We are all too familiar with the statistics on business failure rates — roughly 90% of all businesses fail in their first year and by year 5, 50% of businesses have shut down.
While there is no one-size-fits-all solution to business failure, there are strategies you can adopt that give your company the best chance at success. One of those strategies is investing in an MVP framework. The benefits of using an MVP framework are numerous.
What is an MVP Framework?
An MVP framework, or minimum viable product framework, lets companies create a working prototype of their product without having to invest in expensive software development resources.
MVP frameworks simplify development by providing pre-built tools to develop and test your product idea quickly and efficiently. For example, our own low code no code platform allows companies to create functional prototypes in minutes.
Benefits of Using an MVP Framework:
Developing your MVP on a platform with built-in tools provides many benefits including:
Reduced Development Costs – Building an MVP framework eliminates the need for costly software development resources such as developers, designers, etc. Using a platform with built-in tools also reduces time needed to develop your MVP which cuts down on hourly developer costs if you do decide to hire a professional to fill
In the last few years, I have seen a number of companies emerge in the low code / no code space. Companies like Airtable and Coda are full-fledged products that offer the ability to build applications without coding. Others like Knack, AppSheet and Bubble are more focused on offering a drag and drop interface for building applications. While all of these tools are amazing, most of them still require you to build each application from scratch.
This is where an MVP Framework comes in. An MVP Framework is a pre-built set of templates that allow you to quickly build applications around any idea or process. For example, let’s say you want to create an application that helps people find apartments in New York City. You could use an Airtable template which has all of the necessary fields and logic built in to help people find apartments in NYC. Or you could use a bubble template which allows you to build out a search function for apartments in NYC with just a click of a button. These examples are great because they show how easy it would be for someone with limited technical skills to build something useful.
However, there’s one problem with this approach: it doesn’t scale very well beyond 10 users or so. If you
The MVP Framework is a powerful tool for product development, but it can be hard to convince C-suite and marketing leaders to invest. Here are four reasons why it’s worth the investment.
1) The MVP Framework helps you build better products
The MVP Framework allows you to innovate faster and more effectively. By focusing on customer needs, you can create a more targeted product roadmap. The Framework ensures that you understand your customers by interviewing at least 100 of them, and by building prototypes and testing them with the same number of customers. Because the Framework requires such extensive customer research, teams using it tend to build products that customers actually need.
2) The MVP Framework helps you deploy faster
The MVP Framework uses agile development methods, which allow teams to iterate quickly and launch in weeks rather than months or years. By breaking down projects into smaller pieces, teams can focus on building one feature at a time so they don’t get overwhelmed by the scope of their project. This also allows them to launch sooner and get feedback from customers sooner, which can help them learn more about what their users want in future releases of their product.
3) The MVP Framework helps you save money
The MVP Framework allows you to test ideas before spending time and money on
If you don’t know what an MVP is, it stands for Minimum Viable Product. It’s a product that has just enough features to be able to satisfy early customers and provide feedback for future product development.
Most companies will start off by building a small, basic MVP and then adding new features and making changes based on customer feedback. But without the right framework, it can be difficult to get the most out of your MVP.
With an MVP framework, you can organize your data, track user behavior and make changes based on that data.
You can create mockups and wireframes to get an idea of exactly how you want your app or website to look. You can also use this as a guideline for future development.
With low-code and no-code tools, it’s even easier to prototype your product quickly and get it in front of users. The faster you can get user feedback, the more time you have to iterate and the more likely you are to create something useful.
If you’re just starting out with an idea, developing a minimum viable product (MVP) is a great way to test it out. Rather than spending lots of time and money on research and development, create a basic version of your product as quickly as possible so you can see how customers respond. With low-code and no-code tools, it’s even easier to prototype your product quickly and get it in front of users. The faster you can get user feedback, the more time you have to iterate and the more likely you are to create something useful.
There are plenty of benefits to using an MVP framework, but here are our top five:
1. Create an MVP in days instead of months
2. Iterate quickly based on user feedback
3. Save money by building a base platform first
4. Get started without technical expertise
5. Create ongoing value for customers
A Minimum Viable Product (MVP) is a prototype that has the minimal amount of features needed to satisfy your customers and get feedback on your idea. While developing an MVP, companies need to make sure that they’re building something that their customers actually want. After all, building a product is pointless if no one wants it.
To identify the features that are vital to your customer’s success, you have to understand your customer’s needs.
This process requires creating a product roadmap and identifying key features that would help you satisfy customer needs, as well as the product market fit. This will then allow you to create an MVP framework that allows you to conduct experiments and see which features resonate with your customers and which don’t.
Low-code/no-code platforms are an emerging category of software that enables citizen developers with no professional training in software development to build applications. Because these solutions require little or no coding, most business users can leverage them to create apps and automate processes quickly. This is the reason why low-code/no-code platforms are so popular among business users. In fact, Gartner predicts that by 2024, at least 65% of all application development activity will use low-code development tools.
The business benefits of using a low-code platform are undeniable. Low-code solutions offer easy drag and drop functionality to build web and mobile apps, which means even non-technical employees can design, test, and deploy apps quickly. And it’s not just the app development process that is faster—businesses can also get their apps live in the market within weeks rather than months or years.
Here are some of the key advantages of using a low code platform:
