Developing an MVP helps start-up companies get a clearer view of the market because it can gather user feedback, conduct a feasibility study and adjust the development process based on the data that is received. An MVP can resolve some of the initial challenges start-ups face, although once this step is ready, you will start to wonder what’s next, and a minimum marketable product (MMP) is the second step.
What is an MMP?
An MMP is the version of your MVP that can be presented to the market. The product you wish to introduce will evolve over the course of collecting consumer response data, and the goal is to create a product that will meet the untapped needs of the consumer. The MMP can be considered the first actual step towards a real product.
MMP will reduce the time taken to release a product into the market while providing a lower cost than producing and launching a complete product. MMP will also allow important customer feedback, which will help you improve the final product and can potentially become an early source of revenue.
Minimum Marketable Release (MMR) is a term that is often used interchangeably with MMP, so it’s important to have an understanding of the difference because they are not the same. MMP is the first version of a product that you can develop and sell later on, whereas the version of the product that is ready for launch into the market is known as MMR. Minimum Marketplace Release is the version of the product that actually meets the market.
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What Comes Next?
The next stage of the process will include the Minimum Marketable Feature (MMF), which clarifies the purpose of your product, so it has the potential to be launched alone as a complete product as a result of its intrinsic marketable value.
This is the stage during which you start to generate substantial revenue for the company by saving costs, and it’s also when you will start to create a loyal customer base. MMF will increase consumer awareness of the brand and create revenue generation because it has the potential to be launched separately, so it can provide you with a competitive edge over similar products in the marketplace.
Minimum Lovable Product is the last stage of the process. This final stage can be considered the ultimate offering by your company in the shape of an actual product that you developed through informed learning. This step is created when the most crucial features of the product are improved for better quality and is ultimately meant to be enjoyed. Your customers have to like the product and not just its basic functions genuinely, and MLP can help in this regard.
If you need help with MVP development, Konverge will be able to assist you through the different steps. Fill out the form below or head to our contact page and see how Konverge can help you get your MVP ready and start growing!