An MVP (Minimum Viable Product) is a very simple version of a big idea stripped down to a single function, while maintaining the overall vision of the idea. It is an excellent method of validating an idea before committing to develop the full mobile app.
The majority of app ideas fail as a result of poor market research, and building an MVP can be used to gather feedback from your users with the least amount of effort, and then ultimately building a product that will be profitable. The priority features can then be identified after the MVP, and added to a development pipeline for the market-ready product so you don’t develop features that your users don’t need.
If your project requires investment, an MVP is usually essential for investors to even consider your idea – even at early stage investment.
Consider this example:
A fruit farmer (Albert) has identified a need for an app to manage the full process of a farmers crop growing and sales cycle. It is a big idea and that has many features including:
Albert is fairly confident that his ideas fulfill a need, but has limited budget and wants to get to market quickly.
Albert has two options:
Albert opts for option 2 – developing the cost benefit analysis tool – and the idea is very well received by his test group. He then refines and launches the app, establishes a large user-base and recurring revenue through a subscription model, and then then uses this revenue to expand on other features that his customers have requested.
What are the Disadvantages of an MVP?
There are some theories that an MVP could hurt a company as they face the potential risk of imitation from competitors, or in a highly competitive market the risk of customers switching to a competing app that enters the market with a greater list of features.
But an MVP should merely be a learning vehicle used to achieve a full featured product.
In summary, some of the characteristics of an MVP are:
Refresh have a full in-house team to guide you through the full process of scoping your idea, developing your MVP, and scaling the project based on feedback from your user base. Have a look at our pricing guide here, and our preferred MVP development tool. (Flutter)
When you are ready, give us a shout for a proposal and estimate for your app idea.