12 Aug Minimum Marketable Product: Launch Your Product Faster after an MVP
12 AUG 2019
“Wait, what is after MVP again?” This is a common dilemma start-ups and entrepreneurs fall into when they are on the verge of launching a new product in the market. So, we have a quick answer to this question.
Minimum Viable Product (MVP) is a commonly used terminology in the Start-up ecosystem but is not necessarily limited in the Start-up space, development of an MVP also pertains to every new project or product development.
What is an MVP?
Every Startup develops an MVP (Minimum Viable Product) out of the innovative idea generated that is believed to address specific problems in the market. MVP is your idea executed into a minimum feature-set product rolled out to early adopters with the object of gathering most data, information, market expectations, and feedback. The idea of an MVP is to use the least resources and test the idea in real market conditions. The benefits of developing an MVP are as below:
- Helps in answering what your product is exactly about
- Helps you determine which feature is most important or a must-have
- It defines the value you want to provide
- Helps you build a strong value proposition
- Helps you save cost & investment on features that are not currently needed
But What Comes After a Minimum Viable Product (MVP)?
One of the major Startup Pain Points is their confusion of “what to do after my MVP is developed?” A number of Entrepreneurs seem lost after their MVP is built.
MVP is a Process and not a Product – Eric Ries
MVPs are not just the products with sufficient features, they are the first version of your product. Once they are out their job is done. You might plan to develop and launch the full-fledged final product after the MVP is validated by adding all the rest of the features that you had planned earlier. Sadly, this should not be the case.
After MVP comes MMP – Minimum Marketable Product!
Launch your Product faster with MMP
An MMP defines the phrase “Less is More”. Minimum Marketable Product, as the name suggests, is the product with a lesser number of features that is already qualified for marketing and sale. It is that which solves the problems of the customers and is ready to be sold. The best example would be Dropbox! Dew never launched the complete product for users he instead created an MMP after his MVP received overwhelming sign-ups. Dropbox’s MMP won 1 Million users in less than 10 months.
For Entrepreneurs and new product developers, MMP which is also called MMF (Minimum Marketable Feature) is the answer to the question “What comes after MVP?” The truth is not all products that are launched after MVP become successful and entrepreneurs float on the surface of what went wrong with their final product. This is because you skipped the MMP stage.
MMP is creating a marketable product with lesser efforts. It is your next practical step in the product development phase. The main purpose an MMP serves is solving the immediate needs of your target customers by generating quantifiable business value. Unlike MVP, MMP includes must-haves features of your product that customers can make satisfy their immediate needs with.
As your Minimum Marketable Product makes a good impression among your target audience you go adding extra features & capabilities like an update or advancement to the product. Your successful MMP will build your final finished product as you go along with building brand-new business value.
How can you get your MMP Developed?
Star Knowledge is one of the best software development companies in the USA with 10 years of experience in custom software development. We have helped startups & established firms in bringing their new product ideas to life with our sound expertise in MVP Development.
Whether you’re looking for MVP Development Solutions or planning to get your Mimimum Marketable Product (MMP) developed contact our expert software consultants today.