All big companies have started with a basic product or service. They come up with an idea and take it to the market. Over time, this idea evolves and receives improvements. Find out in this article the importance of launching your product with an MVP development company.
What is an MVP?
First, it is important to know what an MVP is. It stands for Minimum Viable Product. It consists of a method in which a product or service is introduced in a market with basic features. Despite its simplicity, it is attractive enough to get the attention of the clients.
What are the benefits of an MVP development?
Usually, a startup hires MVP development services to start making money with their product. And there are some benefits to consider when applying this method:
The MVP is a product or device that can be purchased, since it has basic features that solve a need. This is a result of a rapid prototyping process.
The Minimum Viable Product is susceptible to improvements, that’s why you should have different channels through which the customers can send their feedback about the functionality, features, problems and advantages.
Another thing to consider when you are working with an MPV development company is that you will continue making adjustments. Using the agile methodology, the MVP’s design will be developed, tested, deployed and reviewed. If this process gives good results, the design will be modified and you will be able to launch an updated version of your MVP into the market.
Value the great teamwork that an MVP development company has for your startup, because this will be the key to getting great support, quick processes, and to add extra features that will make your product outstanding.
You get loyal customers. If you are updating your product or service in future months, offer special bonuses or free upgrades to the customers that bought your MVP. These kinds of rewards will benefit your startup in the long term.
How can MVP development for startups help you?
MVP development for startups aims to get a basic product or service that is attractive, well designed and cheap (in terms of production).
The Internet’s growth has allowed us to purchase any product from any country in the world. This means there is a big market out there waiting for your product. A startup can fail with different products, but there is one that will make the difference.
The one, the chosen product, comes from the hard work of MVP development companies that are diligent, innovative and in love with technology. You probably have those same feelings. When you get your project built, it’s a matter of time to market it. Since it is faster to create and to introduce in any market.
There are other scenarios. One where your startup needs funding to do a mass production. So, you show your MVP to investors to get their interest. Of course, your MVP needs to be innovative and must show potential to generate profits in the long term. That way, they will inject millions of dollars in your startup to carry out your product to thousands of people.
In the second scenario, your startup got a nice product with the help of an MVP development company. Instead of getting funding, you need to validate quickly if the market will respond positively or not to your business idea. Your MVP will serve as a demo to know if you should invest more or drop the idea.
How do I know if my project can be an MVP?
We can give you many examples of successful and disastrous products that started as MVP. We are not going to talk about why they failed or succeeded, since it isn’t the goal of this article.
You should know that a business is created because it has the intention of solving a problem (healthcare solution), a problem that clients suffer in their lives. If you are thinking of an app, a platform, or a device like a drone, you can build an MVP.
Think of a robot that can clean the floor of your house, it removes the dust and hair from the dog. You have seen some in the market, but you have a better idea and a unique design in mind. Then, this startup needs product development, you go for help and after a few months, your new robot is ready.
However, the software or hardware development could be expensive, as well as the features you have imagined. Besides, you are not sure how the market will react. So, you launch an MVP with added features that are different to those that are already being sold.
You get great responses from customers; they love your product. It’s different, it adds value. Your startup is making money. When profits are made, you decide to go back to the MVP development company and ask for improvements in the software or hardware. Now you can offer your current clients an awesome upgrade that they will surely appreciate. And the new customers will be more attracted since you have added new features. Maybe not physically speaking, but the software or platform is part of the product. Any upgrade that can add value to your product will bring excellent results in sales.
Let’s say the market has given you great feedback, and you consider you can improve your product. Then, the MVP development company that already helped you with the first version will be able to improve the design, components, batteries, sensors. Then, you can try again MVP testing.
All the technology may be adjusted. Now you have a product that has caught the interest of many people, and your startup will continue growing.
After these examples, we hope you feel motivated to develop your MVP (prototype vs MVP). There are many chances out there to make your startup rise to a new level. If you need hardware design services, or IoT product development services, we invite you to get in contact with us by clicking the button below.