Every software development company manager going through the motions of starting a new brand or product line, often has no idea on how to go about it. Launching a new business is even more overwhelming, and any new business owner understands the dilemma of introducing a new product to the market.
The R&D department just offered you a glimpse of the prototype, and you are sure that it is perfect. However, will the market like it too? Will it receive the response you are hoping for?
These uncertainties often make for bad headaches, which is why you should consider starting off with a Minimum Viable Product or MVP. Starting with MVP is an excellent idea; it allows you to commence with the bare minimum and build up as you go along, with sufficient feedback from your clients. This article will take a closer look at six major reasons why starting with MVP is a superb business idea.
MVP is a product release that is primarily built to suit the needs of the early adopters. This product is devoid of any extras; it only has the core features needed to meet its basic functionality. It solves the one problem you aspire to solve for your target market and shows the client base what makes your product unique and worthwhile. An example would be a smartphone that only has the call or messaging functionality; everything else like flashlights, internet access and cameras are left out. If a function does not serve the core purpose of your product, then it is not included in the MVP.
Many people would shy away from having such a stripped-down product at the beginning, and barely understand why startups should outsource MVP development. However, here are six reasons why it is actually an excellent idea:
Many new business owners face the hurdle of initial expenditure and investment, both of which are significantly slashed by opting to invest in MVP development services. Getting MVP development experts reduces the amount of time, money, and other resources that would be spent designing and procuring the additional materials required to offer additional features. This way, you get to focus the capital you have on advertising and other business aspects that are critical when introducing a product to the market. Moreover, you can always increase the additional features as your capital base grows.
The faster you introduce your new solution in the market, the better. Starting off with MVP allows you to release an excellent, functional, and clean product in a short time. Tech companies like asp.net web development company will often understand the concept of faster, glitch-free releases. Entering the market first is always an advantage; you get to hit the ground running and claim your position in the market before your competitors do. You will also have better access to clients and get more time to build lasting relationships for better success and feedback.
Preventing feature stuffing early in the product life cycle has benefits that will manifest in the later stages. The main one is customer focus, where you will only add products that your clients actually want. Again, waiting to add features later ensures that the features you add will enhance the product functionality and improve its value. As you accrue more feedback from the market regarding your product, you will be able to hire a back-end developer to make the product excellent for your loyal clients. Customer feedback will offer you accurate insight into what they seem to appreciate about your product so that you can improve it. You will also be able to customize your marketing strategies to suit the particular target audience.
Your target market at the beginning is a highly opinionated group called the early adopters. They will quickly abandon your product if it does not do what you say it does. Introducing a simple product that serves their exact expectations is a sure way to get them on board as long term clients. Moreover, you do not want the early adopters avoiding your product for being excessively littered with additional features; less is always more at the beginning.
MVP will also keep your design and quality assurance teams focused on one critical aspect: ensuring that the product meets its core mandate. Having many features at the beginning may make their efforts and research to areas that do not matter as much. Again, reducing the number of features in the beginning reduces the anxiety that the product is underdeveloped.
In business, there is always the chance that the market will not respond favorably to your product or that the competition will edge you out. In such scenarios, starting with MVP will reduce your margin of loss. Again, if you are planning to introduce your idea to a team of financiers, they will want to invest in something less risky. Showing them a core product that serves its purpose will increase your chances of obtaining funding.
The features you add today to your product may not be relevant in the next two years, so why spend valuable time and resources adding them now? Technology is constantly improving to offer cost-effective and relevant solutions for feature addition. New technology will also provide tools that will make it easier for your development team to incorporate additional features. Keeping up with technology is a sure way to keep your product relevant in a dynamic market.
The remarkably successful products of today were not built into their robust, polished selves within the first few months. They started off as something simple, and it took time and plenty of work to build them up into the mature products they are today. With MVP, you can slowly build your business with whatever resources you have and grow along with your customer base and technological advances.
Getting the right software for any company is usually the biggest problem. Most entrepreneurs don’t know whether they need custom software or one that is already predesigned.