So now that you are all set with your idea validation to develop an app, you will be ready for the next best-suited step, which can be app development according to you. However, sometimes the extraordinary ideas also do not work once they are deployed in the market. Thus, before taking such a big step, why not go for the compressed version of the app, where you can get the feedback of ‘early adopters?
This is possible when you choose to make MVP, MLP, and MMP of the product. It allows you to understand what a consumer wants and is looking for so that once you know the requirements, you can develop the app accordingly.
Nevertheless, choosing one of them would be a tough task so to make it easier for you, this article will explain to you the difference and comparison between MVP, MLP, and MMP/MSP in an elaborated so that you can make your decision with ease.
Note:- MVP stands for Minimum Viable Product, MLP stands for Minimum Loveable Product, MMP is Minimal Marketable Product, and MSP stands for Minimum Sellable Product.
Let us now understand the individual meaning of these terms to make your decision making the procedure easier-
1. Minimum Viable Product (MVP)
When we talk about the MVP, this is the product developed with the least effort and core features just to make for Early adopters. In this phase, early adopters will get a chance to test your product and give you valuable feedback.
Keeping their feedback in mind, you can develop the product in order to keep your targeted audience happy. So when you contemplate ‘minimum products’ in the app development process, then MVP is the most feasible solution.
It is definitely one of the best options since it gives insights into market requirements and requires the least effort. You will have a perfect idea about what should be considered in designing, development, features, and everything else that is needed for developing a successful and reliable app. When you have an MVP for your app, you will be able to push a great app as the feedback will help you improve a lot in many ways.
Advantages of MVP or Minimum Viable Product-
It provides clarity in the vision during the development of the app
You can focus on the core features and functionalities of the app
You can harness the relationship with customers at a very early stage
It allows you to work on the user interface and experience to make it flawless and you can avoid cluttered and unwanted features as well
You will have a market-ready product in a short span of time
MVP is very flexible and is exceptionally responsive to the modern pace of the market as you can offer updates for the bugs
The best part about MVP is that helps you in bringing your idea to life with the trivial possible risks
2. Minimum Lovable Product (MLP)
MLP or Minimum Lovable Product’s primary role would be that it will provide differentiated value. You just deliver the minimum and in return, you get the love of your customers. It is vital to focus on the product in order to make it stand out in the crowd and with MLP you can do it with ease. In this phase, you will make an app that is not only functional and operational but also enjoyable.
Over time, you can make changes and make a sustainable and reliable app with the help of feedback from the user. MLP might be cost-effective since you will be investing on the initial stages and testing.
The features of MLP will be emotionally engaging for the users and it can be your chance to make it visually and operationally appealing since you can make the changes according to the desire of the user.
Advantages of MLP or Minimum Lovable Product-
MLP offers a client-oriented approach
The feedback by users will allow you to make consistent improvements to the app
This will be the product that is going to captivate your users for the long-term use
The User experience would be astounding since the and users can get attached to the app
Your app will be ready to develop an emotional bond with customers or user
MLP is a revolutionary step because this product will deliver the most relevant and lovable experience thus you should not confuse yourself for choosing MLP over MVP.
MLP will let you create loyalty right away and it is very crucial since users will have many alternatives and you don’t want to give them any chance. Thus make sure you understand the proper difference and then make the product accordingly.
3. Minimal Marketable Product/Minimum Sellable Product (MMP/MSP)
There are thousands of apps on the Play Store and App Store but what makes your app stand out? How can you figure out that your product is craved by people? What are the chances that your product is sellable and Marketable?
All these questions are common and the answer to them is quite straightforward. All you need to do is accumulate enough data by testing multiple MVPs. Here, after testing and collection of data, you will know what your targeted audience is expecting and prepare your app in order to meet their expectations.
After collection of the data from all the tests, you can have a fair idea about the targeted audience of your business and you can fulfill their needs. When customers are getting what they are looking for, they will surely come forward to invest in your product or services, and in the end, that is all you want. Your app must be capable to meet the immediate needs of customers without any hindrance.
Advantages of MMP/MSP or Minimal Marketable Product/Minimum Sellable Product-
It reduces the mitigation risks
Testing of UX functionalities can be done and improved for the users
It is marketable and solves the needs without any hindrance
The MMP results in ensuing cost-effectiveness
You will get clarity about the idea of the product since you will possess all the necessary data
Making MMP/MSP is very cheap and you don’t have to put in a lot of money
MMP is an upgraded version of MVP and the main aim of building MMP is to see how the product can compete in the market. It consists of a basic set of features. The only difference here will be that MMP will have a set of features that addresses users’ needs and pains.
In a nutshell…
Now that you know about MVP, MLP, and MMP/MSP, after reading the above information, you are all set to make your decision. The difference and comparison between all the products would be clear for you and you can make a reliable and well-grounded product by using MVP, MLP, and MMP/MSP optimally.