Let's say you have a fantastic idea for an amazing web product that has tons of functions, and you are eager to dive into full-featured custom software development. But wait! Be patient and think over it carefully.
Isn't this a great chance to test your hypotheses and ideas? The success of Twitter, Instagram, Foursquare, and Airbnb demonstrates this. Most of them started as MVPs.
Their apps began with a specific feature essential for their target audience and later they enhanced them to cater to the wants and needs of early adopters. Thus, MVP approaches helped companies achieve great success in their respective domains.
This article will show you why developing and delivering a minimum viable product is a good practice for your startup.

What is an MVP?

“Minimum” refers to the amount of money and effort required to develop a product, as well as the number of features that should be implemented.

The term "viable" implies your product is ready to enter the market, aiming to gain the attention of the first adopters and gain their support. Users are one of the main reasons for creating a minimum viable product.

The “product” is goods or services created for your customers’ use. The concept of a minimum viable product.

Here are a few reasons to start with an MVP

• Having a clear focus

  An MVP approach gives you the opportunity to clarify and specify your value proposition. By doing this, you become more focused on identifying the exact value you want to offer to your potential customers. By doing so, you learn to set clear goals and make the right decisions about which functionality needs to be developed.

• Cost-effectiveness

  MVPs can help you reduce the cost of custom software development. It doesn't take much time for developers to complete a product with limited functionality. Thus, you will have to pay less for their services. Spend your saved budget on extending functionality to meet your users' different expectations if your product sells well.
  You can add the desired functions one by one and improve the existing ones based on the immediate feedback of your early adopters. This way, you make product development less expensive than creating a full-featured project.
  With agile project management, you can reduce startup expenses at any stage of your MVP development.
  

• Bringing investors in

  MVPs can help you reduce the cost of custom software development. It doesn't take much time for developers to complete a product with limited functionality. Thus, you will have to pay less for their services. Spend your saved budget on extending functionality to meet your users' different expectations if your product sells well.
  You can add the desired functions one by one and improve the existing ones based on the immediate feedback of your early adopters. This way, you make product development less expensive than creating a full-featured project.
  With agile project management, you can reduce startup expenses at any stage of your MVP development.

• An easier way to launch

  A minimum viable product will not take too long to create. Rather than building a perfect product, focus on delivering the basics much more efficiently. You have to find the minimum set of functions that will help solve your target audience's problems.
  The more quickly you release a project, the more experience you will gain. Creating an MVP before committing to custom software development will help you plan your startup wisely and scale it appropriately.

• Initial feedback from early adopters

  MVP development is primarily focused on early feedback. Choose one or two key features that will satisfy the first customers and begin building relationships with them as soon as possible.
  Early adopters will eagerly express their thoughts on desired changes, new functions, or updates. They will help you validate your MVP and improve it. In addition, users love to discuss the great products they find. Their positive reactions may even create a community around your product.

Developing MVPs with Liv Innovation Technologies

We at Liv Innovation Technologies take every project we develop for our clients through all stages of the custom software development life cycle - from business idea validation to MVP implementation and scaling.
Custom software development consists of the following stages:

At the initial stage of building an MVP, our team meets with clients to understand their business requirements and how custom software development can meet them.
Prototypes and UI are created based on the target audience's preferences and project goals. Therefore, our customers receive an intuitive and visually appealing custom app that their end-users will appreciate.
Afterwards, our qualified software developers develop MVPs based on the latest industry standards. We can provide our clients with a secure, scalable, and maintainable solution on time and within budget.
We thoroughly test every product we develop to ensure that our clients receive high-quality, reliable, and efficient products.
Lastly, we monitor the software after it has been deployed and promptly resolve any issues.
View some examples of custom web solutions we have created for our customers.

Conclusion

A minimum viable product gives business owners, users, developers, and stakeholders many opportunities. Hence, it benefits your organization both in the long and short run.
Using this approach, you can:

• Identify your unique value proposition;
• Reducing the cost of custom software development and testing;
• Obtain the required funding;
• Launch your product quickly to get feedback from early adopters.

The goal of an MVP is not to build an excellent product. You must develop a project with very basic functionality and seek feedback from early adopters to improve it further.
Liv Innovation Technologies knows how to develop successful MVPs. If you have any project ideas, please contact us, and we will provide you with further assistance.