The process of crafting a mobile app consists of many stages. The first one begins with you finding a unique business idea. After this, you will face the next crucial decision. That is why we decided to present you with the optimal options to go forward. Today, the most popular way to design a digital product is an MVP (Minimum Viable Product) approach. It is the way to use the minimum of your resources to verify your idea. Nevertheless, many myths surround the minimum viable product. This article will serve as your guide through the process. Also, it will help you to make an informed decision.
It is hard to choose the right option for your product. Especially at the beginning of the project. The most efficient way is the Lean approach with the minimum viable product. Creating that kind of product is not an easy task. MVP should be minimum effort and maximal results. Of course, it is all about collecting data to upgrade your product and maybe even generating a small amount of profit. Inside the lean approach exist quite a few options. We are talking about MVP, MLP, and MMP/MSP. These are all similar varieties of a minimum viable product. But you need to know the differences and use them to your advantage. Let me show you how to do it.
MVP – also known as a Minimum Viable Product
The founder of the minimum viable product idea is Eric Ries. In his book “The Lean Startup”, he says: “MVP is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort”. MVP is a product created with the minimum possible amount of your resources. Its foundation is the crucial functionalities of the app. The beta users will test them and get back to you. Their feedback will set out the future path for your product. The most common Lean approach is a minimum viable product.
Moreover, the minimum viable product will feed you information on all of the areas regarding product development. Thorough data analysis will reveal the market demand and trends of the industry. Additionally, you can obtain knowledge regarding implementing your product in the market. More so, future development and upgrades of the software will be a lot easier.
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Pros of the MVP
The minimum viable product is the app with the crucial functions. The development process of it is more efficient and cost a lot less money. Furthermore, if you pick this approach, later development will get easier. You will create any additional reworks or upgrades a lot faster.
One of the most important pros of the minimum viable product is the ability to collect quantifiable data. First users and clients of your app will create an information loop regarding the product. This data will show you what to develop next and which areas you should abandon. The minimum viable product can transform into a long-lasting product, relevant on the market for a long time.
There is another important thing you can do with data collected, thanks to the minimum viable product. It will help you with designing MMP/MSP – Minimal Marketable Product/Minimum Sellable Product. Next, you will find out what they really are.
MMP – also known as a Minimum Marketable Product (sometimes called Minimum Sellable Product)
There were more than 3 million apps in the Google Play Store in 2020. The same goes for the Apple App Store. You need to ask yourself a question. With what value your app will shine through this jungle of digital products? Think about the ways of marketing it and why the customers should desire it.
We mentioned the quantifiable data collected through the minimum viable product before. The product with crucial functionalities will help you to find an answer to the above questions. This will give you an insight into your next move – Minimum Marketable Product/Minimum Sellable Product. MMP is the version of the product intended for beta users. It will show the exact demand of your customers. When you have that information, you can develop MSP. This will reveal the functionalities users value the most. This will show you the full extent of the problem your app should resolve for the users.
MVP, as a market fit identifying tool
Using the minimum viable product will help you to identify your potential target users. Your app should be functional and fix the problem for someone. Then that person will be willing to invest in it. This is the first step to the bigger scale of your software. Releasing that version to the market gives you some profit as well. Continuing to improve it is more profitable. Implementing the complete product in the market takes a long time to do. And if it fails, you will have to face an enormous loss of money.
Consider this: Take care of the customer’s needs. Your product needs to be functional and desired. This will help you to break through tens of thousands of other apps. Answering your customer’s desires will let them feel cared for and understood.
In short, your app has to fix the immediate problems of your target group.
MLP – also known as Minimum Lovable Product
Love is ubiquitous in our world. This fact is undeniable. Anything loved is by design something amazing. It does not matter if it is a thing, a product, or something else entirely. This is why you have to think about your customer’s desires. They will have to be encouraged to use it daily.
MLP (Minimum Lovable Product) is an app loved by users. It cannot be late on the market. Especially when it is already a functioning market and the customers need it.
Except for crucial functionalities, MLP promises clients certain quality. It is all about taking good care of some functionalities before realizing the app. This will give your customers a unique experience. And connect with them on an emotional level. MLP should inspire confidence in the users. If so, they will recommend the product to their beloved ones and friends. This will be the foundation of the community surrounding your app.
Minimum Viable Product vs Minimum Lovable Product
The main difference between Minimum Lovable Product (MLP) and Minimum Viable Product (MVP) is their purpose. The minimum viable product is an app with one crucial functionality. Upgrading it will allow it to constantly evolve in the desired marketplace.
On the other hand, we have a Minimum Lovable Product (MLP). It is a combination of well-designed functionalities and the utility of the app. It has to have a lovable design and guarantee infallibility. MVP (Minimum Viable Product) is far more cost-effective. Especially during the first stages of development.
Nevertheless, the minimum lovable product provides customers with the most important experience. Namely, using the app to fix their problem and connect with the product emotionally. In other words, the client should fall in love with the product. It is a revolutionary way of thinking. But you should at least consider using MLP instead of MVP.
Minimal Marketable Product vs Minimum Lovable Product
A Minimal Marketable Product (MMP) is a streamlined version of the minimum viable product. There are few distinctions between them. Simply, it is the same product but in different stages of development. This is why we cannot speak about the duel between minimum marketable product and minimum viable product.
Whereas the difference between MMP and MLP is in the investment part of the development. Entrepreneurs often choose Minimum Lovable Product over Minimum Marketable Product because of the lesser costs.
Nevertheless, MMP/MSP (Minimum Sellable Product) leads to a faster return on the investment. Moreover, MLP requires customers to attach to it emotionally before investing in it.
Minimum Viable Product vs Minimum Lovable Product vs Minimal Marketable Product – comparison
|rapid development||rapid development||slower development|
|minimum functionalities allowing testing||minimum functionalities allowing the market release||minimum functionalities to attach the user emotionally|
|developed based on the idea||developed based on the data from the MVP stage||developed based on the MVP concept|
|fixes the user’s problems||fixes the user’s problems||fixes the user’s problems and forms the emotional connection|
|purposed for testing, not market release||purposed for market release||purposed for market release and breathtaking for the customers|
|business orientated||business orientated||user orientated|
|the cheapest option||cheap||cost depends on the designed functionalities|
Would you like to speak some more about your project? Are you struggling with the final decision? We have vast experience in MVP projects and transforming them to MMP. Also, we helped with the creation of quite a few lovable apps (MLP). We base our work on numbers, not guesses. Most definitely, you have the business idea. What you need to think about is whether it will be useful to the customers. Will solve their problems? Is it going to attract attention and build a community around itself? Answer these questions, and you are ready to start the development process. I hope you will make your decisions easily now and create the best digital product.