Our lives are unimaginable without the use of apps today. In fact, apps have become so common that thousands of apps are released in Apple app store, Google play store, and other platforms almost every other day. Out of these less than 2% apps generate financial returns. This fact asserts the importance of building an MVP app first and then developing it into a more mature version of itself.
MVP app, is a minimum viable product, that is released in the market before the final app launch. It offers the basic functionality of the final product that solves a core problem for users. An MVP acts an essential way to test a platform business model with a minimum amount of custom coding and complex functions involved.
Even today’s immensely popular apps such as Uber, Instagram, Snapchat started out on a much simpler level. Years of iterations, development and a large amount of capital makes these apps seem effortless today. The strategy should be to bring the MVP app in the market first rather than going in for a full-blown and feature-heavy app launch.
Some of the main advantages of building an MVP app in today’s market are:
Study market demand
The MVP allows you to test your business idea by getting a version of your product to the market. By offering the core set of features rather than a full-blown, feature-heavy product, you can test key hypotheses, gather user information and intelligence to reduce the time to market and save on costs.
With your MVP app, you can demonstrate the market validity of your product and build a strong case for investment in your app. When stakeholders see potential in your app backed up with facts, they are much more likely to invest in your app.
Evolutionize your app
An MVP allows you to build up a user base and gain useful insight about the app, as to what works in the market and what doesn’t. Using this information, app developers can mould the app according to user needs. They can also make decisions on which features to add or remove, what aspects of the app will boost ROI more etc.
By starting out with an MVP, you can distribute the app development costs over a period rather than make a heavy risk altogether. As you become more informed of the market demand and user needs, you can invest in features which are more in use.
It takes much lesser time to build an MVP app rather than designing an app with fully loaded features. Once the MVP app is designed and tested, it is helpful to gather user feedback from testers while creating the final full feature product and for adding additional features.
The traditional methods of big app launch are long gone. Coming out with an MVP first is the way to go about these days. The road can be a bumpy one as you might have to get rid of certain features, add some and even bring all the features in sync. But the MVP app decreases the risk you take and saves you time as well as money. So we say it’s worth it!
Looking to build a mobile application for your business. Enterprise Monkey helps you with cost effective and innovative solutions using the latest technologies. Our goal is to help you get ahead in your business. We help you with the appropriate strategy for mobile application development and deliver the product to perfection.