Before the year 2024 begins, it is worth taking a proper summary in the business area. This is the last call to analyze the actions taken and outline a further development plan for the next 365 days. For many entrepreneurs, the coming 2024 will be a time of digital transformation and investment in their own application. We decided to meet the needs of such people by preparing a special article on building an MVP in the upcoming new year.
Table of Contents:
1. What is the MVP of an application?
2. Who is MVP development aimed at?
3. Why an MVP rather than a full version of a product?
4. Minimum Viable Product sets the promotion strategy.
5. How much will MVP cost in 2024?
6. Is MVP software development in 2024 paying off?
7. Where to get inspiration, and who should I turn for MVP?
What is the MVP of an application?
An MVP concept (Minimum Viable Product) is a basic version of a future product that is created to demonstrate the value of the solution being developed based on its basic features and core functionality. In the case of application development, the MVP enables the collection of valuable user feedback about the application from target audience, which forms the basis for its improvement in subsequent stages. A well-conducted Minimum Viable Product stage allows not only to gather substantive feedback, but also reduces the risk of application failure. It is also a solution that contributes to saving time and money.
You can learn more about the specifics of Minimum Viable Product in our article "What is an MVP in Agile Software Development and How Much Does it Cost".
Who is MVP development aimed at?
You have probably had the opportunity to be in a perfume shop more than once. When choosing the right fragrance for you, you certainly pay attention to ensure that it meets your every expectation and fits your taste. Therefore, before the final choice, you use the available testers to purchase the right bottle. The metaphor for a tester is MVP. It is the basic process of application development that allows you to draw the first conclusions and analyze whether the set goals and business idea have a chance to be realized.
Why an MVP rather than a full version of a product?
A question arises among many people as to why a basic version of a product should be taken care of before an official release. The answer is simple. MVP is not only a way to save resources, but also a phase of the project that allows you to verify the idea at its initial stage.
MVP product development also gives you the opportunity to get your product to market quickly. Quick interaction with initial users provides more time to prepare changes and modifications before the official release. At the same time, this is the right time to develop new features that will be a strength in competition with competitors.
Minimum Viable Products sets the promotion strategy
Promotion in the case of entering products on the market is a significant aspect. It is what makes it possible to reach the potential audience of the application and encourage use. The MVP provides the opportunity to develop interactions with the community and considers any dependencies based on the created user profiles. This is the right time to verify your vision with the real needs of the audience.
How much will MVP cost in 2024?
It is difficult to clearly estimate the costs of Minimum Viable Product development, as everything depends on the accepted arrangements between. The application developer and the commissioning client. However, the expenses in the coming year for a basic version of the application will range from several thousand dollars to about $150,000. The cost of the successful MVP depends, among other things, on the number of people involved in the development team, the time spent on implementation, as well as the degree of progress.
Is MVP software development in 2024 paying off?
If you are looking for a solution to help determine the potential of your future application, or are looking forward to the first confrontation of the product with the user, then MVP is right for you. It is also a testing ground for all the features included in the application. For you can see which ones will actually be used and which ones are of no interest to your audience. As I said earlier, an MVP allows you to realize the final product faster. Nevertheless, this does not mean that you should give the application to the world as soon as possible. The basic version in the form of an MVP is meant to point out areas that need to be refined. Too hasty an approach can make the handed over application contain a lot of errors, and this, unfortunately, can translate negatively into the final result of the actions taken.
Where to get inspiration, and who should I turn for MVP?
If you are looking for inspiration around MVP work, or maybe you need vivid evidence of a worthwhile endeavor in the coming year, I recommend the article "Huge Successes vs Spectacular Failures: 10 of the Most Interesting MVP Examples." In it, you will find examples of successful implementations as well as spectacular failures, based on which you will draw the right conclusions for yourself.
Meanwhile, if you are looking for the right team to help you create an application MVP, then get to know Railwaymen's business. Our company has been providing customers with the best application development solutions for many years. The projects we have implemented have many times provided inspiring conclusions already at the stage of MVP creation, which were later translated into the final result of application development. Visit our Case Studies section, where we describe the step-by-step progress of our projects and see how much you can gain by creating your project from scratch together with us. Enter 2024 with inspiring ideas!
