Develop a successful product for your company through an MVP

Melissa López
December 6, 2020

Lagging in product development can turn a new idea into something outdated, that's where the MVP will allow you to gain an advantage over your competition.

Also, the Minimum Viable Product (MVP) is an opportunity for your company to save time and money in launching a new product to market with a high level of innovation.

When we talk about MVP we refer to a new product that, when made available to the market, only includes the essential characteristics that will add value to your business, this to be validated by its users without requiring a large investment.

FinTechs have been the spearhead in the development of MVP, showing that the secret is to have a highly qualified, interdisciplinary team, but above all, trained to get the best version in the shortest time.

In this regard, Antit stands out for having agile and experienced developers, specialists in delivering the best result most efficiently.

Antit is a company at the forefront of FinTech development offering innovative, versatile, and competitive products in a market that requires constantly reinventing ourselves to stand out in the face of a digital transformation that is even faster.

However, the main objective of this type of product is to obtain feedback from the initial customers for the final development of the product, which will increase the investment possibilities for it.

Also, it will allow developers to continue building and correcting the product while obtaining the benefits of launching their product to market from day one by increasing your brand recognition.

Obtaining comments on your product in real-time will allow you to test the success of your proposal as well as find errors that when eliminated will increase your competitiveness as a business.

However, when opting for an MVP, not only functionality should be taken into account, but its reliability, usability, and of course the design that should be able to impact future clients.

Likewise, the MVP is made up of three phases: build, measure, and learn. At each stage, information is obtained that is very useful for the final architecture of the product.

Construction: a product or service is created that meets a latent need in the current market, although its initial launch will have very basic functions, it will have the essential characteristics that will allow the market response to be measured.

In the same way, it must have a short production and introduction time to the market, so that it does not lose validity from its conception time until its arrival on the market, increasing the level of connection of your brand with its users.

"We develop your products in the short term through an MVP that allows us to offer you a clean, scalable product that is easy to maintain in the long term, allowing you to advance at the pace that the technology market does," said Robert Barón, one of the founders and technical leader of the company.

Measurement: the company may measure the performance and operation of the product or service,  the results can be used to introduce improvements or changes to make improvements according to the needs or demands of the user.

The MVP allows you to apply new functionalities in a more agile way that adapts to the speed of the market.

Learning: At this point the company will be able to evaluate if its proposal deserves the investment that it requires to continue with its development or, on the contrary, to reformulate the original idea or discard it altogether.

With an MVP you can gain a better understanding of the interests of your customers and their impression of your product, even though it is not completely finalized. 

The sooner you know if your product is interesting to your target audience, the less effort and money you will invest.

Among the benefits of using an MVP are: being able to launch your product to market in the shortest time possible, which will increase your Time to Market (TTM), reduce implementation costs, as well as test product demand in the market. market.

"Our company develops developments in a short time without sacrificing standards, focusing on determining the best architecture for its application as well as the cutting-edge technology that its product requires to position itself," explained Barón.

On the other hand, in the development of platforms and mobile Apps, a late launch entails the consumption of financial resources that reduce profitability in the short term, hence the importance of having a defined route, clear milestones, and a good TTM.

Time as a factor of competitiveness

Speed ​​is an essential factor to be competitive in the digital world, where those who achieve it are characterized by their ability to change and their flexibility in processes.

The MVP makes it easy to adapt the product to market demand, define and shorten development cycles, launch different proposals for some time and obtain very valuable feedback.

However, it must be a functional and attractive proposal with a good team that supports you in each of the improvements you require along the way. 

“ Constant innovation in every detail of your project, we move at the speed of technology with specialized personnel in providing quality, speed, and efficiency”, emphasized Barón.

As it can be inferred, speed does not imply sacrificing the quality of the product to be launched, this duality must be accompanied by automatic testing tools, complete continuous integration environments (development, quality, pre-production, and production), and deployment automation.

Therefore, quality should not interfere with the launch of products or services and instead of being seen as the opposite of time to market, it should be your main strategy.