It’s an age-old question, and as a product agency, one of the most asked questions on any client scoping call.
The short answer to the question is it’s variable.
But we know you didn’t start reading this blog for a noncommittal answer like that.
To put things into context as a development agency, we have build MVPs for clients ranging from £15,000 to £150,000.
One was a B2C content aggregator application, and one was a sizeable B2B pivot, unbundling its in-house software to create a SaaS application to help the company monetise their in-house product.
The price of an MVP will always depend on the features of the MVP, the tech stack, in-house resources, timeline and industry.
So, there is no one single numerical answer when someone asks.
How much will an MVP cost?
Now we know that MVP prices vary the next question to ask is. How do I reduce the cost of an MVP build?
This question is easier to answer and at Jyst, we have created checklists and processes that are common in building a product that is capable of scaling.
Following these processes will save you approximately a third in the cost in development.
Here is a list of tips to shave off some costs of your MVP.
“Give me six hours to chop down a tree, and I will spend the first four sharpening the axe.Abraham Lincoln
Most people looking for a ball-park price on an MVP build still have a ball-park idea. That’s to say they haven’t invested the time in defining how the product will be used, or if there is a market for it. If this is the case, your idea or concept needs a design sprint.
Plan your Product with a Design Sprint
Design Sprints are the way forward if you want to build a scalable product. A Design Sprint is a workshop that allows you to ideate, refine concepts and start you on your journey to building a digital product.
With Jyst at the end of our week-long design sprint clients receive a high-fidelity prototype. Whilst the prototype is the end goal, the process of building the prototype covers so much more in the weeks’ workshop.
- Creating personas of your target market,
- User testing
- Research and analysis into user attitudes and behaviours
- User journey mapping
- Customer insights and feedback
As a digital product agency, we can confidentially say if you run a design sprint, you can develop and build an MVP for 30% less.
How can you build an MVP for less?
One of the biggest mistakes you can make when building a product is ploughing headfirst into coding and development without doing the necessary pre-planning to construct a modern-day scalable application. By planning and prototyping alone, you can save weeks and months in reduced time development time.
A High-Fidelity prototype provides an end-user or investor with the real-world look and feel of the application. From animated transition to swipes and gestures, clickable prototypes mimic how the user will experience the application.
There are so many good reasons to invest in a high-fidelity prototype. At Jyst, we believe they should be a prerequisite before building a product.
Reasons to invest in a design sprint?
Firstly they can be presented to investors to source funds. In fact, as an agency, we see more High-Fidelity Prototypes invested in over MVP’s.
- They minimise the need to re-build your post product MVP.
- They highlight omissions and oversights in your feature set.
- Allows you to get a firm-fixed-price on the development from an agency.
- It prevents project creep and will enable you to budget and start building your product roadmap.
Have an MVP in mind? Discuss with the team and start building your Scalable MVP today.