How Much Does It Cost to Build the MVP of an App?
November 22, 2022
November 22, 2022
You have an excellent idea for a killer app for your startup or enterprise. You have also found a reputable iOS and Android mobile app developer and have secured some funds. Going through the list of potential features for your app, you realize that your final app will be quite sophisticated. After completing some calculations and analysis, you note that the cost of developing this final product may be significantly higher than your financial resources.
So, what do you do? Whether you’re interested in Android or iOS app development, or both, you should consider developing an MVP app.
MVP may sound like a term from sports, but in app development, it stands for Minimum Viable Product. As the title suggests, it’s the minimum viable version of your app. Similarly to the MVPs in sports, a minimum viable product can be incredibly valuable to your company when developed and marketed correctly.
Here is a quick Minimum Viable Product definition: An MVP is an early version of your app that carries enough features to be usable by early users such as customers or potential backers. The features of an MVP app are carefully selected to offer initial functionality and show how the software fills a market need. All final features of your product are only designed, developed and completed once you go through several rounds of feedback from the product’s early users and then validate each one.
The goal of an MVP may be to earn feedback, fuel organic growth, or help you secure more funding from your investors.
Like any software, mobile apps can be complicated. It’s impossible to give you the exact cost of building an MVP app without learning more about your idea, features, and timeframe. The nature of the app can also impact the cost. For example, a hybrid or web app is usually cheaper, though also less compelling than a native app.
Generally, the cost of creating the MVP of an app can range from $15,000 to $50,000. But this number can vary. For a more accurate idea, get in touch with us. The answers to these questions will be helpful:
Minimum Viable Product Examples
A significant number of the apps you use every day started as MVPs. Here are a couple of examples of MVP success stories:
As mentioned, MVPs can help you generate feedback, buzz, and gain investment. But what are the other advantages of developing an MVP?
A significant benefit of working with an experienced MVP app development company like Guaraná Technologies is that you’ll evade some common MVP errors. Your MVP should avoid the following:
Your MVP should be a basic version of your final app. Every feature should add value to the software. Advanced features such as add-ons should be held back until after a successful public launch.
At Guaraná Technologies, we go to great lengths to ensure that your software is highly polished. However, we believe that MVPs can be a little rough around the edges as long as they’re stable. An unfinished MVP helps you gain user feedback to shape the product to your customer’s needs and go on to create the finished product.
Whether you’re looking for mobile app developers in Toronto and Montreal or Boston, please avoid an inexperienced team for your MVP app. A team that lacks the experience or skills for MVP development will be inefficient and counterproductive. They may miss deadlines, offer inaccurate price quotes, misinterpret feedback or analytics, or make rudimentary mistakes.
Instead, work with an MVP app development company that has an experienced team of designers, project managers, engineers, and developers. Such a team should be ready to modify your product, rebrand your business, or even tear everything down to start with a clean slate.
While your MVP is a barebones version of your software, developers should avoid taking unnecessary shortcuts, or they may pay for it later. For example, you should avoid skipping the prototype phase. A prototype creates the proper foundation for your MVP. Moreover, an interactive prototype is the most effective way to present your vision to investors.
You should also avoid skipping market research. In-depth market research helps validate your business idea and ensures that your MVP has a competitive advantage. If you don’t complete market research, how will you know that your software satisfies a market requirement?
The MVP may be a basic version of your final product, but it still needs the right technology, skill, and techniques. Here are a few practices, resources, and tools that can ensure the success of your MVP app:
When an MVP is developed professionally and backed by the right strategies, it can easily turn your business into a well-known success story. Leverage this critical first incarnation of your product today and open doors to an exciting future for your enterprise.
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