Once you are done with the market analysis of your idea, the next immediate step is to plunge into its development. But what if your new start-up team lacks in technical professionals and developers suitable for this job? In this article, we will help you understand what an MVP is and why nearshore outsourcing your MVP is a great idea.
In Nearshore Outsourcing what is a Minimal Viable Product (MVP)?
MVP or Minimal Viable Product is the stripped-back version of a product. It is introduced with only the features essential to fulfil the fundamental requirements of the early users. Relating to the software development process, an MVP is the most watered-down version of a program. It is created with the intention of gaining customer feedback and testing the success of the idea. With that feedback, companies are able to expand their ideas and introduce high-end features directly targeted at the customers’ needs.
A few benefits of Nearshore Outsourcing the development of an MVP
MVPs are Cost-Effective:
You can avoid landing directly in the market with an all-ready, complex and expensively developed software. Instead, you can opt to test the waters with a low-cost product. This product will do the market research for you, saving a great deal of time and effort.
Better re-development:
Once the MVP version of your product succeeds, you can add in more features over time. Do this by sorting through the customer feedback and reviews obtained in the testing process. Instagram is one such company that decided to make an early jump in the market with an MVP. Initially, users could only take pictures and apply filters. After observing the success of the basic idea, the developers introduced several new features. Now Instagram allows tagging, putting up stories, adding stickers, commenting, liking, following people and pages, IGTV and much more!
An MVP Ensures Success and Customer Satisfaction:
If your MVP is a success, there’s less doubt your full-fledged, high-end solution will be a winner too. With all that user intelligence at your disposal, you can tailor your future endeavours according to your customers needs. So, in short, an MVP lets you target and conquer your customers’ needs using their first-hand advice (feedback).
Lesser Risks:
Developing an MVP means you don’t have everything at stake. Since you’re letting it do the market research for you, you know there’s a chance it might not do badly. However, unlike failing with a ready-made product, a failing MVP leaves you with a huge amount of valuable data. This enables you to understand and alter your solution according to the market’s need.
Why should you outsource MVP development?
Outsourcing software development of MVPs has proven to be successful for many previous business models, including Alibaba, Google, Slack, etc. Today Google is worth 108 billion, whereas Alibaba has a net worth of 44 billion. If these stats don’t make you consider nearshore outsourcing your MVP, here are a few other benefits to back up our views:
Nearshore or offshore specialists from anywhere:
Gone is the hassle of finding the perfect individuals who will commit to your company as they would to their own, all the while having the talent you’re looking for. Nearshoring your MVP externally means you get to choose from and invite talent from all over the world. That also means you can invite those who are in your timezone.
You can choose those that speak your language but who will charge less than you would be charged at home. You can invite people from overseas for collaboration if their services complement your requirements. There is nothing to stop you continuing long-term with them if it works well. Hence, nearshore outsourcing your MVP provides you with more flexibility in choosing individuals. You are not forced to hire “good enough” people due to lack of better choices or geographic barriers.
Get Technical expertise and consultation from top 1% developers:
When you hire a team of MVP specialists, you get all their technical expertise and experience as a package. While your team might be new to the idea and your targeted market, the MVP developing agency has years of experience which helps them calculate, counter and create your product, and come up with better and far more effective alternatives and solutions. It is possible to hire from the top 1% of developers.
Also, they are familiar with all the algorithms, codes, programming languages, and frameworks that assist in creating a targeted MVP which leads to higher early-user interest.
Nearshore Brings reduction in Costs:
Low costs and high ROI (Return on Investment) is the dream of every investor. Nearshore outsourcing allows you to cut back your input-money to a great degree. Hiring a full-time worker means paying a full-time salary to keep him with you, even if you no longer need him. Shorter commitments save money because you are not obliged to pay bonuses, pensions, holiday leaves and gifts, raises or anything that your company might be offering to its employees in their employment package.
Thus, by nearshore Outsourcing your MVP, you develop your product without having to carry on with the extra baggage.
Nearshoring Gives Ample Time to Focus on Other Business Aspects:
Launching a digital start-up is not a piece of cake. Apart from developing a market-winning product, you need to focus on putting together a team, setting up a system for your company, creating your brand presence, readying yourself for the new launch, engaging with people and developing the perfect marketing strategy. You don’t have time to bite another apple when there’s already plenty on your plate.
Nearshore Outsourcing helps you manage and master other aspects of your business, and allows you to properly structure and set-up your company while an external agency focuses on the creation and completion of your soon-to-be-launched product.
MVP means a Quick Turn-around:
As already mentioned above, nearshore outsourcing an MVP means one less direction your team needs to be working in, which allows you to perform multiple tasks at the same time. While an external agency tailors your MVP to meet your customers’ requirements, you finish up marketing or set-up related tasks. Moreover, your team or workforce might not have worked on a similar project, which means doing everything, no matter how little, will take much longer time than taken by your well-experienced hired agency.
Your hired set of skilled personnel will be used to meeting deadlines. And thus, they’ll prove to be much more efficient than your team. In fact, the now-20 billion-dollar-company Slack was able to complete its MVP in the very initial days of their start-up by nearshoring. You can read their full story here.
To sum up, nearshore outsourcing your MVP can give your start-up the initial boost and the technical effort it needs to dominate the market!
To learn more about Staff Augmentation, read our blog on Staff Augmentation – An Effective Alternative to Nearshoring . If you need more information about Nearshoring see this article Nearshore Software Development Outsourcing for Established Companies .
If you’re interested in hiring a highly qualified, professional and experienced team of Software MVP developers, we at Digitisory can help you with that Click here to view our FREE Case Studies on Nearshore outsourcing Contact us here for quote and details.