Why a Minimal Viable Product Is a Great Opportunity For Your Company
Streamline Your Tech Projects by Pursuing a Minimal Viable Product Solution
Taking on a new project can be intimidating regardless of the resources or knowledge a company has in its industry. Hence, many companies don’t pursue tech projects once they look at what’s involved and the long road that lies ahead of each one. But that is where a minimal viable product (or Minimal Viable Product) comes into play. Building the product incrementally, an MVP allows companies to gain insight and value from the product even if it’s not 100% completed. It also prevents spending unnecessary time and funds in a strategic and reliable manner.
Achieving a Minimal Viable Product and its Benefits
An agile MVP is supposed to help your business create a better product by getting feedback from your customers. That way, you can continue to improve the product by better understanding what people value and what they are willing to pay for. A minimal viable product needs to be released to the public early in order to maximize this opportunity.
For example, if creating an MVP for a dentist’s office, the dentists and their assistants can give you the feedback you need about which features are most valuable and how the software could improve. All of this before you’ve spent the time and money to develop a complete product.
Here are the three main benefits of achieving a minimal viable product:
- Customer Feedback: All great products are designed to fulfill the customer’s needs. The process of building an MVP gives you a better understanding of your customers’ needs. This should result in a product that is more competitive and profitable.
- Flexibility: Instead of sinking money and time into features that customers don’t want and being tied down by these less-than-ideal decisions, later on, an MVP is an inherently more flexible product.
- Quick Release: Funding and investment are less of a concern when you can get an MVP out to market quickly and start using its own sales to fund its growth over time.
The Discovery Stage and the Value WillDom Provides
When just starting out with a new client or reassessing new projects with current ones, the discovery phase is one of the most important elements because it requires you to dive into gaining a clear understanding of their goals and what they’re looking to build. This provides the framework for how a minimal viable product can be developed so that the client can begin working towards meeting those goals.
WillDom believes that a tremendous amount of collaboration is needed in Discovery, and brings together years of experience and best practices to support its customers. Here are a few ways WillDom offers support:
- We co-create the solutions from the beginning with the client. How do we do that? To understand the problem better we involve a multi-functional team: Talent (to understand how many people and which technologies are needed), Technical (to understand or propose the best way to develop the project), and Sales (to understand the sales, payment, budget and rate needs). All of these departments will have critical insight into how it should be built and what is needed to help the company overall. This collaboration will help provide an integral solution to solve the project needs.
- The Right Hands at the Right Time. By bringing in all departments and teams from both sides into the Discovery phase, we’re able to identify all the needs and potential hurdles of the project, which leads to efficiency in solving complex problems. This will reduce any unforeseen complications and hurdles so that the project can continuously move forward.
- The Help of Our Vast Network. WillDom has an ecosystem of more than 3,700 best-in-class software developers, engineers, and technologists that work across different industries — such as FinTech, Healthcare, and Retail, among others — and roles to help build these minimal viable product solutions. With our network, you have unparalleled options to find the best advice for these agile projects.
To learn more about how to get started with a minimal viable product and how WillDom can help you get there, please visit WillDom.com or email us at hey@willdom.com to get started today.
