How To Develop An MVP For Your Digital Product And Raise Funding In 2024

Think of the time when you just started dreaming of becoming like someone or, let's assume, want to become an entrepreneur and now have multiple offices at different locations. But guess what? You didn't start that way. Back in the day, you started working alone, then two, three, and now hundreds of employees are working for you.

Similarly, if we see any big apps, they will not become popular in one day. Moreover, they also started with minimal features and kept on increasing as per the market demand. For instance, Instagram started with an MVP in 2010, when it was only available for iOS users only. The app only included basic features such as uploading photos, sharing them with friends, and applying filters. Over the period, it started growing, has multiple features, and is one of the most well-known apps globally.

According to a survey, over 74% of companies increased success rates for their product on implementing MVP strategy.

Furthermore, 87% of companies believe that MVP is a good strategy for knowing potential customers and responding in the market.

So, if you are also thinking of starting your own app or web, it is better to step into the market with an MVP with minimum features, upgrade it according to the user’s feedback, and be patient. To learn more about how to develop an MVP, let’s dig deeper and understand it better.

What Is Minimum Viable Product (MVP) Development?

Minimal Viable Product or MVP is the early product of an app with enough features to attract customers and validate a product idea early in the product development cycle. It helps the product development team to understand the user's feedback and work on the areas to improve the final output. As the development process of the final product depends upon taking feedback and then again working on it, MVP plays a central role in the development process.

There can be certain reasons why a company wants to release the MVP, such as:

• Test an idea with real users before investing a large budget in the full product development.
• Learn what resonates with the company's competitive market and what does not.
• Want to release a product as soon as possible.

So, developing an MVP can be an excellent idea for SMBs as well in terms of the minimum budget and resources. They can test their concept in the market and make sure about the audience and other responses without involving a large amount of money.

So now the question arises of how to build an MVP. There are some simple steps to be followed to develop an MVP, which we have mentioned in the next section.

How To Build An MVP: Key Steps To Follow

If you are also looking to develop an MVP for your Digital Product but do not know where to start, don’t worry. Here are some common steps that everyone needs to focus on, have a look at each one.

1. Analyze Business Niche

The first and initial step is to understand the market according to the business niche you are having. This helps in getting better insights into the target market and what they are looking for in a product that couldn't be achieved by the pre-existing ones. Thus, user feedback plays a vital role in this stage. Also, many companies conduct surveys and campaigns to target the right respondents for the business. Once you know all the answers for whom to target and what type of solution the audience requires, you can now proceed to the next steps.

2. Define The Major Features Of Digital Product

So, as you know, what are the basic requirements for users to develop your product? Start by listing the basic features that need to be included in the MVP of the product. This can take some time, but it should be done by considering all the things that impact your product on the market and what you are mainly focusing on. Also, remember it is not the end product, so less is more while developing an MVP for the product.

3. Design A Minimum Viable Product (MVP) Architecture

Working on the architecture of an MVP is an excellent idea. It can define all the steps for the team members and can make complicated things clear when the development process starts. Start designing the MVP architecture and making it scalable to accommodate future growth and iterations. You can use flexible components for easy modification, and it can be extended if needed.

4. Select The Right Technology Stack

Technology stacks play an important role in the development process. It can decide how your product will be functioning. It is necessary to research the upcoming technologies and their growth potential in the market in upcoming years. You should prioritize factors such as security, compatibility, and security while choosing the tech stack that helps your MVP grow with success with an efficient development strategy.

5. Design MVP UX And UI

Designing the UI and UX of MVP is one of the major steps, as it will define all the features and functionality. How they are working, and whether they are fulfilling the needs of users or not. The step involves understanding the target audience requirement and designing the prototype to visualize the layout and navigation of MVP. Keep the design clean and easy for any user to understand. It should be engaging and also have to provide a great experience to the users as most of the sites are left out just because of bad user experience and difficulty in understanding. So make everything easy and attractive.

6. Develop The MVP Server-Side And APIs (back-end)

This process involves the making of backend infrastructure to support the core functionality of the product. Now, as you have already selected the technology to work with, the process will be simpler to implement. Design the database schemas and implement the data models to store and extract information. Develop APIs to enable good communication between the client and server side of the MVP. After completing the steps, test the backend thoroughly and check its performance.

7. Build The Client Side Of The MVP (front-end)

This is the side the user will use. So, it is necessary to take care of everything to ensure better functionality and user experience. Develop interactive components and functionalities to enable users to interact with the application smoothly. Test the front end after the development and fix all the issues related to usability, performance, and compatibility.

8. Test And Validate

After completing every step now, it’s time for the final testing; yes, after doing all the testing from the start, it is still necessary to test the product before the final launch. The testing includes making sure if there is any left error or if any part is not working properly and correcting it before launch.

9. Launch The MVP And Measure

Now it’s time for the launch day. The MVP is fully ready to face the real audience. You have to launch the MVP as per the platform you are focusing on, and along with this, start promoting your product for better response. The work does not end here now. It’s the main thing to work on. Start working on the product as soon as you get your first feedback and make it more intuitive to meet the user’s needs to grow. This eventually will help profit the app.

What’s The Difference: MVP vs. Prototype vs. POC

The three of them have their own functions in the development of a product, and they hold an important position. But often, people get confused over these three terms. So, let’s break down each one according to different aspects to understand individuality and how they play a vital role in the development process.

Aspect	MVP (Minimum Viable Product)	Prototype	POC (Proof of Concept)
Purpose	Validate product viability	Refine design and gather feedback	Validate technical feasibility
Functionality	Functional, includes core features for users	Simplified, non-functional representation	Functional, focused on specific technical aspects
Development Stage	Developed after concept validation, typically undergoes iterative development	Developed early in the design process	Developed to prove technical feasibility before full-scale development
User Interaction	Allows users to interact with the product to provide feedback	May not be interactive, used mainly for visual representation	May have limited interaction, primarily focused on technical aspects
Outcome	Ready for market testing and iteration based on user feedback	Used to refine the concept before development	Used to prove technical feasibility before investing in full-scale development
Timeframe	Developed over several iterations, may take longer	Developed relatively quickly to visualize design concepts	Developed quickly to prove technical feasibility

Developing An MVP: Benefits For Businesses

So, coming to this part, we know that MVPs play an essential role in the business before developing an end product. To understand it better, here are some benefits of developing MVPs that help businesses work on their product and grow in the market without suffering damage.

1. Cost- Effective

When the company works on an MVP development, it focuses on the essential features, which results in cost minimization. The developers and the team just need to focus on the core functionalities, and businesses can allocate resources efficiently and avoid unnecessary expenses.

2. Market Value

MVPs allow businesses to validate their product ideas in the market early on. By gathering feedback from real users, businesses can understand market demand and make informed decisions about future development, ensuring that their final product meets the needs of their target audience.

3. Early Market Launch

MVPs enable businesses to launch their products quickly, gaining a competitive advantage by being among the first to market. This early market entry allows businesses to establish their presence, attract early adopters, and start generating revenue sooner.

4. Quick ROI

Since MVPs focus on delivering value to users with minimal features, businesses can start generating revenue sooner. By launching early and iterating based on user feedback, businesses can achieve a quicker return on their investment, accelerating their path to profitability and growth.

Cost To Develop Minimum Viable Product (MVP)

So, now that you know how to build an MVP, another important question that most businesses worry about is the cost of developing an MVP. The answers can differ according to the type of app you are focusing on. But what doesn't change is it costs much less than the final product development.

On average, the cost can vary from $10,000 to $100,000 or can go high depending upon the features and the factors that are being included in the app. All the steps have their own budget, and skipping any step is not the solution, as it can affect the application usage experience.

Working on an idea and making MVP for the product at the start can be challenging, but once you get your research done right and hire a good development team for better results, you are good to go. Make a budget in advance and explain your requirements to the team as they can modify things according to the requirements within the budget, removing extra cost.

PixelBrainy: Your MVP Development Partner For Value-Driven and Top-Notch Quality

MVP development for the web or app is a crucial step when you are focusing on making a new product. To succeed in the market, it is also crucial to get the work done by a professional team of members like PixelBrainy, as it is the center point, and everything is dependent on the feedback of the MVP.

If You get your MVP development for app done by us, you will get multiple benefits such as:

• Transparent development
• Skilled Developers
• Cost - Effective development
• On-time delivery and many more

Moreover, irrespective of your company size and project requirements, we have a team of expert developers who are well-versed with the latest technology and trends. With our MVP development services, we have already completed multiple billion-dollar projects across the globe.

Conclusion

So, coming to the end, we know developing an MVP offers multiple advantages for businesses, making their ideas come true and bring to the market effectively. By prioritizing the work and including the essential features, MVP development is a cost-effective and good way to approach the targeted audience. It helps businesses launch products and get revenue.

So, if you are also looking for an MVP development for your web or app, you can contact our team of experts today to discuss your idea.

Frequently Asked Questions

What Is MVP In a Digital Product?

A minimum viable product is the early release of a new product with minimum features and functionality to get feedback from the targeted audience. How they are reacting along with all useful insights.

How Much Does It Cost To Create An MVP?

The cost of developing an MVP can differ according to the type of app the business is focusing on. It can range from $10,000 and can go higher; there is no limit to enhancing an app; thus, the more you look into functionality, the price will eventually increase.

How Long Does MVP Development Take?

The time taken to develop an MVP can be around 2- 4 months, depending upon the difficulty and challenges of the app.