When creating an application as a product, one of the solutions to measure its profitability is an MVP application. If you don’t know what it is, you’ve probably already thought about the concept.
You have a great idea for a web or mobile application. You want to launch it quickly to get ahead of the competition but you want to test the product before investing such a large budget? Two solutions are available to you. Either a market research with your target audience by asking them about their interest in the future application, or the creation of an MVP.
What is an MVP?
The Minimum Viable product is the simplified version of the mobile or web application that will allow you to learn as much as possible about your customers’ needs and preferences, while using as little technology/resources as possible. It will speed up the marketing of the application, give you some confidence before investing the full budget and finally, it will give you insight into the preferences of your target audience.
With this tool, you will be able to measure the reaction of the customers and get their feedback. The next step will be to plan and prioritize the most expected features of the application.
The MVP will also create an initial base of users who can become beta testers. It is also an effective way to prove to potential investors the relevance of your project.
What are the steps in creating an MVP?
- Identify the problem for which your application will add value.
- Identify the stakeholders and especially the competition to gain insight into the opportunities and threats.
- Launch the development of the MVP.
- Test by beta testers before releasing to Stores.
An example of a successful MVP is the famous Airbnb platform, which now has $2.6 billion in annual revenue. Give your project a chance !