Are you tired of investing countless hours and resources into developing a product that may not even be what your customers want? If so, you're not alone. In today's fast-paced software development industry, time and resources are precious, and the traditional approach of building a full product before testing its viability can often lead to costly missteps.
But fear not! There's a solution that's gaining traction in the industry - the Minimum Marketable Product (MMP). MMP is like a lighthouse in the stormy sea of product development, guiding teams in the right direction and helping them avoid the pitfalls of miscommunication and mismatched expectations.
In essence, an MMP is a product that has just enough features to be marketable and is designed to quickly test the viability of an idea with real users. It's the minimum viable product (MVP) with a twist, providing a roadmap for teams to follow as they navigate the development process.
In this blog post, we'll dive deeper into the MMP concept and explore how to build and bring your product to market with confidence.
Table of Contents
What is Minimum Marketable Product?
Minimum Viable Product Vs. Minimum Marketable Product
Building the MMP
Difficulties in implementing MMP
Examples of successful MMPs implementation
Minimum marketable products may not be as widely discussed as MVP, but they play a vital role in the success of any product launch.
A MMP is also known as minimum marketable feature. And according to TechTarget: "A minimum marketable feature (MMF) is the smallest set of functionality in a product that must be provided for a customer to recognize any value."
So, MMP is a methodology that assists software development teams in delivering the bare minimum of features required to bring a product to market. It's a different concept than the more well-known concept of the minimal viable product (MVP), which focuses on delivering the bare minimum of functionality required to satisfy early adopters. MMP extends MVP by taking into account the needs of a larger market.
In software development, the concepts of MMP and MVP are frequently used, but they refer to different phases of the product development cycle. An MVP is focused on proving the viability of a concept with the minimum set of features, whereas an MMP goes a step further by adding just enough features and functions to make the product marketable. But both strive to get a product to market fast and with little costs.
So, while the MVP is more concerned with testing and validation, the MMP is more polished and customer-focused. The goal of an MVP is to validate the concept, whereas the MMP is about finding the right balance between functionality, marketability, and user needs. In short, an MVP is the bare minimum, while an MMP is the minimum needed to bring a product to market.
1. Reduces time to market
MMP shortens the time to market by allowing teams to swiftly bring a product to market with only the features that are necessary. It shortens the development, testing, and launch times, which might be vital for success in a fast-paced market.
2. Reduces development costs.
MMP reduces development costs by allowing teams to focus on delivering only the most relevant aspects rather than constructing an entire product at once. This decreases the resources needed for development and helps teams to more effectively manage resources.
3. Determines what users require
MMP enables teams to swiftly get feedback from real users, which can aid in determining what people require from a product. Then you can use this data to influence future development and continuously enhance the product.
4. Increases the likelihood of product success
MMP improves product success by allowing teams to adjust fast to market demands and user needs. It also assists teams in avoiding the costly mistake of developing a product that users do not want or require.
1. Identifying the main functionality of the MMP
The first step in creating an MMP is determining the core functionality. Consider which features are most important to users and which will make the product marketable.
2. Setting priorities for features
After determining the core functionality, the following step is to prioritise features, meaning those that are important but not essential. They should be added once the core functionality is in place, and their importance should be determined by user feedback. Teams should carefully analyse the relevance of each item and ensure that the most important ones are added first, with others considered for future releases.
3. Developing a prototype
The following step is to develop a prototype. The prototype represents the MMP visually. It might be as simple as a wireframe or a functional model that shows how the product will look and function. It’s an essential component of the MMP process since it allows teams to test their ideas and receive feedback from actual users. You can then use t his input to improve the product and make any necessary modifications before building the entire product.
Read more about our Product Design Process to create a successful product.
4. User testing
User testing is the final phase in developing an MMP. Teams should collect input from real consumers and use it to fine-tune the product and make necessary modifications. User testing is an important phase in the MMP process since it guarantees that the product fulfills the needs of the target market and offers useful information about what you need to change. You can do user testing at any step of the development process, but it's especially critical during the prototype phase.
1. Change Resistance
One obstacle to MMP implementation is aversion to change. Teams may be averse to changing their old product development methods or they may struggle to shift their focus from providing a full solution to delivering a minimum viable product.
2. Scarcity of resources
Another issue is a scarcity of resources. To implement an MMP, teams may have limited time, funds, or manpower. This can make delivering a minimum marketable product that meets the needs of the target market difficult.
3. Aligning user requirements and business objectives
A third difficulty is reconciling user needs with business objectives. When creating an MMP, teams must take both into account. It is critical to ensure that the product fits the needs of the target market while also meeting the organization's commercial goals.
Here are some examples of successful minimum marketable products that started small but grew over time based on user feedback and demand. The key to their success was the focus on delivering the core functionality in a usable and functional form and then adding additional features as needed.
Mucho curates the user’s food shopping list for any type of diet and taste through a wide variety of recipes. They started with a simple to an ambitious idea - to offer a fast, easy, and delightful way to shop for fresh food. This MMP is an example of Imaginary’s Cloud product development.
Slack's MMP was a platform that allowed teams to communicate and collaborate more effectively. The core functionality was the ability to send messages and share files within a team. Over time, they added additional features such as integrations with other tools and voice and video calling.
Trello's MMP was a simple project management tool that used cards and boards to organize tasks and projects. The core functionality was the ability to create and assign tasks and see the progress of projects. Over time, they added additional features such as power-ups and integrations with other tools.
Evernote's MMP was a platform that allowed users to capture and organize notes, ideas, and memories. The core functionality was the ability to create and store notes. Over time, they added additional features such as collaboration tools and integrations with other tools.
Finally, MMP is a technique that assists software development teams in focusing on delivering the bare minimum of features required to bring a product to market. It shortens the time to market, decreases development costs, and determines what users need from a product.
Teams must focus on delivering essential functionality, prioritising features, creating a prototype, and regularly gathering user input to be successful with MMP. It is critical to overcome change opposition, manage limited resources, and balance user needs and company goals. Putting MMP into practise can be a great instrument for success in the software development industry. Teams can successfully deploy an MMP and bring their products to market more quickly and efficiently by following the procedures suggested in this post.