Bringing a software product to market can be daunting, especially for startups and small businesses. There are numerous factors to consider, including product design, development time, and budget. Two of the most popular development strategies companies can use to bring their products to market are MVP (Minimum Viable Product) and MMP (Minimum Marketable Product).

Think of MVP and MMP as two sides of the same coin. MVP is like a prototype, allowing you to test your product idea in the market with just enough features to validate it. On the other hand, MMP offers a complete set of features and a compelling design that appeals to customers.

In this blog post, we will examine the differences between MVP and MMP, their advantages, and the circumstances in which each strategy best suits your business.

Table of Contents

What is MVP?
What is MMP?
When to use an MVP?
When to use an MMP?
What are the main differences between MVP and MMP?
Conclusion

What is MVP?

Find in-depth how to build an MVP and why every business should create one.

According to Forbes, MVP (Minimum Viable Product) is a term coined by Frank Robinson and popularized by Eric Ries, founder of the Lean Startup methodology. MVP is a development strategy focusing on delivering a product with the bare minimum features necessary to satisfy early adopters. MVP's idea is to get customer feedback as quickly as possible and use that feedback to improve the product. MVP is a popular choice for startup companies and businesses that want to validate their product idea before investing significant resources into development.

Characteristics of MVP include:

• Limited functionality: MVP focuses on delivering the bare minimum features necessary to satisfy early adopters. This means the product may need more functionality compared to the final product.

• Basic design: The design of an MVP is usually simple and straightforward. The goal is to get the product to market quickly, not to impress customers with a fancy design.

• Minimal marketing efforts: MVPs are typically launched with minimal marketing efforts, as the goal is to get feedback from early adopters, not to make a big splash in the market.

Discover everything about Minimum Viable Product - the ultimate guide here

Advantages of MVP include:

• Fast time-to-market: MVPs can be developed and launched quickly, as they have limited functionality and a basic design. MVP is a popular choice for businesses that want to validate their product idea as soon as possible.

• Low development costs: MVPs have limited functionality, so that they can be developed for less cost compared to a full-featured product. This makes MVP a good choice for businesses with limited budgets.

• Early customer feedback: MVPs are launched to get feedback from customers as quickly as possible. This feedback can improve the product and make it more appealing to the target market.

Disadvantages of MVP include:

• Incomplete user experience: An MVP may not provide a complete user experience, which can lead to negative customer feedback. Early adopters may be willing to overlook an incomplete product, but other customers may have higher expectations for the product's features and design. This can lead to negative reviews and harm the reputation of the business.

• Limited scalability: An MVP may not be scalable or adaptable to changes in the market. An MVP goal is to be simple and easy to develop, which means that it may not be able to handle large-scale usage or accommodate new features. This can limit the business's growth potential and prevent it from keeping up with competitors.

• Limited marketability: An MVP may appeal to only some customers, limiting its marketability. Early adopters may be more forgiving of an incomplete product, but other customers may expect a fully-featured and polished product from the beginning. This can limit the product's potential for success.

• Additional development and investment: An MVP may require further development and investment to become a fully-featured product, which can increase costs and extend the timeline. If the business needs to make significant changes to the product based on customer feedback, it may need to invest additional time and money in development to make the changes.

• No immediate revenue: An MVP may not generate immediate income, as early adopters may not be willing to pay for an incomplete product. This can limit the business's ability to generate revenue and fund further product development.

What is MMP?

Do you know what is a MMP and why it matters? Read it here.

MMP — or minimum marketable feature (MMF) — is a development strategy focusing on delivering a product with enough features and functionality to make it appealing to the target market. The goal of MMP is to establish a product that is marketable and provides value to customers. MMP is a popular choice for established businesses and large-scale projects.

Characteristics of MMP include:

• Complete functionality: MMPs have full functionality and are designed to provide value to customers. This makes MMPs more appealing to the target market than MVPs.

• Attractive design: MMPs' design pretends to be attractive and appealing to customers. The design of an MMP is usually more sophisticated than the design of an MVP.

• Effective marketing efforts: MMPs are typically launched with effective marketing efforts, as the goal is to establish the product in the market and make a big splash.

Advantages of MMP include:

• Increased customer satisfaction: MMPs provide value to customers, which increases customer satisfaction compared to MVPs.

• Improved brand image: MMPs are launched with effective marketing efforts, which can improve a business's brand image.

• High market appeal: MMPs have complete functionality and an attractive design, which makes them more appealing to the target market than MVPs.

Disadvantages of MMP include:

• Longer development time: MMPs have complete functionality and an attractive design, so they take longer to develop than MVPs.

• Higher development costs: MMPs require more resources and time to develop, which increases development costs compared to MVPs.

• Risk of obsolescence: MMPs provide value to customers, but the product may become obsolete if the market changes. This risk is lower with MVPs as they can be adapted quickly based on customer feedback.

When to use an MVP?

A Minimum Viable Product approach is an excellent option for businesses looking to test a new product idea and refine it over time based on feedback. Here are some situations where using an MVP approach might make sense:

• Limited resources: If a business has limited resources, an MVP approach can be a good way to focus on a product's essential features and functions. It can help companies make the most of their resources while providing a valuable product to early adopters.

• Testing the market: An MVP approach can be a good way to test the market and see if there is demand for a new product. By launching a basic version of a product and gathering feedback from early adopters, businesses can make more informed decisions about investing additional resources into product development.

• Iterative development: An MVP approach allows for iterative development. Businesses can quickly create a basic product version and refine it over time based on customer feedback and data analysis. This allows for a more iterative and agile approach to product development, which can be particularly useful in fast-changing markets.

Read more about how to build your MVP efficiently with agile methodology.

When to use an MMP?

An MMP approach can be a good choice for businesses that want to deliver a complete product to customers and compete in a crowded market. Here are some situations where an MMP approach might make sense:

• Established market: If a market is well-established, customers may expect a certain level of functionality and design from new products. An MMP approach can help a business meet those expectations and compete with other established products.

• Customer demand: If customers specifically request certain features or functions in a product, an MMP approach may be the best way to meet those needs. By delivering a fully-featured product, businesses can provide the value customers want and build a loyal customer base.

• High stakes: In some cases, a product may have a high financial or strategic value to a business, making it essential to get the product right the first time. In these situations, an MMP approach can help ensure that the product has all the necessary features and functions to meet customer needs and achieve business goals.

What are the main differences between MVP and MMP?

This table provides a clear comparison of the main differences between MVP and MMP, helping you to choose the right strategy for your needs.

Conclusion

MVP and MMP are two popular development strategies businesses can use to bring their products to market. MVP is a good choice for companies that want to validate their product idea quickly and at a low cost, while MMP is a good choice for businesses that want to bring a marketable product to market.

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Therefore, businesses must choose wisely the right strategy that aligns with their specific needs and goals and help them stand out in the crowded software development market.

Check out Invisible Homes' MVP project, developed by Imaginary Cloud.