You’ve got a digital product concept that you need to test in the market but how do you decide between building an MVP (Minimum Viable Product) or an MMP (Minimum Marketing Product)? And what’s the best go-to-market strategy for each?
In this article we’ll explore the differences between MVPs and MMPs so you can decide which one to go with, plus the options you have to get one built and the best approach to launch both in the marketplace.
The difference between an MVP and an MMP
An MVP (Minimum Viable Product) is a product with just enough features to allow for users to experience its core functionality. The objective here is to test the product’s concept and gather user feedback early on in the development process. The idea behind releasing an MVP rather than a fully-fledged digital product is to validate the product’s value proposition and identify problems which can be addressed quickly.
In short, an MVP aims to test and validate a product concept. We produced a complete guide to MVPs that digs deeper into minimum viable products.
Alternatively, an MMP (Minimum Marketable Product) is a product with enough features and functionality to attract early adopters and begin generating traction. It’s a product ready for market but doesn’t have all the features and functionality that the fully developed end product will have. An MMP aims to get the product into users’ hands as fast as possible, gather feedback, and use that feedback to iterate and improve the product.
To sum up, an MMP concentrates on getting a product to market and generating traction.
Should I create an MVP or an MMP?
So, how do you know whether an MVP or an MMP is the best approach for your new product concept?
Think of this as a digital project and start off with defining the specific goals and resources available to help you deliver that project. Considering certain factors will help you decide between an MVP or an MMP.
Market demand
If your digital product concept is very much a theory and you want to test the value proposition in the marketplace before investing the time and money in a full product, then an MVP is the way to go. Better to be sure there actually is a market for your product rather than assume there is then regret the time and money spent on a fully-fledged product nobody wants.
But if you have evidence there’s already a strong demand for the product and you have the resources to build the full product, then an MMP is the best approach. In these circumstances, getting the product into users’ hands is the most important thing so you can start gathering data and feedback from early adopters to iterate and improve future releases.
Development time and resource
It was Eric Reis in his book, The Lean Startup, that famously coined Minimum Viable Product (MVP), defining it as,
“A version of a new product which allows a team to collect the maximum amount of validated learning about users with minimal effort.”
In other words, an MVP means more speed and less spend when it comes to new product development – the emphasis is to gather user feedback as quickly as possible so you can start the process of learning as quickly as possible. This is the best approach when you have limited time and investment resource and are unsure of market demand.
Creating an MMP, on the other hand, requires more development time and therefore more investment. Often seen as the next practical step after an MVP in the product development process – think of it as version 1 of the product that you’ll release to the market.
In agile software development, an MMP will assume you’ve completed validated learning and have an evidence-based and data-driven understanding of your target users and preferences. This feedback will help you make the decisions as you iterate and improve future versions of the MMP until you’re confident in developing and releasing the full product.
Product complexity
When you come up with an idea for a digital product, it’s not the complexity of the product that can throw you off track. Indeed, the very things that fuel entrepreneurialism – your passion, excitement and drive - can distract you into getting caught up with the plethora of features it could have to please every user. It’s a natural thought process to have but it’s one that usually ends in costly failure. Not only will the product take a long time to develop, it’s a risky approach to develop features that haven’t been validated with your target users.
Whether your product is complex or not, creating an MVP will mitigate investment risk and reduce time to market. Testing the product’s core functionality and gathering user feedback will validate your hypothesis through gaining early insight on what does and doesn’t work before committing to full development.
Knowledge is power, as they say, and having user data and information in the early stage of your product’s lifecycle means you can establish a visible and defined roadmap for its development.
How do I get an MVP or an MMP built?
When it comes to how and who will build the MVP or MMP, there are normally two routes to choose from. Establish your own internal team and develop inhouse, or outsource to an expert external partner like a digital product studio.
This decision depends on the resources you have in terms of time, expertise and, of course, budget for creating the MVP or MMP.
When considering establishing an internal team, you’ll need to recruit and onboard expertise in product and programme management, UX and UI design, and front and back end development. An inhouse team can be more cost-effective in the long term as the team assembled will know the product inside-out. Plus a team that’s been together from the startup’s beginning can be invested in the brand’s vision and mission which lends itself to the success of the product throughout its lifecycle.
On the other hand, engaging with a digital product studio opens the door to wider expertise consisting of small, multi-disciplinary teams and the increased innovation that comes with external eyes and experience from having worked in multiple sectors. A digital product studio will also have established systems and processes in place to develop the MVP or MMP that get you to market quickly.