Minimum Viable Product (MVP) is a commonly used terminology in the Start-up ecosystem, but an MVP development also pertains to every new project or product development.
In a previous article, we discussed the reasons to build an MVP (minimum viable product). Building an MVP allows companies to see the market picture clearer: they can conduct a feasibility study, gather users’ feedback, and adjust the development process according to the received data.
MVP is a method that helps to create a final product with the biggest number of functions expected by a target audience and also to offer the fastest product to the market.
We discussed why building an MVP is the best strategy for your app idea.
Now that you have an MVP. What’s next?
Once you have your Minimum Viable Product, you could take the next step and try to introduce your product to the market.
MMP stands for Minimum Marketable Product and it is the minimum number of products that can be produced and delivered so that they can be presentable and usable.
An MMP solves the problems of the customers and is ready to be sold. A great example would be Dropbox, they created an MMP after their MVP received overwhelming sign-ups. Dropbox’s MMP won 1 Million users in less than 10 months.
MMP is creating a marketable product with lesser efforts. 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-have features of your product that customers can make to satisfy their immediate needs.
Shifting from MVP to MMP
To build a successful MMP you should limit the product to a specific market segment and select only those necessary and essential functionalities for a given target group. Those functionalities should have been determined by your MVP. Every decision you make depends on the MVP validation.
Sometimes your MVP is made up of a simple prototype, thanks to which you can test the reasonableness of the idea. This approach increases the success of the final application or system. Remember to always have a clear vision of the product you manufacture.
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.
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