Do you want to launch your mobile app without the costs and risks associated with a full-scale development?
An MVP (Minimum Viable Product) development company could be the way forward.
Staggeringly, 95% of new product launches fail, according to figures cited in Business of Apps.
One of the reasons this number is so high is that coding, developing and promoting a fully-fledged app is expensive – and it’s all too common for companies to invest without sufficient research or user testing.
If you’ve ploughed money into an app that doesn’t hit the spot with its intended audience, it’s going to be nigh on impossible to even make your money back on it – let alone turn a profit.
You could try adjusting the app post-launch to make it more appealing in the market – but this of course, adds extra complexity and expense to your project and there will be little you can do to win back the customers you lost at launch in any case.
This is where an MVP development company can help.
By taking an MVP-led approach, you can test the viability of your product early on in the development process, helping you keep costs low while ensuring you deliver a feature-rich product that performs well in the market.
What Is an MVP Development Company?
An MVP is a “minimum viable product”. It is essentially a stripped-back version of what will eventually be your final product, containing just the app or platform’s core features that a chosen subset of users will put to the test.
Launching an MVP means that product teams can forecast the viability of an extended release, gauge demand for particular feature sets and gather early-stage feedback from the platform’s target audience.
An MVP strategy avoids money spent on features customers don’t want and maximises feedback during the early stages of the development process – both of which equate to minimum spend.
An MVP development company is a software company that offers MVP development services.
MVP development companies will build an MVP for you and work with you or your internal team to launch, monitor and gather insights on user experience, response and behaviour.
Why Is Using an MVP Development Company Cost Effective?
Launching an MVP both reduces costs and provides a more effective return on your development spend.
Here are three key areas where you can expect to see these advantages.
1. You Know Whether a Product Is Viable During the Early Stages of Development
There is no point throwing money into a platform that isn’t saleable.
According to the Marketing Research Organisation, only 40% of fully-developed products make it to market.
Of that 40%, only 60% will generate any revenue at all.
To avoid wasting time and money, you need to establish whether your product is a good market fit before proceeding to full development.
Launching an MVP helps you guard against large-scale spending on a product that will lose money.
You’ll be able to gather the feedback required to decide whether to go ahead with the full build or not and therefore avoid unnecessary spend on products that won’t generate revenue.
If your initial idea doesn’t turn out to be viable, you’ve still got budget left to try again with another product – or go back to the drawing board with this one.
The insights provided by MVP launches can be as useful in reformulating products and strategy as they are in reaffirming them.
An MVP you decide not to pursue isn’t money wasted – it has provided you with indispensable knowledge to inform future product development.
2. Initial Development Costs Are Lower
Without an MVP, you run the risk of paying for extra features your audience won’t use – even if, broadly speaking, your product is viable.
An MVP development team will help you identify a core set of features to launch first. From here, you can identify which are useful to users and which aren’t.
If something you thought was going to be a core feature scores negatively with users, you have the opportunity to re-evaluate your product and save yourself significant sums of time and money in the long run.
And because initial development costs are much lower, an MVP is also a great way of getting a basic (but functioning) platform to market quickly and relatively inexpensively – crucial for small companies and startups.
You can then gradually add more features, absorbing the cost of development as your app – and/or your company – scales.
Uber, AirBnB and Twitter have all used this approach to great success, starting out with an MVP and gradually adding features as they gained further investment.
3. You Start Making Returns Quicker
MVP development companies provide a launchable working model that will start generating revenue quicker than non-MVP companies.
In the first instance, this helps you generate a return on your development costs, but there are many further benefits to the MVP development strategy:
- You start building awareness of your product earlier. This helps you establish a market niche for your product and generate early excitement ahead of a more widespread launch.
- You increase the likelihood of gaining first-mover advantage. If you’re launching a ground-breaking new application, you want to make sure no-one else gets there before you. Launching an MVP can mark your company out as the first to market, so you can reap the revenue and reputation-based benefits that come with innovator status.
- You’re more appealing to investors. Investors love MVPs as an indicator of early success. If your company is on the hunt for external investment, an MVP is a proven way of generating interest.
Whilst these advantages are difficult to ascribe an exact value to, all of them make it significantly more likely that your development spend will pay off.
On top of eliminating spend on non-viable products and reducing go-to-market development costs, using an MVP development company also increases the return you’ll see on your product in the long term.
Expert MVP Development from Evolve
For your MVP to deliver the most value it possibly can, it’s important to choose an experienced software development company.
We’re award-winning, UK-based software developers that pride ourselves on creating MVPs that generate value for your business at a reasonable cost. Everything we do is centred around your requirements, your unique business needs and your overall vision. We are able to provide you with tech consulting to ensure your MVP hits the mark with your target audience.