Nowadays, businesses have become smart and they know the value of developing Minimum Viable Products around their present industry. Not all the business operators’ pockets are heavy so they can build a product on their own money and capital. At that time businesses like Fantasy Sports, and App Development choose MVP, so they can test their concept with their users; also raise some funds for further product development.
Stasia claims that 25% are abandoned by the users after using it for once, as the market is overloaded with similar apps and online services. The competition has made it quite challenging for all the industrial applications to survive in the market and hence, it’s important to even make out some money from the new product. MVP building is like a prototype in terms of checking the functionality and how successful your business idea is, without investing a lot of money. While testing, you can even raise funds through this MVP to expand your business.
What is a minimum viable product?
The concept of a Minimum Viable Product is an idea inspired by the Lean Startup methodology. It is basically to launch a product with minimum features and functionality to get users’ feedback as quickly as possible to enhance the quality of the product. Also, it helps the developers as well as the fantasy sports business operators to analyze the chances of product success when they finally launch it.
Advantages of developing an MVP
Here are the benefits of developing an MVP:
01. Investors can see the Product Functionality
The minimum Viable Product framework is very important to secure investment funding as it allows business owners to check the product functionality among real-world users. In the beginning, it is quite a challenge for businesses to attract investors by showcasing the potential of their products, which is quite common in the Fantasy Sports industry.
As the market is already loaded with thousands of fantasy sports apps, MVP helps you to analyze that it is a customer-centric app and also gets your users genuine feedback. To seek a huge investment, MVP is necessary for the app development process.
02. Investors can Analyze Product Potential
One of the objectives of MVP is to check product viability in the marketplace. It means testing the product’s market demand and whether the consumers are willing to pay for it. Before launching the product, using user feedback Fantasy sports operators can improve their product as per the market demand.
Moreover, MVP has become the trend in app development and is also becoming an absolute favorite of Fantasy Sports App operators. Investors are also supporting it, so they can invest their money in the right place and can make huge benefits out of it.
Find Investors after developing MVP
The primary concern of any businessman is investment and attracting investors. If you have already developed your Fantasy Sports MVP, time to find some potential investors:
03. Begin with Research
Raising money with mobile applications is quite a challenge due to the competition in the market and awareness among users. One way is to attract huge investors by creating a Minimum Viable Product. Before pitching to any investor go through their investment history and understand their goals and objectives.
An investor must be expecting this much effort from your end, and you should know something about their background too. Also, be wise while choosing investors in this time of crisis.
04. Focus on Product future
Focus on the past, present, and future of the product while pitching your product. This will showcase your planning and product potential to grow in the coming future. For Fantasy Sports Platform, showcase the growing interest, awareness, and opportunity in the nation. Online sports platforms are providing a chance for all sports fans to use their knowledge and enjoy their favorite sports. Play in numbers to attract investors.
05. Create a Strong Pitch for Investors
After finding and knowing about your investors, time to create a pitch that resonates with them. Focus on the specifications of your fantasy sports MVP product, that looks more promising to you and interests the investors.
By showing the growing interest and user base of competitive Fantasy Sports apps, you can gain their confidence. Also, bring other unique selling points about your product into the limelight.
06. Be Prepared to Solve Queries
Be clear about your product thoroughly as the investor is going to shoot a lot of questions at you before investing in your MVP. Be honest with the challenges and risks involved in your product. When you are pitching a Fantasy Sports App, be ready to resolve their concerns related to the legality, competition, and authenticity of your product. Tell about your plan for the product and attract a huge investor base.
07. Optimize Your Cash Position
Before pitching the product to potential investors, optimize your cash position. Know about the burning rate to ensure that you have enough cash to survive the business in case you won’t be able to raise money. It is necessary to have a plan and clarity about the way you will seek the funds. This clear pitch will help you to attract investors and give them confidence in your business model. Also, check out the MVP stages of your investors too, to know their experience with funding.
Conclusion
Deciding whether to build an MVP or not is quite challenging as it will affect the credibility of your app and services. Hence the above article will help you to understand the benefits of developing an MVP to beat the Fantasy Sports operator’s market competition. Hire fantasy app developers to ensure that the MVP can become a lucrative source of making money.
