Minimum Viable Product is a concept of the agile scrum that refers to the product with just core features to satisfy the early customers. The main aim of MVP development is to gather feedback that shapes the future of the product. As per the reports by Gartner, only 0.01% of apps became financially successful. The main reasons why products fail are no market demand, low research, and lack of funding. Building an MVP helps to tackle these issues and offers a lot of advantages in agile software development.
In this blog, we will discuss the need for an MVP in agile software development. But first, let's get an idea about what is an MVP and how to build one. So let's get started.
What is an MVP?
A minimum viable product is an initial version of a product with just basic features. The product is used by early customers who provide feedback for future development. This technique helps in making the final product better. MVP has three distinct features. First, it has enough features for customers to purchase the product. Secondly, it should have some feedback mechanism, and finally, it should provide future benefits to consumers who adopt it first. So now you have a basic idea about an MVP now it's time to move to the next section and discuss how to build an MVP.
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How to build an MVP?
The product development process consists of different steps that you need to follow and building an MVP is no different. There are some steps mentioned below to build a successful MVP.
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Step 1
Start with market research: The first and foremost step in MVP development is market research. Analyze your competitors and ensure that you are not launching something that already exists in the market.
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Step 2
Prioritize important features: The next step in building an MVP is deciding on the core features. Create a priority list and add only those features which are the essence of your product.
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Step 3
Build product roadmap: After deciding on the important features build a product roadmap. Plan from development to marketing phase by categorizing each task into different phases.
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Step 4
Collect user feedback and update: So after building a complete MVP gather user feedback and constantly update. This will ensure the long-term success of your product.
Need of building an MVP In Agile Software Development
Building an MVP in agile software development helps to validate the product idea, enhances the product clarity, and a lot more as discussed below:
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Verifying Market Demand
Building an MVP is all about developing and testing what works and what doesn't. MVP is about trying to get an understanding of market demand without investing a large amount of money. Based on these modifications organizations can rework their product or can come up with new ideas. For an application to be successful it is crucial to conduct in-depth research and ensure to provide the best solutions as per the customer's needs.
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Cost-Efficiency
The second most important need of MVP development in Agile software development is cost efficiency. MVP helps to validate the product idea at a minimum cost. MVPs are created iteratively over a longer duration of time so the cost is spread over time and revenue is generated from earlier versions. As businesses begin to gain more users they can invest more efficiently.
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Test Business Idea
The major benefit of MVP is helping an organization test its business concepts. By providing only the core features of the application they can check if their product resonates with the target audience or not. Further, the insights obtained from these audiences help to tailor the app functionality.
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Build an Early Relationship With Customers
Time plays a crucial role in business. It helps to engage new customers and stakeholders at an initial stage of development. The early adopters will spread the word about your product and provide feedback. This will make your product more efficient and user-friendly.
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Development With Low Risks
Another important requirement of MVP development in agile software development is it reduces the risk. It is very important to keep in mind that building large apps requires a lot of time, effort, and money. Some of the popular examples of MVPs are Facebook, Snapchat, Spotify, Instagram, Airbnb, Uber, and Dropbox. All these products started small and later adopted complicated features.
Why choose Citrusbug Technolabs for MVP development?
Citrusbug Technolabs is an organization that has nine years of experience in agile software development. The company is trusted by top tech giants like Nestle, Adidas, Hitachi, and a lot more. It has a group of experienced and highly trained developers to make your MVP development journey hassle-free. Some perks of availing of MVP development services from Citrusbug Technolabs are fast delivery, enhanced security, highly scalable, and the presence of skilled developers. To avail of high-quality MVP development services and make your development journey hassle-free get in touch with our expert developers today!!
Conclusion
The concept of MVP in software development is centered around testing and updating. It helps the organization to start from small and iteratively build a better and cost-efficient product. With every release version, the product moves toward a better application. So till now, you must have gotten the complete idea of why we need an MVP in agile software development. If you are willing to start the MVP development journey for your next idea then get in touch with our experts today.
FAQ
It takes around 3 to 4 months to develop an MVP. But the time taken depends entirely on design and features.
To choose the right MVP development company keep in mind the steps mentioned below:
- Check reviews
- Read the case studies
- Check client testimonials
- Ensure security standards
Some of the popular apps that were first MVPs are Facebook, Snapchat, Spotify, Instagram, Airbnb, Uber, and Dropbox.
Some of the perks of choosing Citrusbug Technolabs for MVP development are working on the latest technology, continuous improvement, 24/7 support, is highly affordable, and a lot more.
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