How PropTech Changed the Real Estate Industry?
Let’s start with the most obvious question – What is PropTech? The name PropTech is an amalgamation of the words “property” and “technology”, and is also commonly referred to […]
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Sometimes clients ask us about the process of MVP software development and the reason why we build products this way. The very concept was explained in the article about Airbnb but today we want to focus on the importance of timing in building your app. As MVP is your product in version 1.0, it offers many possibilities in terms of not only faster development but also customization of the product to the end-user.
Without further ado, find out why building a minimum viable product in no time is an important factor in the overall development process.
There are a number of advantages the approach offers.
The sooner your product reaches your target audience, the sooner you know if it makes sense at all. Each application has a purpose – the main functionality for which it is known. For example, Instagram allows you to create and share your content (photos, stories, videos) with friends and followers (this is the main purpose of the app), but the feature set also includes chat for sending messages (add-on feature). The MVP approach is that if the main feature (or features) of a product is enough to grab users’ attention, it’s a sign to start developing it. Knowing this, having MVP you can quickly validate your idea and make the right decision.
Starting with MVP development you avoid the risk of investing too much money into something that’s not profitable. It’s simple. You start from a product limited to only necessary features so you spend less money upfront. Then you’re able to test the idea with real customers and using solid data, decide to invest fully in your product or not. When you receive feedback from the market you can modify your main features but it’s always cheaper than developing the entire solution right away and then trying to tailor it to the audience.
You are able to develop the final version of the product faster, having a ready and verified version 1.0. When the market verifies the base (main functionality) of your application, you are halfway to success. The rest of the features can start to be developed and implemented sequentially, but the product is ready to go live and interact with people. The speed of time-to-market is in our opinion the biggest advantage of this approach to development.
The process requires you to really focus on your business idea and make a decision about the main functionality of your app. For some it might be obvious but the way the process sets priorities is really valuable. There’s no time for guessing. We operate on real-time data from the market so nothing is more important than focusing 100% on your business purpose.
You should know that modifying and adding changes to an application is much cheaper when it’s in the MVP stage than when it’s a ready-made solution. And it should be so. The creative part takes place at the beginning of product development, not at the end. Therefore, the flexibility you have when creating your first version of the app is a big advantage in terms of vision but also the amount of money invested. Obviously, modifying a product endlessly and thus holding a release is not optimal, but since this is an MVP, you have room for repeated improvement.
At Redvike we know it better than anyone as we are able to build your prototype in 2 weeks and your MVP is ready in only 3 months!
This way, we provide you with something that you can work on with real users without having to hold the release. For us, time really matters, and simple solutions can bring a lot of valuable information about your company.
