In today's era thinking about new ideas, and building startups is something really exciting and fascinating. But on the other hand, there are a lot of concerns about the loss of money, effort, and time. Building an MVP(minimum viable product) eliminates these risks. It is a product with just minimum features to satisfy the early customers, verify market demand, and test business ideas with minimum investment. If you have a great idea and want to get information about the cost of MVP software development then you are at the right place.
In this blog, we will discuss the cost of developing an MVP in 2024. We will also read about how to build an MVP and the benefits of building an MVP. So let's get started.
What is an MVP?
A minimum viable product is the basic version of the product with just core features. The product is used by early customers who will provide feedback for further improvement and make the product better. MVP has three main features which include:
- Enough features for customers to purchase
- It should have some feedback mechanism
- Must provide some benefits to the early customers
So by now, you have got a basic idea about it's time to discuss the benefits of building an MVP.
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Benefits of building an MVP
An MVP works on the strategy of “build-measure-learn” so it helps to validate or invalidate your product idea with very little risk. Some of the other benefits of building an MVP are:
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Verifying market demand
Building an MVP will help to test the market demand without investing a large amount of money.
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Highly cost-efficient
Another crucial advantage of MVP software development is that it helps to validate the product idea with minimum cost.
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Development with minimal risk
We all know that building an app requires a lot of time and money. So building an MVP reduces this risk to a great extent.
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Test Business Idea
It helps to test the business idea by providing only the core features. To verify if the product resonates with the target audience or not.
How to build an MVP in 4 Steps?
In the above section, we have read about the benefits of building an MVP. Now it's time to discuss how to build an MVP. To build an MVP follow the steps mentioned below:
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Begin with market research
The first step in MVP software development is market research. It is really crucial to have in-depth market research to ensure that you are not launching something that already exists in the market.
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Decide the core features
The next important step in MVP software development is deciding the core features. Categorize the features as a high priority, low priority, and medium priority. Ensure to add only the high-priority features.
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Launch an MVP
Once you have decided to build the core features it's time to build and launch an MVP. Ensure that MVP is not of lower quality and should fulfill customers' needs.
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Build, Measure, and Learn
After launching an MVP it's time to get feedback from the clients. Regularly collect user opinions and update the product based on user demands. This will ensure the long-term success of your venture.
Factors affecting the cost of an MVP
Now we have figured out what is an MVP and how to build one. It's time to discuss the factors affecting the cost of an MVP. So let's have a look:
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Features included in MVP
One of the major factors that affect the cost of MVP software development is features. The complexity of the implementation of these features plays a vital role in deciding the cost.
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A number of platforms
Whether you want to build an app for iOS, Android, a cross-platform app, or any other platform. All this will affect the price and scope of MVP software development.
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The complexity of UI/UX design
It is another crucial factor that decides the price of MVP. Mostly a simple design is sufficient to develop an MVP. But sometimes design plays a vital role in the essence of the app.
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Development hourly rates
Hourly rate is another factor that plays a role in MVP software development. The average hourly rate varies to a great extent in Europe, India, China, Africa, and other parts of the globe.
How much does MVP development cost?
The cost of MVP development can be determined only after having information about the below-mentioned parameters:
- The size of software: Small, Medium, Large, or Enterprise
- Type of software: New software development, Software modification, software integration, or web development.
- Size of the development team: So based on the size of the software the size of the development team will be determined.
So based on all these parameters only we can determine the cost of MVP software development. To get more precise information about the exact pricing get in touch with Citrusbug Technolabs developers. Our experts will assist you regarding the complete MVP development process and provide MVP development services at the most affordable price. For more details mail your requirements to hello@citrusbug.com.
How to choose the right MVP development company?
It is important to select a reliable MVP development company to get the desired outcome. Listed below are important key factors that you need to take into consideration to choose the right MVP development services company.
- A well-organized website
- Client reviews and testimonials
- Security concerns that is a willingness to sign NDA
- Exposure to working with similar organizations
- Post development support
Conclusion
So till you must have got a clear idea about the cost of MVP development and the factors that influence its cost. The concept of an MVP revolves around constantly testing and updating the product. With every update, the product becomes better and moves toward the best. To build high-quality MVP and get a more precise idea about the cost of MVP software development get in touch with our experts today.
FAQ
Citrusbug Technolabs is a leading MVP development company. Some of the major reasons to choose Citrusbug Technolabs are
- On-time delivery
- Highly cost-efficient
- Vast Technical Knowledge
- 24*7 support
- Enhanced transparency and integrity
The cost to hire software developers in India and China are as mentioned below:
- India: Indian developer hourly rates vary from $16 to $52
- China: Chinese developer hourly rates vary from $19 to $40.
It takes around 3 to 4 months to develop an MVP but it depends entirely on the complexity of the features.
The next stage after MVP is MMP. It stands for a minimum marketable product also known as MMR (minimum marketable release).
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