A Minimum Viable Product (MVP) is a version of a product that includes only the core features necessary to satisfy early adopters. This approach allows startups and businesses to test their ideas and gather essential feedback before committing to full-scale development.

Creating an MVP means testing your idea with less risk, gaining early feedback, better-identifying market demand, and gaining brand awareness. MVP development validates your ideas, gathers user feedback, minimizes risks, and optimizes development resources, making it an innovative and efficient strategy for startups. 

In this article, we will explain in detail what a Minimum Viable Product (MVP) is and why MVP app development is an essential strategy for startups today.

We’ll also provide a detailed, step-by-step guide to the MVP app development process based on our expertise at RewiSoft.

How to Build a Minimum Viable Product? 5 Steps Guide

It’s time to uncover all the features you should anticipate when launching an MVP. You are in the right place if you need detailed steps for your current product.

For a comprehensive guide on finding your niche and understanding what an MVP entails, check out our 9-step MVP development guide. 

Now, let’s explore each MVP app and web development stage in greater detail.

1st Step – Value Proposition

First, let’s identify what a Value Proposition is:

A value proposition is a clear, compelling statement explaining how your product or service benefits potential customers or a specific market segment.

Think of it as the answer to your customer’s burning question: ‘What’s in it for me? What value does your product or service offer that sets it apart from your competitors?‘

Your value proposition addresses how your product or service:

• Solves your customers’ problems
• Benefits your customers
• Has advantages over your competitors

Understanding your value proposition is essential whether you’re in Healthcare, Real Estate, Marketplace, Fintech, or another industry. A strong value proposition maintains a company’s competitive advantage.

A well-defined value proposition distinguishes you from competitors by highlighting your unique selling points (USPs). This difference can be why someone chooses to buy from you instead of looking elsewhere.

Value propositions are not just about communicating benefits; they also provide a sense of security and confidence to busy buyers. They know exactly what to expect from your brand, which is a reassuring and confidence-building factor in a content-rich world.

Now that you understand why the value proposition is the first stage of minimum viable product development. Let’s move on to the next step.

2nd Step – Prototyping

Prototyping is an essential step in MVP mobile app development. It offers a visual representation of how your product will look and function. It helps prioritize features and capture insights to ensure a smooth user experience. 

An MVP prototype typically includes the user interface, layout, and core functions, although the specifics can vary depending on the project.

Prototyping primarily addresses the following:

• Identify areas for improvement in the app’s functionality, user interface, overall design, etc.
• Provide an almost exact simulation of the final application, allowing developers to interact with it as if it were the actual app.

At Rewisoft, we assign 2-4 experienced UI/UX designers with relevant expertise in similar projects. We create our clients’ initial UX and UI prototypes using tools like Figma, InVision, or Moqups to provide a highly realistic experience.

Prototyping helps to identify potential problems early in MVP software development, offering a more user-friendly final product.

3rd Step – MVP App & Web Development

After creating the initial concept, we move on to the next step — MVP Development. This stage varies widely depending on several factors: whether you need an app, a web platform, or both, and the specific industry you are targeting.

Generally, the web & app development process includes the following stages:

Product Discovery

This step is essential to capturing and analyzing all customer requirements and validating your concept to minimize potential rework and development costs.

Technical Documentation

During this stage, we compile technical documentation that includes technical specifications, selected technical stacks, and tools for future web & app development. We estimate the project cost, set deadlines, and plan the scope of work.

Architecture plan development

Our software development team creates a detailed architecture plan to sketch out the big picture of your platform. This entails choosing a monolith or microservices and choosing the controllers and types of APIs for the back end; for the front end, we define how the business will interact with the product concept, objects, and user personas.

Sprint planning

We divide the scope of work into sprints that last 2-4 weeks. To meet the expected results on time, we define the priority and task sequence for each sprint.

Infrastructure setup + CI/CD

When the architecture plan is ready, we proceed to the entire platform infrastructure setup. At this stage, we define databases and security services and select hosting providers.

Client and server development

Our front-end and back-end developers write code for the product’s server and client side.

4th Step – Careful Testing and Optimization

Once development is complete, we move on to the next critical stage — Testing. This stage is essential for ensuring the quality of the MVP and typically includes the following phases:

QA and Testing

We perform multi-level testing to verify the MVP’s usability, performance, acceptability, and functionality. Our usability testing is conducted within our UX lab services. Using the UX Eye Tracker, our testers explore user behavior to identify and prevent usability gaps.

Testing

We conduct regression testing to ensure that new and updated components do not disrupt existing functionality. Any bugs identified during this process are promptly fixed.

Production Infrastructure Setup + CI/CD to Production Servers

We set up a production environment for gradual deployment. This includes configuring domains and systems so that any changes made to the product automatically appear in this environment.

5th Step – Deploy & Support

The last stage is deployment. Our project managers closely monitor the work of the developers to ensure the project is completed on time and meets the expected quality standards.

You can be confident that your project is in good hands as we offer the post-launched support:

Free Bug fixes for 1 Month

As a part of our commitment to your project’s success, we offer complimentary bug fixes for one month after the project’s release. This service is specifically designed to address critical bugs that may impair the functionality of your project.

Hourly Support for All Other Needs

We offer ongoing support for various requirements beyond the initial project phase.

Typical Support Includes:

• Dependencies Update: Ensuring your project stays up-to-date with the latest dependencies.
• Bug Fixes: The swift resolution of any issues encountered.
• Change Requests: Implementing modifications to meet evolving needs.
• New Features Development: Extending the functionality of your project as per your specifications.

Why MVP Development is Crucial for Startup Success

Startup owners’ primary concern is whether their idea will meet market demand.
Developing a Minimum Viable Product (MVP) can mitigate these challenges, allowing for more effective and informed decision-making. Given limited budgets, creating an MVP before committing to a fully-fledged app is crucial. This approach reduces risk and fosters innovation.

The most common strategy in startup product development is using an MVP. It is cost-effective and faster, making it ideal for new ventures looking to quickly test and refine their concepts.

Note that there is no perfect, full-featured version of your app. If you build the MVP right the first time, your product will continue to develop over time.

MVP App Development = Lower Costs

When developing an MVP, developers primarily focus on the essential features of your product. This streamlined approach takes less time to create, resulting in a lower final price, which is crucial for startups. MVP development may cost around 10% to 50% of the total cost of the final product.

MVP = Faster Entering the Market & Earlier User Feedback

With MVP app development, you can have your product ready for the market in a span of 2 to 6 months. This swift entry into the market gives you a significant edge over your competitors. Moreover, the early user feedback you gather allows for informed enhancements and adjustments, keeping you ahead in a competitive market.

MVP = Higher chances of Startup Investment

A long time ago, roughly 10-20 years ago, if you had a great idea, you could find investors willing to fund it based solely on its potential. However, times have changed. Today, securing investment for your product requires having a tangible, working product with user reviews and even initial sales.

Building an MVP (Minimum Viable Product) is significantly more cost-effective than developing a full-scale app or platform. This makes an MVP a strategic choice to increase your chances of entering the market successfully.

An MVP not only serves as a magnet for potential clients but also acts as a seal of approval for your idea. This validation significantly enhances the appeal of your startup and instills confidence in potential investors.

Other Advantages of Building an MVP App:

• Better product-market fit: allows for early testing and adjustments to meet market needs more accurately.
• Uninterrupted Development Process: Streamlines the development phase, minimizing disruptions and delays. Just check out how often world-famous companies that started as minimum viable products update their apps and introduce new features. Examples include Uber, Tinder, and Instagram.
• Maximized ROI: Ensures the best return on investment within time and budget constraints.
• Increased Brand Awareness: Helps establish your brand in the market early, gaining visibility and recognition.

Remember, there is no perfect, full-featured version of your app. If you build the MVP correctly from the start, your product will continue evolving and improving.

Let us be your trusted partner in developing a project.

The MVP Types for Startups

Low-Fidelity MVP vs. High-Fidelity MVP: Let’s explore the details of each type.

Low-Fidelity MVP

This type of MVP, known for its efficiency, is a powerful tool to validate a business idea or new product features with minimal effort. 

It is primarily used for:

• Determining if customers are interested in the product
• Identifying whether customers need your product
• Finding the right target market
• Identifying core features for your product

The main advantages of a low-fidelity MVP are its rapid development and cost-effectiveness. It’s an ideal choice for startups that want to test the market quickly and avoid the risk of building a fully featured product that might not meet customer expectations.

High-Fidelity MVP

This type of MVP, a strategic step after a low-fidelity mockup, provides a much more detailed and inspiring representation of your product. 

It is primarily used to define a ‘minimum marketable product’ you can launch to an initial customer base once you’ve validated your app idea.

The main advantage of a high-fidelity MVP is that it allows startups to test a more refined version of their product in the market. By presenting users with a near-final product, the startup can confidently gather comprehensive feedback on various aspects, including design, usability, and overall user experience.

How Long Does It Take to Build an MVP App?

The timeline for building an MVP app can vary widely depending on several factors, including the scope of features, type of MVP, team size, and location. On average, the shortest time to develop an MVP is around two months. The web or mobile app development process typically takes 2 to 6 months.

MVP Mobile App Development: Price

The cost of MVP app development can vary significantly based on the complexity and type of MVP.

• The price for the MVP Mobile App starts from $20,000
• The price for the MVP Web platform starts from $20,000

The total cost can only be determined after thoroughly analyzing your project and specific needs.

Several factors influence the cost:

• UI/UX Design
• Technology Stack and Type of Platform
• Size of the Team
• Location
• Development Team Expertise

MVP is Launched. What Comes Next?

After launching your MVP, it is essential to monitor various KPIs to gauge its performance, guide future development, and refine your business strategy

Use the following KPI to measure how your MVP is performing:

Net Promoter Score (NPS)

NPS is a metric that shows how likely others are to recommend your product. You can ask users to choose a number on a scale (e.g., 0-10). To get the most responses, keep the questions short and simple. Analyze the ratio of promoters (happy customers) to detractors (unhappy customers) to assess overall user satisfaction.

Acquisition Metrics

These metrics show how many people discover your product and visit your website or app. Key metrics include:

• Traffic Sources: Where your visitors come from
• Bounce Rate: Percentage of visitors who leave without engaging
• Conversion Rate: Percentage of users who converted out of total site visitors.

Activation Metrics

These metrics measure how many people sign up for your product and complete the onboarding process. Key metrics include:

• Registration Rate: Percentage of visitors who sign up
• Activation Rate: Percentage of users who complete the onboarding process
• Time to First Value: Time it takes for a user to experience the product’s value

Retention Metrics

These metrics measure how many people continue to use your product over time and how often they use it. Key metrics include:

• Churn Rate: Percentage of users who stop using your product
• Retention Rate: Percentage of users who continue using your product
• Frequency of Use: How often users engage with your product

Revenue Metrics

These metrics measure how much money your product generates from customers. Key metrics include:

• Average Revenue Per User (ARPU): Average income generated per user
• Customer Lifetime Value (CLV): Total revenue expected from a customer over their lifetime
• Customer Acquisition Cost (CAC): Cost to acquire a new customer

Referral Metrics

These metrics measure how many people recommend your product to others and how that affects your growth. Key metrics include:

• Net Promoter Score (NPS): Customer likelihood to recommend
• Viral Coefficient: Number of new users generated by each existing user
• Referral Rate: Percentage of customers who refer others

Customer Feedback

Collect feedback through surveys or user interviews to understand user experience, identify issues, and improve your product based on your target audience’s needs. Track which features users frequently request to prioritize future development.

You observe and gain valuable insights into your MVP’s performance by closely monitoring these KPIs. 

Developing your MVP with RewiSoft means

FLEXIBLE AND EASY-TO-SCALE TEAM
Rewisoft offers reliable MVP development services for startups to develop projects from top to bottom. We have a large talent pool to create a development team that fits your project needs and available capabilities. We are flexible in cooperation, so you can scale a team up and down when the workload or main priorities change.

BUSINESS-ORIENTED APPROACH
We prioritize business needs when building MVPs for startups. We are business-oriented, meeting our customers’ core business needs and participating in every stage of the product development cycle. Our team is committed to building long-term partnerships to help companies develop optimal MVP solutions with only key features and user-friendly screens and sell them to end customers.

LOW-RISK DEVELOPMENT
We follow a time-optimized approach to ensure low-risk startup MVP development. Thus, we put maximum attention to an in-depth market research and planning stage to avoid losses later. We also engage QA engineers early to mitigate risks and eliminate product deficiencies once they are spotted.

MULTI-DOMAIN EXPERTISE
We have rich experience working with startups hand in hand to build and grow their businesses from scratch across various industries such as FinTech, EdTech, Real Estate, and Healthcare. Rewisoft provides professionals who have already made a successful reputation in the targeted market, sharing valuable knowledge about startup development and helping clients from business idea validation to launching a full-fledged product to market.

STREAMLINED MANAGEMENT
We assign a reliable project manager for each project to keep all stakeholders on the same page and ensure transparent communication between all participants. Our well-established management process helps us eliminate project bottlenecks, avoid misunderstandings and delays, reduce risks, and achieve tangible results early on.

Industries

We’ve built over 80+ successful MVP Apps and web platforms for various businesses worldwide. Global marketing research, deep understanding of developing, individual UI-UX approach – we know how it works.

– Marketplaces

– Educational Platforms

– Real Estate

– Booking Services

– Banking

– Fitness & Healthcare

Feel free to consult our experts about your niche!