Increasing demands of consumers and cut-throat competition have called for entrepreneurs to present market-ready services and products fast. Fortunately, budding startups and innovators can attain this level of agility and innovation using the MVP approach.
With the help of a Minimum Viable Product (MVP), they can provide appealing features to potential customers and investors quickly while not investing a fortune in developing the actual product. By doing so, they are able to test the market and get feedback to develop their ideas into tangible and desirable products.
From Facebook to Amazon, Airbnb to Uber, most big brands embarked on their journey to disrupt their markets using an MVP and became today’s globally recognized brands. Let’s dive deep into what an MVP can do for your business and how you can develop it effectively with the help of an Offshore Development Company.
What is an MVP?
A Minimum Viable Product is a product that is developed with a basic set of features that just are enough to make the solution unique and attract early adopters and investors. In the software development world, an MVP is often considered a risk reduction approach to development that allows businesses to launch products faster without spending their entire budget on the first release.
Basically, an MVP is a smart way to:
- Accelerate time-to-market
- Reduce idea implementation expenses
- Avoid failures and financial losses
- Test the need and demand of an idea in the market
- Collect feedback from real users and potential investors
- Create a buzz around products and build a user base
The main idea of an MVP is to provide users with a working and viable product that allows them to analyze and interact with your idea. Once you launch it successfully, you can gradually add more features to it. But, the rule here is to improve quality and value for your users with every release or addition you make to the product. Every new version should solve the problems of your users.
MVP and Offshore Development: A Win-Win Approach
MVP Development is the first step of turning ideas into reality. Every entrepreneur tends to be quite cautious and wants to hire only the best people who can relate to their idea and who hold expertise in developing similar products.
Access to the Pool of Global Talent
Opting for offshore development means you have access to the top talent across the globe. It helps you reach out to professionals who can do your work efficiently and quickly. In fact, there are companies out there who specialize in MVP Development and have teams of experts under one roof to help budding entrepreneurs realize their ideas. You can hire their developers on an hourly basis or form a short-term contract to see how they work.
Moreover, skill shortage in many western countries is not a new situation; in fact, recent stats point to an increase over the last year. Businesses are fighting talent, and in some countries, the salaries developers are demanding are sky-high. As per a report by BBC, demand for software developers in the UK increased by 15.5% in 2021 as compared to the previous year. The situations are no different in many other countries around the world.
More Focus on a Product’s Business Side
When you are in the MVP stage of your project, you need to take care of a variety of things at the same time, from funding to marketing, design to development, security, and more. At some point, most entrepreneurs feel overwhelmed and lose focus on the scaling of their business.
But, if you have a team of experts working day and night on the technical side of your product, you don’t need to stress about the potential problems and threats that may come. Your development team can handle these while keeping you in the loop so you can focus on the business aspect of the project, like reaching out to investors, doing the market research, planning a soft launch, and more.
Additionally, you would not need to stress about planning interviews, looking for additional office space, acquiring the appropriate tools, and making sure everyone in your team is productive. You just need to keep an eye on the development process to make sure everything is going as per the plan and your vision.
Reduction in Cost
Though this is not necessarily a good reason to work with an Offshore Development company, you shouldn’t ignore the potential cost savings over establishing an in-house team. If you hire a team for MVP development rather than building your own team of in-house developers, it will help you save money that you can use elsewhere.
If you plan to establish an in-house team, you will have to plan for payroll, appropriate insurances, benefits, investing in recruitment, managing the office, and there is still no guarantee that your resources will do the job better. However, if you outsource, you can form a contract with several milestones, milestones in which you pay for after each delivery.
As a Startup Founder, one would consider operational efficiency and time-to-market as an added edge in making a product. An MVP provides that early feedback, makes for a better investment pitch and gets a pulse of the market’s and… Click To Tweet
A Second Viewpoint = Improved Product
Development teams that specialize in MVP development know what works in the real world and what does not. They have experience creating thousands of products and can tell you more about how to refine your idea or what the initial product needs.
Every idea is ideal in the mind that conceived it. However, the outside world may look at it from a different perspective, and you need to address that. From taking crucial architectural decisions to launching multiple product iterations, these teams can help you launch your MVP successfully.
In the software development world, businesses are in a position where they need to bring their ideas to life at lightning-fast speed to secure a competitive edge. If you won’t, someone else will do it before you. Delivering these products fast enough to serve the consumer’s demands is the key to steal the limelight.
The time to build the first version of an MVP shouldn’t exceed more than a month. It should have features like a user journey map, empathy map, and backlog. If you think you can’t bring your idea to life without the help of an in-house IT team, really take a look at what an Offshore Development Team can do for you, and you won’t regret it.
Building an MVP is the first step in the long journey of launching a successful product and reaping its benefits. Initially, it doesn’t make sense for most businesses to set up an in-house team of developers to facilitate MVP development, and that’s why a number of big brands often consider outsourcing to expedite their MVP development or just get a better range of their vision and potential product.
By opting for dedicated offshoring, you can hand-pick developers based on your requirements to build your own team. This team will be completely focused on your vision and is invested in its success. However, make sure you hire the right set of developers who believe in a long-term partnership and collaboration, and not just in the speed of delivery and associated expenses.