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MVP Development: Competitive Analysis and Feature Sets

Developing a Successful MVP

Before developing a minimum viable product (MVP) developers conduct their due diligence to make decisions about the MVP prior to releasing it. That ensures the MVP includes vital features that display the core functions of the app. While there are many aspects to consider, two are especially crucial. Firstly, there is the competitive analysis.

The Competitive Analysis

The competitive analysis is a way to determine the specific competitive advantage of the mobile app. In other words, the comparison of mobile apps in the same market. Mobile app developers find valuable insight from these comparisons. Insights that highlight differences between mobile apps.

These differences then become differentiating factors. Enough of these factors form a competitive advantage. A comprehensive competitive advantage then informs the marketing strategy.

Another important aspect to consider when conducting a competitive analysis is the product-market fit. The product-market fit helps determine exactly where in the marketplace any specific app fits. Thus, leading to important insights that the marketing team leverages into different marketing tactics. In turn, forming the overall marketing strategy.

Feature Sets

Feature sets are also incredibly crucial in the development of a successful MVP. The feature sets of an app are the high-level pillars of what makes the app viable. In other words, feature sets make up the core skeleton of the app.

Another way to look at the feature sets of a mobile app is to define what solution the application offers the end-user. Essentially, what purpose does the app serve?

Defining the feature sets of the mobile app is an important step in the MVP development process for a spectrum of reasons. One of the most crucial is that some to many of the aspects defined as a feature set need to be included, to some capacity, in the MVP.

Moving Forward With The MVP

After determining the feature sets of the app the developer can begin designing and building the core of the application. Once the development process is a little further along, the app will be ready for the competitive analysis. Between these two components, an MVP is born.

While the MVP is being built behind the scenes, the marketing team surely is surely not sitting idly by. Once developed, the MVP needs groups ready to test it. These groups often include early adopters.

After the MVP undergoes testing, and the competitive analysis is complete, a mobile app is ready for it’s home-stretch.

At this point in the process, there is plenty of data readily accessible for mobile app developers to complete the app. Insights garnered from conducting the competitive analysis and the product-market fit. Additionally, extra aspects of feedback offered by test-groups from the released MVP.

Develop an MVP with NS804

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Finding Early Adopters for an MVP

It’s no secret that investors of all sorts receive a constant barrage of inquiries and proposals. Busy investors don’t have the time to read through every proposal that hits their desk.  Therefore, as an appreneur it’s important to stand out amongst the crowd. One way to elevate your proposal is to develop an MVP, or minimal viable product.

An MVP gives investors and early adopters a chance to hold, feel, and test the product before making any important financial decisions.

Developing an MVP is really only the first step in acquiring investors, and early adopters though. After developing an MVP to include in proposals, it’s time for the next step. The next step involves actually recruiting early adopters and early investors.

It’s hard enough to gain the attention of serial-investors, but how does one go about securing early adopters to test the MVP, and provide real market-feedback?

Using an MVP to Attract Early Adopters

There is a bit of an art-form to attracting the right early adopters and investors to your mobile app. This includes utilizing a series of preparation tactics. In other words, doing the due diligence to create an accurate and informative presentation on products that offer a real solution to a real need.

It can be tricky to find the right pool of early adopters and potential investors. This group should represent a larger marketplace that the product ultimately aims to serve. Additionally, this group should possess an expert level of insight into market trends. This, along with other important insight, will be crucial in determining value.

Once there’s an understanding of the demographic for a product, the search for suitable early adopters can begin. This starts with the brands online presence. GutCheckIt has social media as the number two way to attract early adopters. However, there’s a catch.

Engaging an Early Adopter

Many early adopters are so ahead of the curve that they can be hard to actively hook into a conversation. That being said, showing an interest in their challenges and a real desire to provide a successful solution can be the exact appetizer they need.

Once an early adopter is engaged with you, and opening up about their problems, the time will present itself to pitch your solution. This is a sensitive window. This will really be the time to put your product to the test.

The proposal should certainly include a comprehensive business plan. The plan should contain both a marketing, and acquisition strategy. However, there’s an element that will be even more interesting to the eager early adopter. That is practicality. Early adopters, and early investors, will want to test the product.

Testing can provide valuable feedback and insight. Consider and implement this feedback moving forward.

NS804 is dedicated to making mobile-app design services more accessible than ever before. With years of experience that bridges industries, and spans the entire marketplace, NS804 mobile-app design can be trusted to provide users and appreneurs with the absolute best design service available. Visit NS804 and start the conversation today!