Going the Whole Eleven Yards: MLP, MVP, MSP, MMP

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.

ALSO READ: INNOVIFY ADDRESSES THE PROBLEMS FACED WHEN YOU HAVE A STARTUP IDEA

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 fulfill 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?

No.

Here are three relevant stages to know how you can create your MSP.

1. Identify an urgent requirement.
2. Offer instant value or immediate solution.
3. 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.