The internet is flooded with information about the minimum viable product (MVP) development costs, but getting the exact price can be a big challenge. Software development companies and developers have different MVP development cost and estimates. The cost differs based on the complexity of MVP features and the various standards these agencies rely on.
Does this mean it’s impossible to know the optimal MVP development price? This article will highlight crucial aspects influencing the cost of building an MVP. These estimates can help you create a simple, functional product.
Let’s get started.
Minimum Viable Product Explained
Minimum viable product (MVP) refers to a product version with minimum necessary features that can solve and satisfy the initial problems of your early customers. It also allows you to collect user feedback from these first customers to help you develop the product further. Put simply, MVP is the first version of your mobile and website app.
MVP is the first version you should build before launching a product with multiple functions and features. First building an MVP requires fewer resources compared to a fully-fledged product. Second, MVP allows you to test how the early customers respond to your initial product. You can collect feedback from these first users to improve your products.
What are the Benefits of MVP?
Test Your Product
Taking the workable model to the market allows you to test it with real users and see how they perceive its functions. This allows you to see how the product will work when you launch it, its failures and successes.
MVP is a product, not just a concept. It’s a product that has already gained early customers and proved its viability. An MVP can attract funding to support further development. So a business person can present their MVP to investors and request funding to develop the product further.
Collect User Feedback
The workable version allows you to discover how your early customers apply your product. It also helps you collect feedback on your MVP strengths and weaknesses. The reactions of these early adopters help you change the product and understand the advanced features they want to see.
Early Launch of Your Product
MVP development takes a shorter time and effort before it hits the market. Launching your MVP increases the chances of your winning early adopters. It allows you to collect feedback and attract investments before your competitors.
What are the Aspects of MVP Cost?
Several factors influence the MVP cost. These include:
The functionality that you want your MVP to have is referred to as scope. The cost and the duration of development of this workable version depend on the features you want the product to have. You need to add these features as the core value in order to bring value to its users. But MVP doesn’t have fancy features, it prioritizes the product’s core value.
Companies develop their MVPs using an in-house team, freelance developers, or a specialized development company. The MVP cost depends on the cost of these three options.
The technology that you use to build an MVP influences its cost of development. Your development partner should choose technology that needs fewer resources. Some of the popular technologies that developing partner use include SQL data storage, web application server, programming languages, automation framework, etc.
The cost of building MVP depends on several factors, including project scope, development partner, and technology stack. This workable version has only core features but still needs enough resources to develop it. A software development company can give you an estimate based on the core features you want your products to have.