When you hear the phrase MVP, your mind probably goes to basketball and the most valuable players of all time, such as LeBron James, Michael Jordan, or Nikola Jokic. Then you get all confused because people keep talking about it in terms of product development. So, what does MVP stand for in software development, and is it possible that Nikola Jokic can help you launch your product? Here’s everything you should know about this useful strategy.
MVP stands for a minimum viable product and is a very important and popular business strategy used to test out how in demand the final product would be on the market if a less-developed version was released. It can be used for all kinds of apps and for both startups and larger companies. The key benefit of this strategy is that you will be able to see exactly how customers will react to your product and if there will be a demand for it, so you don’t waste any resources on developing an app nobody wants.
What Does MVP Stand for in Business and How Can It Help You Develop a Successful Product?
When it comes to creating a product and forming your own startup, it’s not the sleepless nights and gallons of coffee that are the toughest part – it’s all the unsolicited advice you will hear along the way. When someone comes up with a fresh, new idea, it seems as if everyone is suddenly interested and has to give their opinion.
Sure, there are a lot of people who will be against it, but the most common thing you will hear is: go all in. But the go big or go home strategy is the dumbest possible thing you can do. Thousands of people develop a product and invest lots of money and effort, only to have it blow up in the end.
Software development is a risky business. It’s either high loss or high reward, so the smartest thing you could do is dip your toe in the water first and test out your apps in a way that lets you know if it’s even wanted by the customer base. That’s where MVP software development comes into play as some sort of a safety blanket for developers. But what does MVP mean in software development?
What Does MVP Mean in Product Development and What Is It?
MVP – short for a minimum viable product, is a very important concept used in software development to test out the product’s demand on the market. It shouldn’t be confused with similar phrases such as the minimum marketable product (MMP) or the minimum marketable feature (MMF). This valuable concept was first introduced to the development world in 2009 by Eric Ries in his book “The Lean Startup.” Ever since, that concept has skyrocketed and proved to be an invaluable asset to the innovation world.
This business model is perfect for small startups looking to pave their way into the development world. But that doesn’t mean large companies haven’t successfully implemented this method – most of them have an in-house team, while startups usually turn to outsourcing. Little do you know that some of the world’s most famous apps started out as minimum viable products, including Netflix, Airbnb, Facebook, Instagram, and so on. Another advantage of this business model is that it works for every possible scenario – whether you’re developing a desktop or mobile app.
A Minimum Viable Product (MVP) Should Be the First Stage of Your Development Journey to Make Sure People Actually Want Your Idea
You can have the world’s best idea and a great product, but if there is no demand for it out on the market – it’s a failure. So why should you spend thousands of hours and dollars and pour your soul into a project just to see it fail after all that effort? Startups have around a 40% failure rate, so you should do everything you can to make sure your idea is not included in that percentage. That’s where a minimum viable product comes into play.
The minimum viable product is based on a so-called Pareto principle – 20% of the overall product satisfies 80% of the user’s needs. So, you only need to develop your prototype to 20% of what it can actually be as a finished product in order to see how people will react to it and if there is a need for it on the market. Sounds too simple, yet it’s true.
Once you release your minimum viable product, you will almost immediately know how desirable your finished product will be. If the project fails and doesn’t get the recognition you had hoped for, your MVP saved you a lot of time, effort, and other resources.
However, if the MVP shows good results, you will also get feedback on the customer’s experience – what needs to be improved and changed, and this feedback will serve you as guidelines on how to further develop your idea into a finished product. So, think of a minimum viable product as a social experiment that will directly let you know if you should give up the project or if it will be a smashing success.
Contact Us and Let’s Get Your Minimum Viable Product Ready for the Market
If you’re a visionary trying to launch a fresh, new idea out into the world and you’re looking for the smartest way to make that happen, you should definitely look into the minimum viable product concept and consider soft launching your idea before fully committing to it. Contact us, and allow our MVP development company to streamline the entire process and show you how easy both hardware prototyping, as well as software prototyping can be.
We value your passion for innovation, and our services will make sure your concept turns into reality for the market in no time. Whether you need mobile app development services, desktop application development services, or frontend web development services, our team will handle it and create the perfect product ready for market testing.