How MVP Benefits Your Business and Mobile App Development Company Prices
What does it take to succeed in your startup or SMB? Well, proper financial management and target the right market would be your answers. Now, let’s put your answer in this way: your business mobile app should be cost-effective and has the features necessary for a specific audience. There, the concept of Minimum Viable Product (MVP) comes in the picture.
Before moving further, it is fair to mention that MVP is not a replacement of mobile apps. The mobile application development company considers MVP as a part of app strategy. It is valuable as it enables you to test and get the real feedback at a fairly low cost as compared to the mobile app. Sounds interesting? Let us know what is MVP from a mobile app development perspective.
MVP- A Brief Introduction
Simply put, an MVP is either a web or mobile app that has only sufficient and minimum features necessary to test it among the right audience. It is specifically built to get feedback from early users and customers. The user’s suggestions can help developers add extra features and make a final product.
The MVP can save you from spending huge bucks on mobile app development because it enables you to monitor the effect on the target audience without adding any additional functionalities. With basic and most necessary features, an MVP can indicate whether your app project will succeed in the market.
Business Benefits of MVP App Development
As the Chinese proverb says- A journey of thousand miles begins with a single step. MVP is your first and foremost step toward having a successful app with millions of downloads. Apart from saving both time and efforts, MVP offers many benefits. Here we mention a few noteworthy business benefits of an MVP.
1 - Testing
Your app needs to be tested in the real market conditions along with the QA lab. The market tests the app in terms of competitiveness, features, and performance. MVP development is the best way to check whether your app is capable of withstanding the ever-changing trends and the user’s requirements. You can also improve it if necessary.
2 - Focusing
A feature-rich mobile app has many aspects on which the developers have to focus, whereas MVP enables the entire team to concentrate on the core value of your product and necessary features. It also assists developers to find what is necessary to address the needs of end users to success of your app.
3 - Reducing
MVP is a ready product and the company can release it like the regular product. It reduces the company’s efforts, time, and money significantly while enabling the management to come up with a user-friendly product with basic features. It facilitates the company to invest more money when the product gains a success in the market.
4 - Speeding
When you start with the MVP app development, you can easily get information about the real user experience. Such information is difficult to get either by internal research or QA testing. Before coming with the final version of the app, the MVP model can provide the useful team learning curve in the form of feedback.
5 - Switching
Consumer feedback is always necessary for improving the product. MVP enables the companies to get the feedback from real users and assists them to come up with modification or addition of features. As compared to the traditional approach where the company releases the product and collect feedback, MVP is a better option that offers benefits of an agile approach.
Do you know that almost all well-accepted apps like Facebook, Dropbox, Snapchat, and Instagram were in the form of MVPs at the initial level? Their immense popularity can be attributed to the MVP approach along with other factors. You can also give your business app an MVP advantage just by keeping a few tips in mind.
Tips to Make MVP Effective
MVP development aims at maintaining a subtle balance between functionality and value. In other words, a mobile application development company designs an MVP for your app in a way that it contains all USPs (Unique Selling Points) with a minimal development time and efforts. The focus should be on making the product that remains suitable for the users.
Here are some tips and techniques for getting an optimal outcome from an MVP:
- Do research on market trends and make a list of the most necessary features- It can further reduce the MVP development time.
- Give every feature the number from 1 to 10 based on importance and complexity-It will help you give priority to the features.
- Keep the app monetization aspect in mind- It will assist you to concentrate on
- Focus on targeted audience and know their requirements- It will make an MVP interesting and acceptable for the specific audience
- Monitor the prospective user’s behavior and work accordingly- It will make your MVP user-friendly and you can get feedback from many people
- Check the competitor’s online activities and analyze their apps- It will help you find mistakes or loopholes in their apps that you can correct
- Make a proper strategy regarding functions and marketing- It will enable you to make your MVP viral
- Try to keep the TTM (Time To Market) as short as possible- It will facilitate you to take the advantage of early entry in the market
User’s expectations remain in the center while developing an MVP for the mobile app. You can also opt for adding features during the testing process on getting the user’s feedback. A mobile app development services provider can give you more insight about an effective and result-oriented MVP development process.
You may wonder what if your MVP fails to attract people? Here you will have two options: One, you can improve the MVP and put it in the market again. Two, you can stop the project. But, as MVP demands less investment and does not require much time to develop, it is advisable to make necessary amendments and bring your MVP in the market again.
Cost of MVP Mobile App
As a cost-effective and reliable option to an actual mobile app, MVP is worth of giving a chance. You can assign your MVP app project to a software development company or hire mobile app developers. As it takes a less time, it costs less as compared to a regular mobile application. Though it lacks shiny features, you can add them anytime once the product gets acceptance.
Talking about the cost, the average cost of MVP depends on the duration and complexity like a regular app. For example, an MVP for an app like Uber is way costlier than the same for the app like Twitter. Aspects like feature integration, project outsourcing, and hiring of developers also impact on the cost of an MVP.
Let’s discuss the MVP duration first. The MVP development has the same stages as that for the mobile app development. From requirement gathering to the development phase, an MVP with basic features needs at least 300 hours. Back-end development and Android or iOS development takes the most of time. It shows the importance of hourly rates. Let’s discuss it.
When you hire mobile app developers for developing an MVP, you need to pay as per hourly rates. Simply put, if you hire developers from USA and Canada, you need to pay over $150 an hour, whereas Indian app developers will take around $25 to $30 an hour. It means that you pay five times when you hire American developers for developing an MVP.
Finally, we need to consider the design and functionality aspects. These aspects significantly reduce the gap in the price of a regular app and its MVP because an MVP also requires customized gestures and attractive interface. Your MVP should look like a scalable product that can include many iterations.
Simple MVP with just a few screens and a couple of key features can cost you around $5000 to $10000. A medium scale MVP costs between $10000 to $20000, whereas you need to pay in a range of $15000 to $50000 for a robust product. Now comes the development duration. A simple MVP can take a month whereas medium to complicated MVP can take over two months.
MVP is a preferable option before going to the app development process. It can save you time, money, and efforts while enabling you to get feedback for your app in advance. It assists you to bring an appealing app with the user-friendly features that can succeed among the targeted audience rapidly. In a nutshell, we can consider MVP as Most Valuable Product!
We have developed all sorts of MVPs ranging from mobile apps to websites. You can contact us to get a comprehensive consultancy from our experts regarding mobile app and MVP development process. We can assist you to develop an MVP for your app idea with minimal features in a quick time.