Developing tech solutions for the healthcare industry comes with extra hard challenges. There is too much at stake for patients and medical professionals. Therefore, healthcare software should align with industry regulations to deliver high-quality, effective solutions. Yet, designing a full-scale healthcare app or system without an MVP project sets you up for failure, especially in the modern fast-pasted digital environment.
Let’s address all your concerns and prove that MVP development is an essential step if you want your healthcare tech product to succeed on the market. Read on to learn the significance and core benefits of the MVP project.
Let’s settle: What’s an MVP?
Don’t mistake MVP for a product prototype or proof-of-concept. A minimum viable product is a development strategy and product management approach used to create a limited product version with just enough features to satisfy early adopters and gather their feedback for further development.
MVP quickly validates a product idea or concept with real-time users, minimizing resources and time invested in building a full-scale product that might not meet market needs. https://otakoyi.software/blog/benefits-process-of-healthcare-mvp-development – check the healthcare MVP development guide highlighting the process and must-have features.
MVP is not just another hyped term in the tech industry. The MVP concept represents an agile software development approach that emphasizes the importance of customer-centric development and validated learning to deliver outstanding results and set startups for greater market success.
Why it’s significant to include the MVP stage in your healthcare product development workflow?
Here is a harsh truth no entrepreneur or business wants to hear: About 90% of tech startups fail each year, according to various research conducted in the past years. Moreover, 34% fail due to a lack of product-market fit. Now, the question is how to secure your chances in the competitive market and be 1 out of 10 startups that succeed. MVP project development is the secret weapon some prefer to overlook.
There is nothing bad in confidence and trust in your ideas. However, launching MVP first offers you proof your product concept meets real-user demand, connects you with early adopters that provide valuable insights about their needs and user experience, and indicates any possible risks early on. A minimum viable product is a bullet-proof approach that shields your startup from failing hard on the market and empowers you to deliver outstanding and revolutionizing tech solutions for the healthcare industry.
4 game-changing benefits of MVP development
MVP can offer startups numerous advantages, including staying ahead of the competitors and significantly saving funds and money resources. However, let’s focus on the top 4 benefits that empower any tech healthcare business to great success:
- Accelerated time to market
Building a brand-new full-featured app or software is a highly time-consuming process that takes several months. While you create your picture-perfect solution, your competitors can launch similar products, leaving you no room for growth in the future. However, developing MVP is much faster, meaning you can launch the product version at an early stage and mark your territory on the market. That way, you will start growing your audience, building a reputation in the community, and dominating your niche. We all know that time is money. And MVP development lets your ideas see the real world much faster, allowing you to start making minimal profits before the final full-scale version release.
- Test product concept on real-life users
Some healthcare startups focus more on business and less on customers. However, it’s crucial for the product’s success to align with public demand. By launching MVP first, you can validate your product concept on real-life users, patients, and medical professionals to gather their personal feedback. Based on early adopters’ reactions, you can alter your product development plan to fit their needs and provide impeccable solutions to common pain points. Implementing changes in the early stages shields you from failure on the market and saves significant money and time resource you could’ve wasted on non-suitable solutions.
- Attract new investors
One of the greatest benefits that MVPs possess for startups is the ability to attract new interested investors. A minimum viable product is the best representation that your ideas can make real change in the world. Most importantly, it validates the public demand and indicates your unique niche in the market, signifying the product concept is highly profitable. And what else do investors care about, if not high profits and accelerated ROI with the inspiring idea behind it? A successful MVP will attract extra funding for your startup, allowing you to implement out-of-the-box tech solutions and overall feel more secure entering a highly competitive healthcare industry.
- Indicate and mitigate possible risks in the early stage.
Of course, with an effective risk-management strategy, you can indicate possible risks without launching MVP. However, the damage that will be done to your business when some of the dangers resurface after the final product launch is much more significant. Releasing a limited-functionality MVP gives you valuable insights into the market dynamic, consumer behavior, and new-coming trends. Predicting and indicating risks in the early stages helps you improve the product, implement new marketing strategies, and enhance risk management approaches.
Still not convinced? Take an example from world-famous companies that launched MVP first.
Some businesses think they’re beyond MVP development, falsely assuming it’s a precaution for “inexperienced startups.” Well, MVP is a wise development approach that prioritizes customer experience to deliver a world-leading product. Here are some examples of infamous companies that started out as a simple MVP project:
- Airbnb started as a single-page website with limited vacation rentals options;
- Amazon was just a book-selling online platform;
- Uber was an invitation-only ride-sharing app in San Francisco and NYC;
- Twitter was first developed for internal use before it went public and struck.
The MVP development stage is a crucial step for any tech healthcare product as it highlights potential problematic areas that need extra attention, validates the market demands, and reveals end-users’ realistic expectations, needs, and preferences. Why stress about if your final product will strike the industry if you can test the healthcare MVP and be certain that it will?