Do you have a groundbreaking idea for an innovative product that you want to develop as a mobile app or web app? Are you aiming to develop an app for your company or a client to add value to their business?
That’s a great start, but how can you ensure that the product is developed successfully? And how can you be certain that the idea resonates with users as you envisioned?
This is exactly where an MVP comes into play. An MVP (Minimum Viable Product) is the initial basic version of your product, designed and implemented with minimal investment to achieve a single goal: to obtain maximum feedback with minimal effort to validate a hypothesis. This approach helps save time and costs.
The Path to a Successful MVP through the Build-Measure-Learn Approach
Build
In the first step, the MVP is developed by focusing on essential core functions and the Unique Selling Proposition (USP). Many founders make the mistake of wanting to include that one extra feature because they believe the target audience needs it, without validating this assumption.
In the initial phase, you should create a list of your features. Once that’s done, go through the list again and eliminate the “nice-to-have” features. Keep the functionality as minimal as possible. The first version of the product doesn’t need to be perfect, but it should be sufficient to hit the market and quickly move on to the second phase.
Measure
In this phase, the behavior of potential users is carefully analyzed to understand how the product performs with the target audience.
It’s advisable to integrate analytics tools from the beginning, which enable detailed evaluation of usage. This allows you to see which features are actually used and which might be unnecessary. Additionally, actively and systematically gather user feedback, for example through surveys or feedback tools that can be directly integrated into the app or product.
This way, you gain valuable insights into what works well and where there is room for improvement.
Learn
In the final step, you use the feedback from your customers to adjust and further develop your product. This might involve expanding features, adjusting the price, or improving specific attributes to meet customer needs.
Even with this revised version of the product, you can conduct further market analyses and continue refining it.
By continuously iterating through these steps, you move closer to market readiness and achieving the so-called Product-Market Fit.
Benefits of MVP Development
A Minimum Viable Product (MVP) offers numerous benefits. For one, the implementation is much simpler, as the development effort for an MVP is significantly lower than for a fully finished product.
This allows the product to be created quickly and with limited resources, shortening the time to market. Additionally, developing an MVP brings a significant learning effect. By launching the product early in the market, customer opinions and critiques can be directly incorporated into further development, leading to improved product quality.
Another advantage is cost efficiency. Developing an MVP is considerably cheaper than developing a fully finished product.
As the product is developed step by step based on actual customer needs, unnecessary expenses for features or misguided developments are avoided. This is especially beneficial for startups, which often operate with limited financial resources.
Moreover, an MVP reduces the risk of product failure, as it closely aligns with customer needs and desires, thereby increasing the likelihood that the product will be well received—ultimately reaching Product-Market Fit. The MVP approach also offers advantages in marketing, as the insights gained about customer needs can be directly incorporated into marketing strategies.
Drawbacks of MVP Development
However, there are also some drawbacks to MVP development. An MVP is not the best choice in all industries or for every company. Especially in the B2B sector or for established companies where customers have high expectations, an unfinished product is often not accepted. Furthermore, despite risk minimization through an MVP, there is no guarantee of success. Even if the MVP initially generates interest, it does not necessarily mean that the finished product will be successful in the long run.
Successfully Developing an MVP in 90 Days with Deep5
At Deep5, we understand how crucial it is to act quickly and efficiently to maximize the success of your solution and achieve market entry as early as possible. Thanks to our extensive experience in working with early-stage startups and efficient project management, we have already helped many companies successfully bring their prototypes to market. We understand the challenges and requirements involved in developing an MVP and know exactly how to effectively tackle them.
Our proven method allows us to develop a high-quality, marketable product in just 90 days, tailored to the specific needs of your company and target audience. We work closely with you to identify and implement the core functions of your product while collecting and analyzing valuable feedback from the first users.
This ensures that your MVP not only lays the foundation for a successful product but also accelerates the market launch and minimizes costs.
Costs of MVP Development
An essential aspect of developing a Minimum Viable Product (MVP) is, of course, the cost.
The expenses for creating an MVP can vary significantly, depending on the complexity of the product and specific requirements. Generally, however, the MVP approach enables a more cost-effective product development, as only the basic functions representing the core value of the product are implemented initially.
For many projects, the cost of developing an MVP can start from as low as €15,000. This makes the MVP approach particularly attractive for startups and smaller companies that often operate on a limited budget and still want to quickly reach the market to gather initial user experiences and feedback.
Collaboration with Deep5
With Deep5 as your partner, you can rest assured that your MVP project is in experienced hands.
Our team of designers and IT experts combines technical expertise with a deep understanding of market needs to develop a product characterized by high quality and marketability.
Let’s work together to bring your vision to life and set your startup on a course for success in just 90 days!
Interested? Feel free to contact us for an initial, non-binding consultation at the following email address:
matthias.raaz@deep5.io
