feedback with higher value possibility for users
  • small investment with higher retention
  • eliminated money and time-wasting
  • testing a product hypothesis having minimum resources
  • showing the product to users as early as possible
  • enhancing the information learned
  • avoiding product building if that is not what the users want
  • get idea validation in the fastest, cheapest, and most efficient way
  • experience easier changes in the process and less money/time will be consumed
  • sell MVP as a ready-to-market product
  • receive customer feedback faster

The most popular and successful MVP projects we know of

  • Airbnb — one of the most popular and user-favorite companies that allows easy, convenient, and cheap home rentals worldwide during vacations. This startup was founded in 2008 by Brian Chesky, who acknowledged the lack of places to stay for the night while traveling. Airbnb started offering short-term living apartments and breakfast for people, who found it hard or were short for money to book a hotel. The startup grew due to getting commission out of every booking. The MVP project of Airbnb was a shallow website with 3x airbeds and breakfast. However, with constant customer feedback and meeting their short stay needs this MVP has grown into a fully-fledged product being available both on the web and mobile gadgets. Last year the startup became a public company and raised $3.5 billion in revenue.
  • Amazon — an international technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence. It was founded in 1994 in a garage by Jeff Bezos. It was a startup that had a lot of time and effort input to make it work. According to Entrepreneur, Amazon became such a prosperous and huge company due to building a great MVP first. When Amazon launched, it was no more than an online book store. It was easy to start with books as people did not trust online shopping and ordered mostly books that were shipped to them immediately. But, Bezos’s vision did not stop on books, he wanted to ship everything. So, starting simple was a great choice to gain some money and iterate on the MVP constantly enhancing its capabilities and breaking the boundaries. On gaining customer feedback and giving them what they wanted, the company grew outstandingly fast and offered society more available products, and even technological tools the software development sector finds extremely useful even today — the Amazon Web Services (AWS). In 2020, Amazon received $386.064 billion in revenue.
  • Uber — a company that specializes in services of ride-hailing, on-demand food and package delivery, courier availability, and freight transportation. It also allows renting electric bicycles and motor scooters. It was established as a startup in 2009 by Garett Camp. At that time technologies became important in human life and society was in search of convenient time-saving services that were also personalized and cheap. Uber started with an MVP release — a beta version, i.e. a simplified mobile interface used by a limited circle of people (founders and friends). The access to the beta app was closed unless you emailed founders to open it. As the startup grew, the app gained more and more add-on features like live-tracking of drivers, fare splitting, automatic credit card payments, and fare estimates. At first, Uber had a small user base in San Fransisco it provided services for. However, with focusing on user needs and improving services, it scaled pretty quickly and became international. Today, it is a top service provider with a user-friendly convenient app. In 2020, Uber’s revenue reached $11.139 billion.
  • Facebook — is an international online social media and social networking service (marketing) founded by Mark Zuckerberg in 2004. The initial aim of Facebook was to allow Harvard students to communicate with each other. The primary concept of Facebook was to show users two pictures of students and users had to make a choice of the hot student and the one not so hot. The social media app was closed for the rest of the world. However, the users from the other universities entered to such an extent that the app became public and popular globally. The services it provided scaled as well. Facebook also started its growth from a simplified web MVP — a basic model of the product that had only the needed functionalities. The application was released to be tested and to gain valuable feedback. Nowadays, Facebook counts 2.85 billion monthly active users. And it doesn’t want to stop scaling.

Top 5 reasons of building an MVP for startups

1. Focus on your users

2. Reduce money wastage

3. Speed up the time-to-market

4. Reduce all the related risks

  • you lose, but invest little into the product and will have the opportunity to think it over to meet the consumer demand and try again
  • your product wins and you’ll have extra budget to make an MVP into the fully functional application

5. Choose the best option there is

How to build a minimum viable product in 6 simple steps?

1. Identify your business and market needs

  • Is there a need for your product or service in the market?
  • Who are your competitors?
  • What kind of product or service do you need to create to stand out?
  • What are you planning to achieve at the end?
  • What will define the success of your product or service?

2. Create a user journey

  • User identification
  • User actions identification
  • User goals identification

3. Map out what you need to solve and plan detailed solutions

4. Decide on the limited features you need to build

5. Build an MVP and test it

6. Receive feedback and analyze results

Consider Inoxoft your trusted partner

  • Solid market research of your idea by our team of experts
  • Product feasibility proof and potential user analysis
  • Defined scope of work with prioritized features that will also be documented
  • Possibility to save costs and faster time-to-market
  • A functional end-product that will work, be user-oriented, and meet the set goals

Final thoughts

We are an international software company of experts driven by the desire to add value using the latest technology and business approaches > https://inoxoft.com/

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Inoxoft

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We are an international software company of experts driven by the desire to add value using the latest technology and business approaches > https://inoxoft.com/

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