Last updated on April 26th, 2023
Entrepreneurs invest an idea, finances, unmeasured blood, and sweat for their startup to succeed. Nights, and nights of planning, gathering resources, implementations, small failures, and whatnot! Establishing a startup is no less than a war zone.
But, even then, not every startup breaks up to the market competition. Some fail right at the beginning, and some succumbed within a year. As per the study, It is noted that around 9 out of 10 startups fail. What can be the reason?
It is believed that there are a range of reasons why startups fail. Some say insufficient funds, poor marketing, or tech incompatibility is the reason for startups to fail. While some think that the legal implications and lack of preparations are the major reason for a startup to go wrong. But, in research, it has been found that around 34% of startups fail due to a lack of optimum product-market fit! That’s where MVP enters the picture!
What is MVP?
MVP or Minimum Viable Product is a sort of prototype testing for product-market fit. It is well understood that even a small business with just a month’s funding or a large business with several investors on board requires “Consumers”. Consumers of product, or service!
“The Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort!”
~Eric Ries
Product-based businesses or even service-based model businesses cater to some or another customer domain. And, to win over the customers who are dynamic in making decisions, are difficult to convince, and tend to choose a competitor’s product, it is paramount you develop a product or service that fits right with your customers’ expectations!
That’s what MVP development helps you with. It highlights the value of starting from baby steps, but with complete planning, and preparation. Before moving on to how MVP works, why, and how startups should proceed towards MVP by outsourcing MVP development, let’s understand MVP development’s purpose in detail!
Purpose of MVP Development
You thought of an idea for a product, or a service. You have this rough idea of who all will be your customers. Then, why do you need to get the MVP development done? Here are the purposes of getting MVP development before launching your product to potential customers-
- Small Budget utility in the market
- To build a bridge between customers’ expectations, and your offerings!
- This helps scan for the right audience. What do they want, where they are, and what are they expecting from your product?
- Feedback, and real response
- Measure the expected market parameters like audience size, and personas!
All these make MVP development a must-step for startups. This can increase their chances of fitting well into customers’ expectations, and surviving the agile market dynamics. But, ever wondered how it works? How, by outsourcing MVP development you can get an upper edge? Let’s dive in on how this MVP development works!
MVP Development: How does it Work?
MVP development is the development of an initial product or service prototype that is presented to initial few customers. It is launched with essential features on which customers’ feedback and experience are recorded. Upon feedback, the product then undergoes the final stages of development, amendments, and advancements.
This approach mitigates the need for extensive, months-long market research. Rather, it lets you experience the practical aspects of product-market compatibility. Some of the basic steps of MVP development are-
- Understanding the potential customer’s pain points
- Building the core of the product/service
- Testing, and gathering insightful data
- Design, and functional aspects
- Improvise, and Amend
This is how MVP development can help you measure the product-market fit. But, if you’re a startup and are now in the thought of getting MVP development, some perplexing concerns would be on your mind! How to do MVP development? What should be my Budget? How much time will it need? And so forth!
What if we tell you that outsourcing MVP development is a smart decision that can help you conquer all these dilemmas? Want to know why? Read this till the end!
Outsourcing MVP Development: Smart Decision for Startups
Outsourcing MVP development is nowadays considered a wise decision for startups. Be it from the team management perspective, or from optimizing functional aspects of the business perspective, it is indeed beneficial for startups. The reasons are immense. Some of these are-
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Save Costs
Cost-cutting is a startup’s foremost concern. And, outsourcing MVP development can help. By outsourcing, you can deal with a range of concerns with one investment. First, having an in-house MVP developer can cost you a lot. By outsourcing, you can reduce this cost to significant margins, that too without compromising on other parameters like performance efficiency, and precision.
You can also cut on expenses like employee management, support, and whatnot!
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Better Turnaround Time
There are MVP professionals who work with the right strategy to ensure you get the best MVP development. While doing it on your in-house developer can pose some limitations. These can be of a range of types. Being a novice, you can take more time than usual. This can push forward the deadline of your product or service launch.
Further, this can also be prone to errors, anomalous development, and also poor feature incorporation. Outsourcing MVP development can combat all these challenges. And, because you will be hiring professionals for this, they would optimize the time, precision, and other steps like feedback, revised iterations, etc. This can fuel your startup strategy as you can get better product-market fit analysis in less time and investment.
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Professional Consultation
If there’s one thing that startups crave, that is professional consultation. And, by outsourcing MVP development, you can get some professional consultation on board. This can help your internal team to great significance.
The agencies who can work on your MVP development can assist you in the technicalities, operational, and functional aspects of the product launch. From what all features should be there in the initial product, to how, and when to roll out the advanced versions, professional MVP development companies can aid you in all. This helps you firmer your grip in the market and makes your product appropriate for your customer segment.
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Updated Approach to your Rescue
MVP development advances timely. And, to ensure you follow the right, and updated approach, one has to be familiar with the up-to-date strategy, and iterations for MVP development. Outsourcing MVP development can take care of this!
Professionals to whom you can outsource MVP development always stay updated on industry trends, demands, and principles. This makes their MVP iterations right for the industry. Further, they also leverage the right tools, and advanced strategies to develop an MVP that’s according to recent market dynamics. And, you can relax rather than keep on updating your product, or service idea as per the market’s needs, and demands.
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Specialization Just the Way you Need
Just because startups are a novice, and new to this product-market dynamics, having specialization sounds difficult. But, if you opt for an approach of outsourcing MVP development, you can get specialization. These agencies work with a completely professional team. Therefore, these can assist you with what should be in your product, and what can interest your potential customers more!
Furthermore, as these work with teams of experienced individuals, you can get specialized advice. For instance, if you are an IT product-based startup, your MVP development agency can help you have some discussions with IT professionals. This helps you optimize your product or service with your potential customers with expert advice.
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Invest in Other Business Operations
A startup is a lot more than hiring, and managing employees. Pitching investors, reading data, amalgamating funds, analyzing performance, and whatnot! You can lower this burden by outsourcing MVP development.
While an outsourcing agency would handle MVP development and MVP roadmap for you, you can invest both time, and money on other critical aspects of business operation. After all, a startup needs to take care of a hundred other things than MVP development!
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Mitigate Risks
Think of a situation where you invest time, money, and resources in in-house MVP development. And, you suddenly find out you opted for the wrong approach, and your MVP now stands obsolete. This would be daunting to overcome!
That’s where outsourcing MVP development to professionals can help you. This can reduce risks, optimize efficiency, save costs and also help you get the most out of your MVP development. And, the advantage of providing you an edge over competitors is unrivaled.
Consider Getting MVP Development Outsourced today!
Does building MVP in the right way, with the right key focus points worry you? You are not the only one. To ease things out, make the decision of outsourcing MVP development today. iTechnoLabs can help you! We have a team of professionals skilled to work on MVPs that too while keeping your concerns, and your customer’s expectations central. To get complete details, visit us, or schedule a call today!
