Approximately 10% of new businesses do not survive the first year, while 90% collapse within the first ten years. Creating a Minimum Viable Product (MVP) could have avoided most losses in the initial stages. This popular product development solution helps verify the value of the unique idea and adapt it to market needs.
Consider how to meet your future customers’ needs and mitigate potential risks. Make up your story, and then explain what makes it stand out. What is the value offered, and what problem are you solving?
At DICEUS, we have sufficient competence to deliver high-quality MVP software development services. We build our work based on your business goals, carefully prioritizing and giving you an effective solution to reveal your project’s potential. Our customizable, low-code approach can reduce the time and money required for launching MVP products that best satisfy your overall business goals.
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MVP development explained
A Minimum Viable Product (MVP) is a basic version of the product with the core features brought into the market to check its relevance and collect feedback for improvement. You can create an MVP and test a few features, such as the landing page from a website. The collected feedback influences further incorporating those features and guides the whole project. Imagine that no one likes the landing page, so there is no sense to continue designing the rest of the website in the current concept.
The MVP meaning in software development applies to mobile, web, and desktop applications with key functionalities that meet customer needs. A light software version plays a strategic role in defining the project’s success. Here are the main reasons to develop and release an MVP:
- Test an idea using minimal resources
- Release a product as quickly as possible
- Maximize the information learned
- Reduce the time required for the project realization
- Learn what resonates with the target market and what does not
Many well-known companies start with MVPs. It is an experiment to the viability of their proposal from a business perspective, at a lower cost, and with managed risk. You might be surprised to know that Airbnb’s first landing page did not allow you to make online payments. Every time customers found a place to stay, they exchanged money with the host in person. It eventually became a real problem, so the necessary amendments had to be made.
The difference between MVP, POC, and prototype
People often mix up these terms by assigning the qualities of one to another. Make sure you know their meanings:
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Steps to develop an MVP
A poor understanding of the MVP software development process could potentially harm the project. Below are described the standard steps we at DICEUS take to build an MVP successfully.
No-code MVP development suits a startup MVP or an ambitious SaaS MVP. Code-based development includes single-feature MVP and piecemeal MVP that require more time for processing. There is no general rule on how much development can last, as it usually depends on the project’s complexity. The simplest MVP programming tasks can be completed in a few days, while more intricate projects can sometimes take several months.
Benefits of MVP development
The MVP benefits are closely associated with the main purpose it serves, as well as its main goals and features. We will review some of them in detail:
Why choose DICEUS as your MVP development provider
Being a leading software development company, the team of DICEUS can validate your business idea and transform it into a tangible and viable product. Our expertise allows us to integrate the best practices and minimize pitfalls associated with your niche. Have an idea? Contact our consulting services. We will help you pick the most feasible features.
Make quick changes. If you want to integrate some new features along the way or the requirements of your app have to change regularly, we will do our best to accommodate. We have many methods to handle the most challenging tasks.
Monitor the development process. We allow you to keep track of the project’s progress. If you have any thoughts on improving the product, just let us know — we will make the necessary changes.
Release your product in the shortest time. We usually need around four months to release MVPs. Depending on the project’s complexity, we may take less or more time to bring a ready-made product to the market.
Get software development that meets your business needs. Whether you have an education app or an admin panel? With a sizable portfolio of successful projects, we can find an MVP developer with the relevant expertise in your niche.
Factors affecting the cost of MVP development services
As you might have guessed, many aspects influence the cost of MVP development. When you know exactly what you want to build, you hire developers to realize it. Several factors can affect the overall startup MVP development cost:
- Design scope. UX/UI designers work on wireframes, user flows, and the end-product look. This step can take much time on MVP design alterations, influencing the MVP development cost.
- Technology stack. The more complicated your solution will be regarding tech, the more resources you will need for its development and further release. Therefore, the tech stack you implement for the project will also influence the MVP cost.
- Some features. You can make up a long list of features, some of which can be eliminated at the MVP stage. The MVP cost can grow if you integrate many of them, especially if they are complex and require a lot of time and skill for incorporation.
- Experience and location of specialists. Even the hiring model can’t answer how much you must invest. The more experience the specialists have, the higher their rates are. Their location also plays a significant role in influencing the rate.
- Third-party integrations. Many projects require additional tools, extensions, and plugins. The third-party integration costs for an MVP project can drastically differ based on the specified solutions, their quantity, etc.
- Deadlines. The shorter the deadline, the more workforce will be required. As the team of specialists grows, so does the price.
Factors affecting the duration of the project
MVP coding, testing, and management increase the scope of work and, eventually, the duration. In other words, the duration of development equals the time spent by our engineers. Let’s find out what factors significantly impact the project duration.
- Size of the development team
- Project complexity
- Set of technologies
- Number of features, etc.
Generally, building an MVP for a startup can take 3 to 6 months. The main goal of an MVP is to make a quick launch and test the product with users to gain insights for future development.
An MVP in software development is a basic product with sufficient features to satisfy early customers and receive feedback for further development. It is created to achieve the market fit at the early stage.
An MVP comes up with minimal features to be used by first customers, who can then provide feedback for future product improvement. It allows a team to gain validated customer needs and preferences information.
Startups can gain valuable user feedback, explore market demand, and make informed decisions about further development. This iterative approach helps startups reduce risks, optimize resources, and enhance their chances of creating an effective product.
Companies can attract investors, reduce engineering hours, test ideas, and invest all the money into implementing a valuable product.