Excited to build your own mobile app, right?
Well, it sounds interesting until your final mobile app doesn’t go as per the market fit, or your customers just don’t like it!
Now, tell! How does it sound?
Scary, right?
Hey, but don’t worry! We’re not here to scare you!
Instead, this blog post will tell you the smart reasons to invest in MVP development as a startup!
To put it simply, an MVP (Minimal Viable Product) refers to the development approach where a basic version of the app is launched to check whether it’s fit for the market.
It’s an excellent approach that helps startups validate their idea, find improvement areas, and build a full-fledged app that drives “Conversions”.
Did you know?
If a startup focuses on MVP app development, the app has an enormous 80% survival rate within 1 year.
That’s great! But if you’re still in a dilemma whether to choose MVP or not for your app, this post will clear all your doubts.
| Table Of Contents: 1. Why MVP? 2. What are the Benefits of MVP Development for Startups? 3. How to Build an MVP for Your Tech Startup? Final Thoughts |
Why MVP?
Well, the question should be- Why not? An MVP has the minimum features included in the app, which can attract early consumers and make your app go viral. Furthermore, it helps to gain real-time feedback from real customers to look out for areas for improvement and make necessary changes to keep the app bug-free.
And what if you don’t consider it? Then, you might be joining the list of these statistics. Let’s find out!
- 10%-20% of tech startups end up shutting their operations in the first year itself.
- Most startups fail due to the lack of product-market fit.
- Nearly 75% of startups in the US fail in the first 15 years of their operations.
So, you’re getting the importance of MVP for app development, right?
But the story doesn’t just end here!
There are many more pages to unfold about MVP that make it a “best” approach to your app development project.
What are the Benefits of MVP Development for Startups?
Here are the potential reasons to invest in MVP development for your tech startup.
Benefit #1: Cost-Effective
Startups are always on a tight budget. If you, as a startup, try to build a dedicated mobile app and launch it, and if it doesn’t go well after the launch, all your efforts may go in vain. Furthermore, it could foster a serious financial setback, and there could be a hand-to-mouth situation for your business, to say the least. Thus, considering MVP may not only help you financially but also be a wise move for businesses that prefer a hit-and-trial model.
Benefit #2: Collect Feedback
One of the biggest benefits of MVP development is that you can easily get real-time feedback from your target audience. Thus, it may help you understand where the platform features are lacking and what needs to be done to make your app full-fledged.
Benefit #3: Almost “No” Risk
Having said that, nearly 20% startups end up shutting their business operations without proper market knowledge, customers’ preferences, and future outlook. However, when you implement MVP, you may then know what features your audience wants, the type of framework to use for the app, and more. When you know the market beforehand, the risk is reduced to a bare minimum.
Benefit #4: Investor Friendly
One of the biggest benefits of MVP development is that it helps your startup attract investors who want to invest in a profitable app that can help grow your business. Furthermore, when you build an MVP, it will determine the scope of growth in the upcoming years.
Benefit #5: Flexibility
Since the app is still in the development stage, it will be easier for developers to customize the look and functionality of the app to make it more user-friendly. Furthermore, when the app resonates with the audience, your startup is likely to have an edge over the competition.
Now, you understand the reasons to invest in MVP development for startups. Great! But if you want to build one, you should have proper knowledge.
{Also Read: A Founder’s Guide to Software Development for Startups}
How to Build an MVP for Your Tech Startup?
Building an MVP for your startup demands immense expertise and professionalism. Thus, hiring the best MVP app development company is the need of the hour in such cases to define the audience, implement tech, features, and more. Here are the easy steps to build an MVP for your startup business.
#1. Define Problem
Always conduct in-depth research to understand what users are actually looking for. Thus, it may help you solve the challenges that your audience is currently facing.
#2. Target Audience
Ensure you stay clear and precise with your audience so that the MVP development company you hire can create a custom marketing plan for your business. Once the target audience is defined and their pain points are understood, they can build the app effectively.
#3. Choose Features
Make sure you get the essential features into your app development project to make it unique and more functional. Furthermore, these features should be modern enough to resolve users’ queries and provide a seamless experience. From basic to advanced, try to incorporate all kinds of features to make your app feel more smooth and better than your competitors.
#4. Don’t Overlook the Right Tech Stack
Always ask your MVP development company to utilize the modern tech stack to make your app stand out from the rest. It will help you build a lightning-fast, scalable, and performance-rich app that can help attract and convert your audience.
#5. Launch
Once you are done, make sure you launch the MVP product in the online marketplace to get the feedback about the app. Always take it as an opportunity to make improvements to your app and make it more user-friendly.
Final Thoughts
So, there you have it! That’s a wrap to the reasons to invest in MVP development for your tech startup! Considering MVP is a viable approach to build and launch something for a test to find out whether your product is market-ready or not. If you are planning to launch your own startup and looking for professional assistance, look no further than EitBiz!
Ready to build an MVP for your app? If so, simply call us at +1.317.463.7064 today!
