Who likes to put their hard-earned money at the stake while going to convert just an idea of app development into a reality? Who knows the fate of a mobile app in the market? If you want to deal with the blues scene in the fiercely competitive app market, the MVP (Minimum Viable Product) concept may prove the best risk management deal for you.
I want to back my arguments in favor of the MVP model by introducing you to the term “Lean Startup” to approach mobile app development. It is because MVP is a part of the Lean Startup model. Therefore, let’s first comprehend the concept of Lean Startup.
Lean Startup Model
A startup always begins with an idea of a product or service to offer in the market. A startup has to realize the concept of a product to kick start a business. If the idea is unique and depends on current market factors, the startup has to release the product as soon as possible.
Unfortunately, most startups are in the crunch of money to invest in a full-fledged product. They always are in the scarcity of required resources to spend on developing the product or manufacturing it. We already know the time constraints for a startup business.
If a startup is spending enough on developing a product, and eventually it meets a failure, it can vanish the startup before it takes off in the market. Thereby, risk management is a prime concern to consider.
Experts and startup consultants always advise an entrepreneur to think differently to mitigate the risks associated with their idea. They prefer to create a product with only essential features or utilities. Another thing is that they are constantly striving for genuine feedback from the actual users of the product. It is only possible by involving the end-users of a product, giving them a viable product with limited goals to hit.
Principles of Lean Startup:
The principles of Lean Startup help entrepreneurs to follow a sure-fire methodology and achieve success. Let’s know those principles first.
Developing a Minimum Viable Product (MVP) for a Mobile Application
The last component is the core of the Lean Startup model – Build-Measure-Learn feedback loop.
1 –Build/Code Fast:
If you work on only essential features and functionality in your mobile application development, you can build it rapidly.It cuts your UI designing and coding efforts a lot.
You can take help of the latest collaboration tools, including PMS, cloud computing, a developer sandbox, refactoring, just-in-time scalability, cluster immune system, and continuous integration.
Continuous delivery or incremental deployment is the way to go fast in MVP development.
2– Measure Fast:
Running various tests such as Unit tests,usability tests, funnel analysis, Cohort analysis, and split tests enable you to assure the quality and measure the metrics of the progress in the development process.
You can opt for real-time monitoring,productivity monitoring, and real-time alerting.
3 -Learn Fast:
To learn fast, entrepreneurs have to apply Five Whys Root Cause Analysis by asking five whys questions.
Apart from these, you can go to user interviews, user advisory board, user-base development, and user archetypes to know your target audience very well along with iterations and updates process of the app.
However, technically, split tests and smoke tests can help you.
Advantages of MVP in Mobile App Development
After getting insight into MVP, let’s learn what benefits we can achieve from it.
MVP Provides Opportunity for Early Testing of Idea
In normal circumstances, an entrepreneur can test her idea in the real market only after completion of custom mobile app development. With MVP, it is possible to test is at the initial stage and after the release of the first MVP version. Now, you have a strong user base to get various feedbacks regarding your app features and functionality.
MVP Enables Creation of ROI-centric Product
MVP is nothing but an iteration process to improve the quality of subsequent versions of an app based on feedback from the real app users. Thus, it can yield highly polished and ROI-centric versions of the app.
MVP Provides Opportunity for Excellent Cost Management
MVP cuts the initial cost of development a lot by releasing a version of the app with only essentials. However, subsequent updates can cost you dearly, but your app is building with a solid user base and user-centric quality. It means you have rolled the ball in the market and started earning from your app right from the first updated version.
MVP Increase Chances of Getting External Funding
If you have considerably large size project and you need external funding for your app idea, MVP increases chances a lot of getting it. After the release of MVP and measurable success, you can demonstrate how your app idea is promising with a solid presentation of user-data you have collected through MVP.
Moreover, investors can see everything openly because your app is already functioning in the market and in the hands of targeted users even with adequate feedback to measure your success.
Based on our understanding and advantages of MVP cited here, we can conclude that MVP is an appropriate model for mobile app development. However, your app success is greatly depending on the Mobile App Development team working on the MVP process you must consider SysBunny like Avant-grade Mobile App Development Company to have at your side.