According to the definition, MVP (Minimum Viable Product) is a kind of product which is backed up with various features and basic interface which satisfies customers and users and allows you to get feedback for the futuristic development in a company.
How Much Does it Cost to Build a MVP (Minimum Viable Product)?
It is a concept which drives us towards a development technique which basically focuses on creating a product with lesser features and new designs but perfect enough so that user can get the full benefit out of it.
When compared to other apps, MVP is something which comes with less possible screens, elementary functions and communication, which can allow the customer to get connected with basic services of the application.
You should not get confused with two types of MVP i.e. Beta or Demo version of MVP because Demo is a demonstration version which is completed in terms of offering but limited when it comes to material and time. Beta version is a product which comes with errors and can be corrected by the users while using that particular product.
There is not a particular aim behind launching the MVP of an application because there can be many reasons for it. It can be for experimentation, pilot studies or budget idea. The basic reason is to bring something which can be the representation of the concept of product and can provide all the features to the users, which would be available in the app.
So, now we can drill the facts of Minimum Viable Product (MVP) development and can also understand how much costs and efforts it would take to build Minimum Viable Product.
MVP design and development
When you are creating MVP, then, first of all, you should determine what your product is and which your target audience is. The connection between the audience and product should be effective; otherwise, there won’t be any benefit of using this mobile app development process.
The minimum requirements are matched to make the product useful for the customers and users. When you are building an MVP app, you will have to think of even the smallest part of an application. So, it will allow you to create sufficient and compact form of an app which can impart greater benefits.
MVP Creation stages
What can be checked using MVP?
Is potential audience targeted properly
Do value proposition is enough for users
Know about customer’s experience
Iterative development cycle
Hypothesis formulation
Development
Release
Testing
Data Processing
Hypothesis analysis
MVP launch and getting feedback
Analyze how successful and effective your idea is
Get feedback from customers
Know strength and weak points of your product
Work towards the weakness of product
Cost of Developing an MVP (Minimum Viable Product)
Application like MVP building cost can estimate on hourly rate. The time to create MVP can be between six months to one year while the Costs to build MVP can differ. If you are looking forward to creating it on a single platform like iOS, then it would take only 160 to 240 hours if you will use UX/UI designer who will put 40 to 80 hours in it.
QA engineer and Project manager would take around 20% to 10% respectively. The total MVP development cost of it can be around $10k to $15k without considering any particular domain. There can be applications which might cost lesser than $10k, but those will be one with a single screen and imparting one function only. The Minimum Viable Product development cost is also depending on the complexity and number of features.
Other than this, MVPs are based on a creative idea or connected to certain novel devices which can go at a higher level. These apps will go through detailed research and analysis by including high-tech tools along with process routine and data interaction.
Who actually needs an MVP (Minimum Viable Product)?
You aren’t able to get luxuries and leverages while working on a project if you are a startup or new firm with less resources and low-budget.
You always have limited choices to make, and if you are building extensive application and interested in taking feedback of the users on your working, then hire a freelancer or hire a development company that fulfills your dreams and get estimated MVP price.
How much FuGenX costs to develop Minimum Variable Product like app?
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