Developing an app (like running a business) is a race between your profits and expenses. No matter what your starting capital is like, you must be swift to make money. Bringing value to your customer is Step1 of app monetization. So, when creating a new app, you must have a monetizable (or enticing) version ready to launch before your development budget runs out. This is why your team’s primary focus should be developing a minimum viable product (MVP).
All methodologies of mobile application software agree that you need to create an MVP first, then move to more complex features of an app. There are at least five main reasons to develop an MVP first:
Speed up your mobile app development
Lower risk of investment
Convenience of mobile application testing
An MVP is a product that has a basic set of features. It helps you to deal with early criticism, bug searching and acquire a potential client base. A team of mobile app developers will be your first choice in case of developing an MVP. After that, you will need to find a mobile application testing company to check that the developed MVP works fine.
What is the purpose of a minimum viable product?
The general purpose of MVP development is to provide a realized business idea that can already be appealing for investors, attract customers, and, most importantly, make money. In terms of mobile development, an MVP helps you to release sooner which means to present your business ideas ASAP.
In other words, if you wait until your product is “perfect” before you release it, you will lose potential clients and money. It’s better to be the first on the market and create some noise around the product rather than wait for the perfect moment. While you are waiting for the perfect moment, someone else will create an MVP and take away all your potential clients.
If you want real results, you need to develop a product with basic features first, test it on the market, then concentrate on expanding your mobile application. The best way to test your ideas is by developing an MVP and releasing it to the world ASAP.
MVP for startups
According to the Business of Apps, an MVP can be the perfect way for startups to gain clients and investors. Building a startup from scratch can be a journey with a lot of benefits and loses. In order to decrease the chance of potential loses, you need to create an MVP first. The significance of MVP for startups can be defined in three major benefits.
Early access to the market
Most startup CEOs may think that their mobile application idea can become the next Instagram, TikTok or Tinder, but reality can be cruel. Your one million dollar idea should be tested on the market. Of course, MVP needs to have enough quality to satisfy a client. That’s why you will need a startup partner that can provide quality mobile application testing services.
Building an MVP helps to validate a product at the early stages and adapt to market changes. Early access to the market will provide you with the opportunity to develop even better product features.
Building an MVP does not require a lot of money to invest. It also helps to lay a solid foundation for the real potential of the product before implementing the full set of features. The basic functionality is more than enough to evaluate whether a mobile application can generate revenue. Startups can save time and money during the product development stage. You can also test marketing features during the development stage with much less budget needed for creating a community around your mobile app.
Low risk also includes hiring potential progenies in your team. They may not be professionals yet but MVP way of developing will forge professionals out of them.
Early adopters and early testing
One of the greatest features of MVP is attracting early adopters to your mobile application. As a result, it also means great opportunities for mobile application testing services. In other words, you will know your “bugs” before they can be available for most customers.
Early adopters can create a community around your mobile app. Moreover, they can provide you with feedback that will eventually improve basic features of your app.
If you want to develop a mobile application, the best way to do that is by creating an MVP first. It will help you to evaluate new markets, use mobile application testing services at early stages and create a community of early adaptors. And all of that you can get with minimum investments!
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