The Next Step: What Comes After MVP Development?
Developing an MVP, or Minimum Viable Product, is a vital part of early product development. However, MVP development is not the end goal itself. It is only one of the early phases in the entire process of developing your product.
MVP development is a tedious process that involves time and resources. When the MVP is developed and when the MVP development goals have been met, what comes next? What are the next steps to take?
Once you are done with the MVP, you can then proceed to your MMP or Minimal Marketable Product.
What is an MMP?
Once your MVP development goals have been met, you can now take measures to further develop the product in order for it to be worth marketing. This specific version of the product is known as the Minimal Marketable Product, or MMP. The MMP is a version of a product that only has minimal features but is still worth marketing and is able to be successfully sold.
An MVP focuses on validation from the market while an MMP is a product that is ready to be purchased and sold. This means that by using an MMP, time-to-market may be reduced. Thus, less time is required to launch an MMP that has more features compared to a fully developed product.
In addition to being a product that is ready to be sold, the MMP also includes the minimum amount of products that can be produced and delivered so that such products would be usable and presentable. Hence, the product’s core functionalities must be included in the MMP in order to meet the customers’ needs, achieve the desired UX, and facilitate the generation of quantifiable business value. With its non-negotiable and core functionality, an MMP can be released to the market. As the development progresses, the MMP can be later on developed and scaled further by the incorporation of more desirable features and functions.
As implied earlier, the MMP and the MVP are not the same. The MMP must be sufficient enough for it to be released to the market. Preparations have to be made in order for this goal to be met. These preparations may include hosting ad campaigns, planning the launch, or processing the accreditations or certifications if necessary.
The future of a product may be the most uncertain yet the most important consideration. Despite extensive market predictions and research, there is no guarantee about how a product will fare upon release. Thus, through the use of an MMP, losses and risks can be minimized and managed.
Incorporating an MMP in the product development process could benefit companies in a number of ways:
- Reduce time-to-market
- Reduce costs of development
- Reduce overall financial investments
The main concerns of having an MMP are:
- How can we be certain that our MMP will bring these benefits?
- How can we be certain that the first version of our MMP would be worth selling?
Thus, given these concerns, it is essential for the MMP to be built and based on the MVP. Including several MVP versions in the MMP could lead to two key advantages:
- The MVP would help refine and develop the MMP by granting feedback and room to further improve.
- Because the users are part of product development and get to experience the improvements firsthand, this may lead to an increase in customer retention.
These benefits establish that making use of an MMP that is based on an MVP would be more efficient.
3 things to consider when transitioning from an MVP to an MMP
It is important to note, though, that the transition to an MMP from an MVP may not always be easy and smooth. In the transition period, it is important to keep these points in mind:
1. Scalability
If your product is seen to be relevant, useful, and effective, an inflow of users may be present upon its release. Thus, it is essential to plan and prepare on how to cater to larger amounts of signups within a platform that is scalable. This is important in order to be able to effectively manage and handle traffic.
2. Reliability
Even before releasing the product, checking for potential defects or glitches is essential. In the beta testing phase, the MVP may help in catching on these issues. Don’t forcibly rush the MMP’s release to the market. Make sure that your MMP is ready to be used once it is released.
3. Performance
The overall performance of your MMP must be good. For one, its speed must be optimal. Delays or lags may bring dissatisfaction and resulting losses. Thus, before introducing your product to the market, it is important to validate and test its performance in different aspects.
Just like an MVP, an MMP must be able to address needs or solve an issue. Even if the product has excellent performance, it is no guarantee that the target customers would find it relevant and useful for them. Thus, overall, the value, effectiveness, and relevance of your product are vital bases by which your product should be evaluated.
To know more about MVP development, check out the Ultimate MVP Guidelines.
