Do you know 90% of startups fail within the first year?  

Now, why is that? Different factors, such as poor product-market fit, inadequate marketing approaches, undesirable economic conditions, etc., contribute to the failure.  

However, the real question is, can risks be reduced prior to launch? Yes, developing a minimal viable product may be one of the keys to success.  

In this article, you’ll learn:  

• What is an MVP? 
• How long does it take to build an MVP 
• The cost of building an MVP 
• How to build an MVP app: a step-by-step guide  

What is a Minimal Viable Product?  

The Minimal Viable Product is the simplest form of the product you’re attempting to develop. All the essential elements and features that fulfill the requirements of your target consumers are handled through this simple product. Moreover, MVPs can help startups evaluate the market and the potential of the product. Therefore, collecting customer feedback on the product and its features is the ultimate focus of the MVP-based strategy. 

In software development, a Minimal Viable Product refers to designing an app with essential features to attract early consumers. 

An MVP allows you to answer three questions: 

• Is there a need for your product? 
• Does it solve the problem? 
• Is it monetizable? 

In short, it is the beta or the test version of your product. 

Benefits of using an MVP 

• Saves both time and money. 
• It helps to increase productivity. 
• Secures the money you invested. 
• It provides immediate feedback from your users. 
• Enables you to modify your app before release. 

How long does it take to build an MVP?  

According to software development companies, a Minimum Viable Product can take up to an average of 3-4 months to build. However, this depends on the type of product you’re developing. Thus, the duration of the process might be up to 9 months, based on how intricate the MVP is. A Minimum Viable Product can take a week to code, or several years to put into shape. 

Project type	MVP from	Average time
MVP for Startup	1 month	3 months
MVP for CRM	2 months	4 months
MVP for ERP	4 months	7 months

The cost of building an MVP   

Charges for building an MVP will be estimated differently by each team or professional. In addition, the estimates of the project will differ even though they are presented similarly. The reason for this is the number of different factors determine how much MVP software costs. The most important ones are as follows: 

• The scope of design and development tasks 
• Required technology stack 
• The type of development team  
• Hourly wage of your development firm 
• Contract type 

To conclude, an MVP for your startup or company will typically cost between $15,000 and $50,000, – approximately $30,000. Naturally, the expenses might be more or lower depending on the team, contract type, and other factors. 

Contact us and get an estimate on your MVP! 

How to build an MVP app: a step-by-step guide 

Building an MVP app usually consists of 6 steps,  

Define the problem  

Before building your MVP app, you must ask yourself — will your product solve an existing problem?  

You’re supposed to answer that question with a definite ‘yes’ or you should take a risk while pursuing the idea.  

It would be ideal if you had a solid plan that addressed the key questions: 

• Do customers need the product? 
• How will my product solve users’ problems?  
• Will it be profitable? 

Through these answers, you can quickly develop a Minimal Valuable Product with a definite goal. 

Source: DECODE

Market research  

Conducting market research is the next crucial step. Thus, market research usually involves defining the market size. Moreover, it is necessary to have a thorough analysis of your competitors and what they’re offering. One of the finest methods for assessing your competitors is through SWOT analysis. Thus, via this strategic planning method, you can determine the strengths, weaknesses, opportunities, and threats related to your app.  

User Journey 

In addition, the target audience is another aspect you need to go through. A target audience is a group of individuals who share similar interests, issues, demands, goals, and geographic, social, and other factors. Furthermore, users should be one of your main priorities. Build personas, segment your audience as required, and analyze the user experience for each group.  

Prioritizing features  

The main goal of MVP app development is to develop a minimal version of your app with the necessary features to deliver a fundamental value proposition to end users. However, you must sort between the must-have features and the nice-to-have ones. Thus, a prioritization matrix can help you organize your ideas. You need to emphasize features that distinguish you from competitors and help you stand out.  

Source: The App Solutions

Prototyping 

A prototype represents the ultimate product’s look. In addition to the design and functions, it certifies the UI/UX. However, some people consider a prototype and MVP to be the same. The target audience is the fundamental distinction between the two. A prototype is primarily an internal tool. On the other hand, an MVP is intended for an external audience. 

Source: Net Solutions

MVP release 

With all the necessary information, it is time to develop an MVP app. Remember, everything should be simple and straightforward. Rather than focusing on delivering a premium design, it should offer a core set of components to test the functionality. However, do note that an MVP is an app ready to launch. Therefore, you need to approach it with the same care and attention as you would do with the final product. 

Source: Clockwise

Eventually, you then launch your app on the Google Play Store or the App Store. Moreover, you must promote it to draw in a significant number of users. 

Want us to work on your MVP?  

The development team or partner you are working with has a significant impact on how smoothly your MVP launches and future updates. Therefore, at Exerge, we aim to help clients figure out what they want and determine the problem that needs to be solved. Lastly, we have the know-how to assist you with MVP app development, having completed numerous successful projects. Interested? Get in touch with us and we’d be happy to guide you.