A minimum viable product or an MVP is a product with minimum features, to help in gathering feedback on the product and test it, before being fully developed. There are many benefits a software MVP can bring, just like all minimum viable products, and this is what we focus on here.
Software is sometimes a huge project with an enormous budget, and having a software fail after investing much in it can be harmful to many companies. So here are the benefits minimum viable products bring while reducing your risk.
Top benefits of a software MVP
Reducing and breaking up the budget
Making a first version of the software with minimum features is a great way to reduce development costs.
Only the core features will make their way to the initial version and the time will be less meaning that less money will be paid for developing them instead of investing in full software with all its hassle, improvements and bug fixes.
As the development of a software continues, the project becomes more sophisticated and problems are harder to solve. Management also becomes more complicated and the team may need more members, which is a big reason to begin with an MVP.
Faster and closer launch
Concentrating on the core features and keeping the product as small as possible is a great practice in the early stages. The efficiency and focus on the small product, which is the software MVP, can help make the product launch earlier, and even the final version comes to the light sooner.
Also the sooner you get into the market with your new software, the sooner you get market validation and start learning more about your market.
Learning more from customers quickly
Spending a huge amount of money on making a software and discovering that your customers don’t like it isn’t something you would like to try. Instead of a full product without feedback, an MVP will let you gather feedback from customers as soon as possible.
Getting this data sooner will help you develop a better product that is ready to be well received by customers, and able to make great results even from the launch day.
Less errors and better management
As projects become bigger and more complicated, errors begin to show up in big numbers. The larger the number of errors managed simultaneously, the harder it is to fix them.
An MVP for your new software can make things easier, and if you are going to divide the project into phases, then a better return can be expected.
Less time wasted on reworking
With better management, one of the most significant benefits of a software MVP shows up, which is less reworking. If you have developed a software over a long time, you would already know that reworking happens frequently.
The time wasted on reworking can be minimum, if you manage your software project efficiently, you can keep the feedback gathered always applied to the project.
Better ability to raise investments
Instead of rushing and getting the whole product ready as soon as possible, an MVP can help you secure some fundings with the initial product, which is one of the biggest benefits of a software MVP.
As you release the MVP, you need to increase sales and improve the product to build trust that helps you secure more fundings, and achieve the desired results.
MVPs help startups raise fundings because they let investors understand how the idea works, as it becomes not just an idea anymore. It can be the best way to show market validity.
Ability to verify market demand
You may already know that you have competitors, whether in a direct way or not., but the question is always if the market demand is enough or not, and it is not an easy question to answer.
An MVP can answer this question with the ability to get into the market quickly and with the least possible work and investment of time and money.
Ability to optimize price
Gathering data about your software, user experience and direct feedback from users helps you determine the best price for your product.
Pricing can be one of the hardest parts when it comes to releasing a software, but with an MVP, determining the optimum price can be a much easier process.
You still have the time
An MVP doesn’t mean that you are working on a small project. You will always have the room to grow and expand the features, without any limitations.
Once you validate some features, go with the others and keep your project managed effectively and the users’ feedback always in mind.