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MVP is a minimal viable product, a test version of a future product that startups use to fix bugs, get to know user feedback, and present a product to investors.
Every startup faces the need to build an MVP in a situation of limited resources such as time, budget, and possibilities. MVP app development is also the first essential step in presenting the product to the audience and investors, so a mistake at this stage can be fatal for the idea as a whole.
We have prepared the assumptions that lie at the heart of the MVP app development services that we at Fingers advocate to help rising businesses navigate this challenging path with fewer losses and risks.
Any decision that is not based on data of actual user interaction is a hypothesis. Big Idea is a great starting point, that’s for sure. We still need to remember there have been hundreds of startups with Uber-like ideas, and only a couple are in the market today.
We totally understand and share the entrepreneur’s passion towards their idea and are aware that it can be mistakenly perceived as a guarantee to success. The statistics of startup failures insist on the opposite: around 3% of startups score. To demonstrate the need to turn it into a working digital product, you need a quality prototype (MVP).
Building MVP for startups is the decisive moment that makes an idea not a hypothesis but proof that it is worth being implemented. Fingers team helps entrepreneurs navigate in the world of insufficient information, find the right model, and prepare all the necessary steps to launch the product on the market.
The earlier the entrepreneur starts to treat it this way, the earlier they get to the expected outcomes. That means traditional phases of business model development, market research, strategic planning, partners relations, promotion, sales, analysis, business environment setup are not only applicable, but mandatory to succeed in a startup. The initial phase of MVP development process is aimed to get through these phases and provide all the necessary deliverables.
The definition, study, and description of your user and their behavior is one of the stages of MVP development. The more you describe their problems, the better you will hit the target when you bring the product to market. And then your project will face not only real users but also real competitive products. That's why it's so important to pay attention to them, too. At the digital product MVP building stage, you have the advantage of flexibility and opportunity. You can analyze competitors and try some innovative solutions that will be unique in the highly competitive modern market.
Analytics integration and strategy setup, especially in the stage of MVP application development, let an entrepreneur see where they are going and make well-guided decisions. Therefore, it is necessary to record all goals, objectives, and indicators and try to assess their effectiveness. Thus, it will be easier to find strengths and weaknesses to optimize the strategy in time and improve results. Solving problems and avoiding incorrect actions in the early stages is more painless and costs less than for an established business. To keep it simple, you need fuel level control in your car to remember to refuel on time.
Of course, users appreciate top apps for the wide range of options they offer, but it's also important to give your audience a voice for their preferences and desires. Building relations with users provides feedback and cash flow. But how? As we mentioned, MVP is a way to get funding. Furthermore, it lets startups collect feedback and improve the product before it has launched on the market. Through user feedback, a product evolves in a way that delivers the most value for users and also positively affects the loyalty degree. Connection and transparency between brands and the audience play a vital role, so it also needs to be supported, for example, with surveys, app ratings, and feedback.
Time, finances, and an entrepreneur’s passion toward their Big Idea are limited. At the beginning of every project, this is not so obvious. Instead, it looks like there is a whole bunch of time ahead. Personal motivation is unlimited as one believes in the Big Idea with all his heart, money isn’t a problem as there is a plan for monetization and funding that is perceived as reasonable and realistic.
In fact, any project has deviations from what is planned in the beginning, and it is essential to keep as much resources available as possible to have a chance for a maneuver. Or two. In startups, these maneuvers are called “PIVOT”. We help our clients focus on getting there faster, providing more motivation and resources as the project evolves.
When a project is just getting started, growing and not generating revenue, MVP development services for startups is a necessary stepping stone, but it can also be a loss for the team. Taking into account all the features and limitations of startups as clients, we as a highly experienced MVP app development company know which tools and programming languages are the most optimal in terms of both time and money. Keeping in mind these assumptions, we apply certain rules for treating application development under our management at Fingers Media.
So, read the follow-up article to learn even more about the MVP development process, avoid risks, and, as a result, launch a new top digital product.
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