Analysts from Forbes say that 90%wof startups fail. Among the main reasons are:
The statistics are disappointing, but building a startup is necessary if you want your product to be successful. Creating an MVP will test the idea for viability and help you get quality feedback.
If you want to develop an application, fill out the form or call 7708889555. We will create a convenient, useful and modern application that will appeal to users and help grow their business.
In this article, we will explain what an MVP is and how this approach can extend the life of your startup.
An MVP, or minimum viable product, is an approach where you release an application to the market that meets the minimum requirements of the market. This version of the product does not have exceptional features, but it has everything you need to understand whether the application will be successful.
Think of an ordinary stool as an MVP. It performs the main function – you can sit on it. But then you decide to add a backrest – and it’s a chair. The next step is to add the padded lining. And finally, for complete convenience, armrests appear – you get a soft and comfortable chair. This is the finished product.
Now let’s look at an example. Let’s say you want to create a nutrition monitoring application. You have an idea and rough design outlines. But no one knows whether there will be demand for such a product.
To find out if this idea has potential, developers advise first releasing an MVP of the application with basic functions. After product development, the time comes for launch. Users download your app, but they miss things like chatting with friends and being able to track their progress. You collect feedback and refine your application.
This is why an MVP is created – to understand whether there is a need for such a product on the market and what functions users will miss. If you receive a positive response, all that remains is to gradually refine the application.
1. Check the idea for viability
You cannot immediately create an application with many features and be sure that it will fit perfectly into the market. First you need to test whether users need such a product. An MVP doesn’t cost much to create, so if it fails, you won’t lose a lot of money.
2. Get quality feedback
Once you launch the product, you will quickly understand what is missing in it. The first users will tell you about this. And since the application is at the MVP stage, it can be easily improved without starting development all over again.
3. You will start making your first profit
If the application successfully enters the market and is liked by users, you will be able to quickly recoup all the investment. More profit means more opportunities to improve the product.
4. There will be chances to attract investors
To get someone to invest in your product, it’s not enough to give a presentation. This way, the investor will be convinced that the application already exists successfully on the market and brings benefits to people. In this case, the chance of receiving funds to improve your product will be much higher.
All functionality of the future application should be based on the audience you want to work for. It is also important to study your competitors to understand why their apps are successful in the market.
Let’s return to our example with the nutrition monitoring application. For the MVP of such a product, it is necessary to add the ability to keep a diary of what a person ate today. It will also be useful to implement daily statistics to track progress. At first this will be enough. Next you need to collect feedback and see what is missing in your application.
If you already have an idea for creating an MVP application, but you cannot decide on the basic functions, Contact us and we will advise you on all issues.
When creating an MVP, there is no clear plan of action. Each situation is individual, but general points can be identified. This is why there is a typology of MVP applications that you can rely on.
1. MVP for pre-order
This is usually a description of the product you want to sell. Created in the form of a presentation or landing page. This way you can understand if there is demand for your idea in the market. If your story about the application is successful, you will be able to attract the first investors, which will greatly simplify development.
2. Concierge
A popular model for startups that sell any services. The idea is that even before releasing the app, you find a group of people who could potentially become your target audience. And then you personally, like a concierge, perform the functions that your application will then perform.
An example is OpenTable. In the late 90s, Chuck Templeton thought he could make money by helping people make restaurant reservations. At first he did it over the phone. And when I realized that the business had good potential, I launched a website. This approach allowed us to better know our target audience and create a useful and successful product.
When there is a lack of knowledge about the target audience and their demands as a whole, this strategy is employed. As an added benefit, people will stick with you in the future because they respect your unique style.
3. The Wizard of OZ
This type is similar to the previous one, but with one exception. With this model, people think that the application is ready and functions independently. But in fact, all actions are performed by a person; clients do not see the performer live.
In a nutrition monitoring application, this can be implemented like this: a person enters the name of the dish that he ate, but all calories are counted by a person, and not automatically.
4. MVP with one feature
The name of the model speaks for itself. You create an MVP of an application and add one single feature to it, again, to look at the feedback. But the peculiarity is that this function should be the calling card of your application.
An example of this type would be Spotify. In 2006, the creators of the application launched a small service that had only one function – music streaming. When they realized that the project was successful, they began to improve it. The Swedish company is now valued at $20 billion and has an active audience of 50 million.
Getting feedback is the most important step in the MVP development process. Without feedback from early users, you won’t be able to understand how successful your app is. There are several ways to encourage clients to give you these important clues.
Option 1. Pop-up window in the application. To avoid doing this in the first few sessions, wait until the user has signed in three or four times and spent some time using your application. The person will be prepared to provide you with comments at this point since he will have a firm opinion about your product.
The next time they open, ask if the person likes your product. Ask for a rating and optional review in the app store.
Option 2. This method is more suitable for products that require active scrolling. For instance, if reading articles is a requirement for your application. Simply place a little form asking “Do you like our application?” at the conclusion of the content. Next, a window with the words “Then give us a rating” or “Tell us what’s wrong” will appear based on the response.
Here you can read how we implemented such a model for one of the developed applications.
It’s important to remember not to push the user too hard to give you feedback. The more intrusive these attempts are, the less likely you are to get any feedback.
Use all the feedback you receive to improve your product. Additionally, don’t be afraid of low ratings because they typically include a wealth of helpful information. A disgruntled user will post as much information as possible online; all you need to do is capitalize on this input to make the program better.
Define your goal
The most important point when creating an MVP application. Answer the questions: what problem will my product solve, what audience will it be aimed at, and why is it worth releasing?
1. Study the market
Once you’ve decided on an idea, research all the big players in the market. Try to understand how they attracted their audience. Based on this, draw a conclusion about what your application can offer that is new.
2. Research your potential target audience
It is important to understand who you are making the product for and what people’s problems it will solve. This data will help you in the future. Audience segmentation is an important part before starting to develop an MVP application.
3. Determine must-have features
Remember that the functionality in an MVP does not have to be extensive. Select a few basic functions – this will be enough at the start.
4. Find a development team
Without a reliable team, you will not create a high-quality and competitive application.
It would be preferable to order development from an outsourcing company, because this way you will get a ready-made team, be sure that the developers have relevant experience and reduce your costs for creating the product.
We can be that team for you – fill out the form to get a free consultation.
5. Release the application to the market
When development is complete, you can release the product to the market. Now all that remains is to monitor user feedback and improve the application. Make every message count to make the product as successful as possible.
It is important to understand that the cost depends on several factors. First of all, this is the number of platforms, functionality and scope of design customization. Accordingly, the more work on each of these points, the more expensive the development will be.
On average, app development costs 3-4 million rubles, but when it comes to MVP, the price drops by several million.
How do we assess? The first time the cost of the application is calculated at the stage of acquaintance between the client and the studio. The customer tells us how he imagines the functionality of the future product. Then we conduct an interview to detail the requirements, and give the finished list of functions to the developers for evaluation.
Do you want to app development from Sparkout Tech? Call 7708889555 or Contact to us. We will ask about the goals and objectives of your service and give you the approximate cost of creating an application.
Sparkout Tech is a reliable and responsible partner in mobile application development. We have already completed more than 200 projects and received many awards for them.
Our clients remain with us for support and often do not stop at one project. Contact us if you want your application to:
There is nothing stopping you from immediately creating a ready-made application with many different functions. However, with such a decision there is a risk that the product will not be needed on the market. That’s why you need to create an MVP first. This will be a test drive for your application. You will collect feedback from users, understand how to improve the application, and perhaps attract investors. When it comes to developing a mobile application, there is no need to rush.
In order not to make a mistake in choosing an industry for developing a mobile application, you need to carefully and in detail study the market. You also need to answer a few questions: what problem will my product solve, what audience will it be aimed at, and why is it worth releasing? The answers to all these questions will help you get the right idea about who you are making a mobile application for and why. Market research is the most important stage before development.
All functionality of the future application should be based on the audience you want to work for. It is also important to study your competitors to understand why their apps are successful in the market.
The core feature should make your mobile app stand out from the competition. After researching the market, think: What new can I bring to this industry? The answer to this question will be the very main function.
Feedback is the most valuable thing you can gain when you release. Only real users will tell you what needs to be fixed and what went well. Don’t be afraid of negative reviews, because they often contain more useful information than positive ones.
To attract the first users, you can use advertising. It is important to place it in places where the target audience most often sits. To avoid losing users of your mobile application, listen to their advice and recommendations for improving the product.
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