Many of you may know what a minimum viable product (MVP) is. It’s a powerful basic model that explains what your product does and why prospects should buy it. So in a way, MVP teaches you how to build good, sustainable products.
But having said that, MVP doesn’t define everything about a product; it has a preceding stage (minimum learn-able product, i.e. MLP) and two subsequent stages (minimum saleable product, i.e. MSP and minimum marketable product, i.e. MMP). Let us comprehend these four stages.
MLP: The First Development Stage
The ultimate guide to building MVPs is to start with the minimum learnable product. Because you should be able to create an MVP in a little time; a prior stage is needed. What will go into building an MVP is the significant information you have to gather in this stage. Here’s what that information is:
- What you need to know: What attracts prospects?
Search for different product specifications and check out a significant number of landing pages. Scan it with different target audiences.
- What you need to know: Their first response!
Send emails to prospects and give your offer. Know their instant reaction. Seek advice, if needed.
- What you need to know: What do prospects trust?
Write blogs and share them in forums. Create Meet-up Groups and discuss issues. Get quality feedback from your readers. Study existing solutions they are using.
The above exercises help you to better understand what users need. It’s now that we move on to the next stage.
MVP: Why You Should Care About It
Minimum Viable Product; Sounds very simple, but it isn’t. Let’s find out why…
There are two valid reasons for this:
Failing to understand the marketplace and the viability associated with it, in other words — what is failing and why
- Not understanding the suitability and scheduling of a product customers require
- Lack of attention
How can you make it simple?
Consider both supply and demand, and build something that people can buy. You need skills and resources for what you want to build. For this, know what the market is looking for and what prospects need. This means, you collect all kinds of validated learning about prospects with minimum efforts and create the version of your new product.
So, what should you do?
You must know that MVP is not a product but a learning vehicle which validates the business model.
Your product should match the user needs and fulfil the void in the market. Do not build a product that nobody wants, and maximise the validated learning. Go one step ahead too – gauge the pace of change in the market. It’s an important feature for a viable business model.
Also Read: INSIGHTS THAT WILL TURN YOUR MILLION DOLLAR IDEA FOR A TECH-STARTUP INTO A BILLION DOLLAR IDEA!
MSP: The Selling Point
MSP, the minimum saleable product, is the hard sell. You have an MVP, but the product still doesn’t exist.
So, how do you plan to sell something that does not exist? Sell it to oneself?
Here are three relevant stages to know how you can create your MSP.
- Identify an urgent requirement.
- Offer instant value or immediate solution.
- Plan marketing in a strong way.
Once you recognise your requirement get an understanding of your market and space, i.e. where it is headed? Ask yourself, do I already have a potential user?
Provide value immediately. Add value like income and profits. Bring something that’s difficult to get, like traffic, leads, sales and inventory.
Make a strong marketing plan. Explain the things you wish to do. Do you possess the basics like one-pagers, email templates, page link and a website?
Simultaneously, you should consider competitors’ products and your main hurdles.
MSP is needed for product functionality as it helps pay you. MVP already permits you to know customers’ feedback. Their suggestions tell you how many more features you need to add to make your product saleable. Make a thorough study of their wishlist advice and do your evaluation.
MMP: On Your Toes
With the market changing fast and all the time, you are on your toes when the time comes to launch your product. At this stage, there are two things you can focus on:
- Recheck the product viability, and
- Customer expectations
Remember, MMP is not a ‘ready’ product, but it helps you launch your product with much effectiveness.
MMP is the product that has the least significant feature set which creates the appropriate user experience while still addressing the user’s needs. It lessens the time-to-market it and helps you launch your goods faster.
When the feature is part of a reputable product, particularly in big enterprises, make an attempt to apply anMMP methodology where you focus on understanding the prevailing product landscape, quickly iterate on your feature and lessen the period to market.
A product must have just the correct amount of features, don’t create unnecessary ones. Superfluous features don’t give value to the users. They just clutter your product and increase the cost of maintenance. Use the fundamental MMP idea to help you focus on the things that truly matter. Remember the basic concept of MMP is —aim to get more from less.
In the end, we hope that you have understood relevant things about all four stages, MLP, MVP, MSP and MMP. Share your ideas and views with us, if you have more on these.
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