Comparing and Contrasting MLP vs MVP vs MMP/MSP
You’ve finally figured out your perfect SaaS or app idea. You spent the proper amount of time to make sure that your idea is worth your money, time, and effort while having to make money potentially. The next step in the application or landing page building process is to create your first version of your product so you can see how it’s received by your future user base.
When you go to create this first version of your application, you have a few different ways that you can choose to have it made. Knowing the difference between these three acronyms, and what it means for your application, can be hard to understand. We’ve broken up these three acronyms to help you understand the differences and what each will offer.
Minimum Viable Product (MVP)
The Minimum Viable Product, or MVP, is the standard minimum product you can make. It’s the most basic version of an application you can create and launch to get a reaction from your test market. Using Minimum Viable Product allows you to collect data while learning what the market wants and needs from your products.
The Minimum Viable Product allows you to learn the most from your customers with the least amount of effort. It will help you determine if your application is good enough to move forward for a full launch. You don’t want to waste your business’ time on an idea that isn’t worthwhile. If customer insights show that they won’t buy the product regardless of the changes made, it’s useless to spend your time creating it or even including it in your business roadmap.
The Minimum Viable Product is created with the most basic functionality. Once you have tested the application on your test market with an ecommerce store or other selling channel , you can come up with ideas on how to make your application better in the future. Try using effective roadmap prioritization templates or tools to help you with planning.
This will lead you to create another Minimum Viable Product with updated features and functions to test again to see if your application is meeting customer’s needs. This process may need to be repeated several times.
Advantages of the Minimum Viable Product
- The cost and speed of the development of your application are very low. This makes it a simple way to get your idea and product landing page out without having to spend a ton of money to do it.
- It allows users to see the idea of the application, without having to build out the full application saving you from using valuable resources.
- Testing is simple with the MVP and allows you to see if this type of idea is needed for the market you’re developing it for, or if there is a specific group that could need your type of product.
Disadvantages of the Minimum Viable Product
- While the Minimum Viable Product provides basic functionality, it’s not good enough for a full launch. You’ll need to work on upgrading and developing the application further before launching your application completely.
- You’ll end up needing multiple Minimum Viable Products. You’ll have to update your application multiple times as you gather user feedback through personalized customer service whether that’s through emails or even through different calling options like webinar meetings or video conferences to improve the overall product.
- This is typically best for software or companies offered a packaged service and doesn’t work for many business models. For instance, if you created online courses, you wouldn’t want to use the MVP model because the courses have to be as polished as possible prior to offering them to your audience.
Minimum Marketable Product
Once you have spent time testing multiple applications of the product, and have enough Minimum Viable Products, you’ll understand the basic interface you need for your product. You’ll have an idea of what your customers need and want from your application. At this point, you have a Minimum Marketable Product or MMP.
The Minimum Marketable Product is the best version of the Minimum Viable Product you will be left with after you’ve completed extensive testing. While the Minimum Marketable Product still has very basic features, it will address the pain points and needs of those who will be using your application. The goal is that one day those features will become payable features, which makes the product marketable.
The Minimum Marketable Product does not include extensive usability or creates an emotionally engaging design. It still has basic functionality like the Minimum Viable Product but has been tested enough to be marketable. The Minimum Marketable Product allows you to build from what you’ve learned during user feedback and testing. From there, you can measure the usability and overall success of the future application.
Advantages of a Minimum Marketable Product
- You’re able to get your application on the market faster because you’re working with a more basic framework compared to full application development.
- Less expensive than if you designed a full version of your application.
- If done right, your Minimum Marketable Product can start to gain some return on your investment while you work on furthering the success of your application.
- The scalability of the application allows you to make changes as needed, instead of having to pull the application off the market to make tweaks.
Disadvantages of a Minimum Marketable Product
- You are working in a saturated market. There are over 4 million applications combined on Google and Apple marketplace. This number is growing every day, with hundreds of options available in every category.
- It will be hard to gain traction for your application unless you have a groundbreaking, brand new idea. If not you’ll have to pay influencers and popular brands to promote your application to grow traction and develop a brand identity.
- If you’re not reinventing the wheel with your idea, there is probably an application that is already fully developed with similar features to yours. This makes it hard for your application to compete against a fully developed application with an established audience.
Minimum Lovable Product
If you have a solid mobile idea for an already established market, then you need to invest in creating a Minimum Lovable Product. While the Minimum Viable Product and Minimum Marketable Product only show tiny bits of a final product, a Minimum Lovable Product is designed to have full functionality immediately so that users will adopt the product right away.
Close to the name, Minimum Lovable Product is designed to trigger attachment and emotion to create engagement with the application. It’s more than just bare functionality, the application now encompasses some decently designed user-face and focuses on more important features of the application.
Advantages of a Minimum Lovable Product
- Instantly builds an audience by evoking emotion in the user to become attached to the application.
- It allows you to fully evaluate your ideas. You can tweak little bits of the application to create a better product.
- Great way to jump into the market if you have an application idea that you know will gain traction because it falls into an already established market.
Disadvantages of a Minimum Lovable Product
- Takes a lot more time and money to create a Minimum Lovable Product because more of the application is built out compared to other models. However, if users do end up building an emotional connection to your product, you’re more likely to achieve your long-term application goals and reduce churn in the future.
- If you made a wrong turn and created something that wasn’t beneficial for the market, you’ve already invested a lot of resources to create the current application. This makes it difficult to start over again from scratch, unlike using a Minimum Viable Product.
Summary of Differences Between MLP, MVP, and MMP
We provided you with a lot of information on the differences between all three of the design types you can choose from. The best option for your idea is the one that best fits with where your application is on the development cycle. Some applications are ready to jump into an established market, while many are so new they require lots of user feedback. Here is a quick summary of your options.
Minimum Viable Product
The Minimum Viable Product is the simplest form of creation. The low cost and low turn-around time for application development helps you to quickly get your app running. The Minimum Viable Product only allows for minimum features to test your idea. The framework is built from the initial idea and addresses some type of need. This is not a product ready to be fully released to an audience, just a starting place for your application. To save on costs, you could even test your product by using a landing page before prototyping and building it.
Minimum Marketable Product
The Minimum Marketable Product is an application that is built from multiple Minimum Viable Products. It incurs a medium cost and medium turn-around time for application development. This application is sellable the way it is and if you’ve created the proper application, it can help you gain a return on your investment while still having the ability to update the application. This option only contains minimal features.
The framework of the application solves a problem and can be marketed to your audience. to be offered. While you’re unable to sell this product right away, you can create heavy engagement among your application so users will love it immediately. While minimum features are still offered, certain key features and user interfaces are built out. This framework is designed to be user-oriented.
Minimum Lovable Product
The Minimum Lovable Product creates something that users will fall for emotionally and will eagerly wait for the full release of your product
This guide should be used as a base to understand the difference between the Minimum Viable Product, Minimum Marketable Product, and the Minimum Lovable Product. Creating an application using the proper framework and method will make all the difference in the success of your application.
This post was written by Ricky Wang. He is a teen entrepreneur and founder of RickyWang.com. He provides digital guides and the hottest deals on business software to help aspiring entrepreneurs start a blog and a successful online business. You can connect with Ricky on Twitter and LinkedIn.