Most of the startups launch their services into the market without being aware of the scope of their services on the internet or in the app market. This might often lead to the app not performing as well as it should have. Not only does it lead to a major loss of money and efforts, but might also cause the startup to fail. The solution is that startups usually avoid launching a complete version of their app. Hence developers usually build an MVP for startups at first.
What is an MVP?
MVP or minimum viable product is employed for finding the scope of a service or an app on the Internet or in the market. In the most simple terms, an MVP is the most basic version of a product that is launched and marketed to let users get an idea of the original product. An MVP usually has all the Core features of the original app.
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Why should developers build an MVP app?
- To prevent launching an app into the market that has no requirement and novelty
- Using resources wisely and concentrating on features that are liked by the market.
- Incorporating feedback given from end-users in the final product.
- Helping the developers decide on the budget that should be allocated for a complete final product that can be beneficial to end-users.
MVP App Development Cost
The final cost of developing an MVP product depends on a bunch of pre-development costs which include factors like:
- The development team- the greater the number of specialised members in an MVP app development team the greater the development cost.
- The technology used- one needs to analyse the kind of Technology stand that they need to use to create the MVP. The kind of Technology stack used also affects the pre-development costs.
- Features in the MVP – one of the most crucial factors included in the pre-development cost calculation of an MVP app development process is planning on the features that one wishes to incorporate into the app. It is usually advisable to prioritize the features based on the necessity of that product in the MVP app. The greater the impact a certain feature has on the user flow the greater the prioritisation that it should receive in the MVP app development. Using intricate features in the basic MVP app might increase the pre-development cost.
- The complexity of the app- it is quite obvious that the more complex the product is the greater will be the pre-development cost. If one wants to build a complex app with multiple features the MVP app development cost would rise.
- The development time – the longer an MVP app takes to be developed the greater would be the cost.
After deciding on the factors that influence the cost of MVP app development one also has to look at some options that he or she has in terms of hiring the developers
- Freelancing your way to success– one of the quickest cheapest and the easiest way to start developing an MVP project is to higher a freelancer. One can also use the various freelance platforms available to find developers that can suit that need. However, there are some downfalls in hiring a freelancer. One of them is the lack of obligation toward finishing the MVP app. Since there are no companies or terms involved, they can quit anytime they want. All coordination and communication have to be maintained by the person himself or herself.
- Try hiring an in-house team – Startups might also choose to opt for in-house software development teams for MVP app development. All the experts will be employed by the startup itself and they perform all the tasks assigned to them. An in-house team also utilises resources that are available within their company. Although the quality and the task flow depend upon the startup, the team is also motivated by the success of their own app. An in-house team is also easier in terms of coordination. But, one of the disadvantages of hiring an in-house MVP app development is the costs involved.
- Hiring a local team of developers to build your MVP app – one might Ark you that hiring a local product development team is an expensive option but it is also important to consider the fact that this price includes the development business and the technology processes. When hiring a local product development team the startup will get a dedicated bunch of developers, a project manager and a tester. This option is also more legally feasible as a local team will deliver a legally documented process of building an MVP app.
- Outsourcing MVP app development team – Outsourcing an MVP app development team is a more popular alternative than the other options. Two of the greatest issues that come with Outsourcing the MVP app development team are building trust and getting everyone to be involved with the project at the same time. However, thanks to the latest technology apps and Agile methods these issues can easily be addressed and reconciled.
- Once the startup is done choosing and allocating different funds for deciding the pre-development cost the startup will also have to allocate funds for marketing and managing the MVP app after it gets launched.
The post-development costs comprise of
- Advertising and Marketing the product- a lot of thought and fund also goes into choosing a marketing partner to advertise the MVP app across the target platforms to reach the prospective users. The cost depends upon the marketing strategies used and the platforms used for advertising. Social media promotions can also be used in this process.
- MVP sales funnels- startup also needs to invest money in testing the assumptions and finding the right sales funnel for gaining the target audience and maximizing the ROI of the app.
- Maintenance of the MVP app – the MVP app development cost is also influenced by the post-launch maintenance cost this includes the cost of maintaining the server the price of integration and API constant support from a dedicated team the salary of the developers who oversee the maintenance process and make various changes to the product as per requirements.
The Preet development cost and the post-launch cost of an MVP app development can easily be evaluated by keeping a track of certain things. Once the developer is done creating an MVP mobile app and evaluating the feedback from the target audience it is also important to incorporate feedback to make modifications to the original app.