Start-Up MVP Development
Benefits & Costs
What is a Minimum Viable Product?
A Minimum Viable Product (MVP) is the first version of a solution built with minimum features within a faster development period. This allows you to get the input of users at an early stage and adjust your product accordingly. Hence, you will have time to further develop your concept. A startup MVP development strategy paves the way for your product to succeed in the market.
What are MVP
To validate your business idea, you will need a team of professionals
to work on your startup MVP development and present
your concept to users. Staggering ROI offers the
following Startup MVP development services:
Product conceptualization is a necessary step that ensures creating the best possible output according to customers’ requirements and expectations.
Our design team will create a usable prototype that best portrays the future interactions between users and your software.
MVP Development Benefits
Save Time and Money
“Early Adopter” Customers
Attract Early Investments
Landing Page MVP
A great example of MVP development for startups is Buffer. Their page explained what Buffer is, how it works, encouraged people to sign up, and included a pricing button that indicates how many were interested. The latter would receive a message explaining that the product is not ready yet, encouraging them to sign up for updates.
An example of a successful video MVP development for a tech startup is Dropbox. The three-minute video they created explained the intended functionality of Dropbox, which led to an overnight increase in signups from 5,000 to 75,000. The actual product was not even ready yet, but people saw the potential.
The founder of the Pebble smartwatch Eric Migicovsky took his product idea to Kickstarter and got a 10 million Dollars investment. You read that right. He then sold half a million watches in two years.
A piecemeal MVP uses any free digital platform to present a product to customers. You can choose social media platforms to launch a campaign, mass mailing, or any third-party software or applications that already exist.
Groupon used the piecemeal model to build their MVP. They connected customers with local grocery stores and companies, offering discounts for their services. They also used FileMaker to generate coupons, and Apple Mail to send those by email.
This type of MVP focuses on one feature of the product. So if you are working on photo editing software, your MVP will include only one photo filter to prove there is potential. You can later add all the filters and features you want once you get positive feedback. Needless to say, it is less expensive and time-consuming than creating a product with full features.
Spotify started as a single-feature MVP that was only streaming music. It later added other features.
Start-Ups MVP Development Steps
Consult an expert
Include business costs
Focus on value
Which MVP is the Best?
There are so many types of MVPs that it’s impossible to choose one that outranks the others. The choice depends on each startup, the kind of product it’s launching, and its target audience. To make things easier, MVPs are divided into two categories:
- Low fidelity MVPs give basic results that help you understand the needs of consumers. It gives you insight into whether your idea is worth developing further.
- High fidelity types give more in-depth results, but also require more resources. They identify the interests of consumers and whether they are ready to make a purchase. It can also gather feedback from real users to develop the product accordingly.
Once you find the required fidelity for your project, choose your MVP type by answering these questions:
- What is the highest risk you are facing and how can you investigate it?
- What’s your timeline to build an MVP and receive results?
- What is your budget?
Hire an MVP Developer
Whereas if you prefer to hire a freelancer, which is less costly, you will have to go through an interview-based hiring process that gives you a chance to find the candidate closest to the expertise and mindset you are looking for.
If your budget allows, you can always use outbound marketing which is more traditional and costly. It includes tactics like push messaging, cold email outreach, display advertising on websites, and activities like seminars.
Don’t let all the MVP planning burden your mind.