Probably you are looking for a fast implementation of your business idea, you know you can’t lose time entering the market, and you’re sure you have something good in your hands. However, it is necessary to test if that idea will be attractive enough to delight potential customers. That’s why you need MVP development, meaning that you will build a basic or preliminary version of your product.
In this article you will know the meaning of MVP, why it is useful to build it, why it’s crucial for saving your budget, and two possible choices you can make in the process.
MVP development meaning
You are a person of fast results, and that’s why you need to develop an MVP. A Minimum Viable Product is a device, product, app, or software that fulfills specific characteristics to satisfy your potential clients.
Maybe you are wondering, why does my idea have to become an MVP if I already have an established goal?
What MVP does for you is that it avoids the long and probably expensive process of developing thousands of units of a product for which you are not sure what the sales will be like in the market. If you like fast results, you can quickly test your idea and find out its potential.
You may have a considerably big budget, but product development should be the last part of the process. We have helped many CEOs and entrepreneurs like you, and some of them have made terrible decisions trying to launch a final product without doing the proper MVP testing with the final users. Of course, they lost thousands of dollars. They learned the hard way. So, considering these bad experiences from other CEOs, we recommend you really take your time for the development of an MVP.
Why will an MVP be useful for you?
We can tell you many reasons why MVP is the safest way to test your business idea, but we can reduce it to one simple and crucial word, feedback.
Bill Gates, one of the founders and creators of Microsoft and Windows said, “We all need people who will give us feedback. That’s how we improve.” If you want to stand out in the market, you need to listen to your audience and make adjustments according to their feedback.
Of course, not all feedback will be accepted, viable or possible to implement. However, it is a good starting point; though some entrepreneurs like to start with the proof of concept stages.
A Minimum Viable Product in detail
Minimum implies that you build the most essential version of your idea in a short time. You save thousands of dollars and avoid risking your money with a fully developed product.
Viable means the early version of your innovation has the potential to be successful, this will attract the attention of early adopters. Those are the profiles you want to get to test your product.
Product means you will have a tangible device to show your potential customers. And this is where they will be able to interact with it and provide you feedback.
So, all integration of Minimum, Viable, and product translates into something that can be sold. And you need to confirm how great that potential is.
Is an MVP Development process necessary for you?
Figuring out if your business idea needs an MVP development process is something you may desperately need to know. You can take two paths. First, you invest your money in product development without building an MVP because you have a “hunch” that your business idea is the best one you have come up with. You expect the market to accept your product and that it will perform flawlessly, not only functionally but also in reception and sales.
There are many aspects to consider in this situation: production costs of your device, taking care of distribution, storing, and marketing.
Are you truly willing to risk all your money on a product that you haven’t tested properly before going massive?
Many things may show up, like malfunctioning, poor reception from the customers, bad performance, and lack of features that the market needs.
According to the Bureau of Labor Statistics, “around 20% of startups fail during the first two years of their existence, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.”
The most common reasons that explain this poor performance of the startups are related to not investigating the market properly, a bad business plan, and low sales.
Experian says, “Low sales can result from keeping an underperforming sales force, having inferior products and services – or overpricing them, lacking a solid understanding of buying trends, or misreading the competition.”
Remember we mentioned we have worked with CEOs that have made terrible mistakes in product development. They had a great budget and confidence in their product, but they didn’t get the necessary feedback from potential customers before entering the market.
MVP development process
The other path you can take with your business idea is the safest one, an MVP development process. We suggest you always start with an MVP. It doesn’t matter if you are sure that the device will be well received in the market. As you read above, there is no need to take a high risk with your finances.
All projects need an MVP: Software, devices, services, apps. It is the fastest and safest way to test an idea and make iterative adjustments. Here is a list of the things you get by building an MVP:
- Early testing of your idea.
- Feedback from the end-user.
- Reduce wasted time on long-time engineering production.
- You save thousands of dollars by creating a basic version of your product.
- Early adopters will tell you how much potential your product has.
- Attract potential investors.
- If your idea is good enough, it will give you more recognition in the market.
Start outlining your MVP idea
To this point, you already know the MVP development meaning, why it is necessary and why you need it.
If you are now convinced you need a Minimum Viable Product, we suggest you start by defining your MPV idea. Take a pen and a piece of paper and start writing. There are several strategies to develop a new product.
This exercise will provide you with a preliminary insight into your product. Let the business idea rest for a few days and then show it to some close friends, if they like what they see or hear, it means there is a chance your MVP is worth building.
The next step is to build a basic version of your idea, rapid prototyping is a good way to do this. You can use many materials, from paper to metal cases.
It all depends on the performance and characteristics you want to highlight, and the aesthetics of the product you want to show to potential customers; Remember that a reliable hardware development service is important in this process.
The other option you have is to contact DeepSea Developments for a free consultation. Don’t worry about the budget, you have control over it, and we can develop your MVP considering the resources you have for the project. We have developed tracking devices, thermal cameras, drones, speakers, among others.