The field of software holds many acronyms that are not always easy to understand and decode. MVP stands for minimum viable product and is a product development strategy that involves creating a product with just enough features to allow users to experience its core functionality. On the other hand, MMP is something different and stands for a minimum marketable product. It is a product that has the minimum set of features that are needed to enter the market and be competitive.
Even though, we encoded the meanings of those letters it may still live you with many questions. Since software development may be a geared investment for your company it also carries a lot of risks and stresses with it. To help you and ease the process of research we created a blog post to understand the differences between MVP and MMP. The knowledge will help you choose the right approach for your product development needs. You will also learn the benefits of using an MVP or an MMP, and how these approaches can help you gather valuable customer feedback and data to inform your product development decisions.
Seven Stages of the Product Development Process
The stages of product development generally follow a linear process, although there may be some overlap between stages and the process may only sometimes be sequential.
- Idea generation: This is the first stage of the product development process, where ideas for new products are generated and evaluated. This can be done through brainstorming sessions, market research, and customer feedback.
- Feasibility analysis: In this stage, the feasibility of the product idea is assessed. This includes evaluating the product’s technical, market, and financial feasibility.
- Concept development: A concept is developed for the product if the product is deemed feasible. This includes defining the features and functions of the product, as well as the target market and positioning.
- Design and prototyping: In this stage, the product is designed and a prototype is created. The prototype allows the team to test and refine the design of the product.
- Testing: The prototype is tested to ensure it meets the desired performance and quality standards. This may include testing in a laboratory, with focus groups, or with a small group of users.
- Launch: If the product passes testing, it is ready to be launched in the market. This includes developing a marketing and sales plan, producing the product, and distributing it to customers.
- Post-launch review: After the product has been launched, the team should review the product’s performance and gather feedback from customers. This information can be used to inform future product development.
What is an MVP?
An MVP, or minimum viable product, is a product development strategy that involves creating a product with just enough features to allow users to experience its core functionality. The goal of an MVP is to gather the maximum amount of validated learning about customers with the least amount of effort. This strategy is often used by start-ups and businesses that want to quickly test the market for their product and gather feedback to inform future development.
There are several benefits to using an MVP approach. One of the main benefits is that it allows businesses to test their product idea with minimal risk and cost. By launching an MVP, companies can gather valuable data and insights about their product, which they can use to make informed decisions about its future development.
Another benefit of an MVP is that it allows businesses to get their product to market quickly. By launching an MVP, businesses can begin generating revenue and gathering customer feedback sooner, which can help them improve their product and stay ahead of the competition.
The product development process of an MVP
So, what goes into creating an MVP? Here are the key steps:
1. Identify the core functionality of your product.
Before you start building your MVP, it’s essential to identify the core functionality of your product. This will help you focus on the most important features and eliminate unnecessary ones. To do this, ask yourself the minimum set of features that would make your product useful and valuable to your target audience.
2. Create a roadmap for your MVP.
Once you’ve identified the core functionality of your product, it’s time to create a roadmap for your MVP. This should include a timeline for development, a list of the key features you want to include, and any dependencies or constraints that need to be considered.
3. Build and test your MVP.
With your roadmap in place, it’s time to build and test your MVP. This may involve creating prototypes, conducting user testing, and gathering feedback from potential customers. Remember that your MVP is meant to be a minimum viable product, not a fully-featured product, so don’t worry about adding too many bells and whistles.
4. Gather and analyze feedback.
Once your MVP is launched, gathering and analyzing user feedback is important. This will help you understand what’s working well and what needs improvement. You can gather feedback through surveys, user interviews, and online reviews.
5. Iterate and improve.
Based on the feedback you receive, it’s time to iterate and improve your MVP. This may involve adding new features, improving existing ones, or changing your business model. It’s important to keep in mind that your MVP is just the beginning, and there will be plenty of opportunities to continue improving and evolving your product.
In summary, an MVP is a product development strategy that involves creating a product with just enough features to allow users to experience its core functionality. It’s a great way for start-ups and businesses to quickly test the market for their product and gather feedback to inform future development. Following the steps outlined above, you can create a successful MVP that helps you gather valuable data, get your product to market quickly, and improve over time.
What is an MMP?
A minimum marketable product (MMP) is a product that has the minimum set of features that are needed to enter the market and be competitive. An MMP has more features than an MVP, but it is still a stripped-down version of the final product. The goal of an MMP is to enter the market as quickly as possible and begin generating revenue while gathering customer feedback to inform future product development.
An MMP is intended to be a more complete product than an MVP, with enough features to meet the target market’s needs and compete with similar products in the market. However, it is still not the final, fully-featured product, as it may not include all of the bells and whistles that the final product will have.
The decision to release an MMP should be based on market demand, customer feedback, competitor analysis, and product-market fit. It is important to carefully consider the balance between releasing a product with enough features to be competitive and not overloading the product with unnecessary features that could slow down development and increase costs.
Main Differences between MVP & MMP
In summary, the main difference between an MVP and an MMP is the focus of the product. An MVP is focused on gathering learning and feedback, while an MMP is focused on entering the market and generating revenue.
Why is it essential to start from MVP?
Starting with a minimum viable product (MVP) has several benefits:
1. Time and cost savings: Building an MVP allows a company to test a new product or service in the market with minimal time and resources. This means the company can gather valuable customer feedback without incurring the high costs of developing a fully-featured product.
2. Validated learning: An MVP allows a company to gather feedback and data from real users, which can inform future product development and help the company make informed decisions about what features to include in the final product.
3. Risk reduction: By testing an MVP in the market, a company can gauge customer interest and assess the product’s viability before committing significant resources to its development. This can help to reduce the risk of developing a product that ultimately fails in the market.
4. Faster time to market: An MVP can be brought to market much faster than a fully-featured product, allowing a company to generate revenue and gather customer feedback sooner.
Overall, starting with an MVP allows a company to test a new product or service quickly and efficiently, gathering valuable feedback and data that can inform future development and reduce the risk of failure.
How do you know if MVP has reached MMP?
There are a few ways to determine if a minimum viable product (MVP) has reached minimum marketable product (MMP) status:
1. Market demand: If the MVP is generating strong demand in the market, it may be time to consider adding more features and releasing an MMP.
2. Customer feedback: If the MVP receives positive feedback from customers and there is a clear demand for additional features, it may be time to consider releasing an MMP.
3. Competitor analysis: If competitors are releasing products with similar or more advanced features, it may be necessary to remove an MMP to remain competitive in the market.
4. Product-market fit: If the MVP is achieving product-market fit (i.e. it is meeting the target market’s needs), it may be time to consider releasing an MMP with additional features to meet the full range of customer needs.
Ultimately, the decision to release an MMP should be based on a combination of market demand, customer feedback, competitor analysis, and product-market fit.
How to move from a minimum viable product to a minimum marketable product?
Now, the important question is what approach you need to take to develop MVP to MVP. There are several things to consider, but choosing the next steps should be dictated by user feedback.
Improve the design of your application
After the MVP stage, it’s time to focus on the UI – the look and feel of the product must be solid to compete in the market. A good practice is to enhance your application design with emotional design. Emotional design is the concept of how to create designs that evoke emotions that result in positive user experiences. Giving your application a signature personality will create recognition, a good example is a Mailchimp mascot.
Enhance user experience
Identify friction points of the customer journey and use this information to optimize the user experience. You can use Userpilot to set up goals and track their performance at every stage of the user journey.
Apply user feedback
Developing MMP isn’t only about improving visuals, but most importantly in this stage, you will add new features or rebuild existing ones. During MVP you should conduct user research and identify features that will improve application usability. Perform usability tests to identify and fix any issues that could make your users’ lives difficult and stop them from fully experiencing the value of your product.
In conclusion, a minimum viable product (MVP) has just enough features to allow users to experience the core functionality of a product. It is used to gather as much validated learning as possible about a product with the least effort.
A minimum marketable product (MMP) is a product that has the minimum set of features that are needed to enter the market and be competitive. It has more features than an MVP, but it is still a stripped-down version of the final product. The goal of an MMP is to enter the market as quickly as possible and begin generating revenue while gathering customer feedback to inform future product development.
Starting with an MVP allows a company to test a new product or service in the market quickly and efficiently, gathering valuable feedback and data that can inform future development and reduce the risk of failure. An MMP is a complete product intended to meet the target market’s needs and be competitive. The decision to release an MMP should be based on market demand, customer feedback, competitor analysis, and product-market fit.