Minimum marketable product – further steps after MVP

Minimum Viable Product (MVP)

Minimum Viable Product (MVP) is a term coined by Eric Ries in his book “The Lean Startup.” It refers to the smallest version of a product that can be released to the market in order to test its viability and gather feedback from users. The main goal of an MVP is to validate assumptions and learn from real-world usage in order to iterate and improve the product.

Some key characteristics of an MVP include:

• Basic features: An MVP typically includes only the core features that are necessary for the product to function.
• Quick development: The focus is on getting the product to market as quickly as possible in order to start gathering feedback.
• Iterative approach: The MVP is not meant to be perfect, but rather a starting point for further development based on user feedback.

Minimum Marketable Product (MMP)

Minimum Marketable Product (MMP) is a concept that goes beyond the MVP by focusing on the minimum set of features that are required for a product to be marketable and generate revenue. While an MVP is more about testing assumptions and learning, an MMP is about delivering value to customers and achieving market success.

Some key characteristics of an MMP include:

• Market readiness: An MMP is designed to be ready for market launch, with features that are essential for attracting customers and generating sales.
• Customer value: The focus is on delivering value to customers and meeting their needs in order to drive adoption and retention.
• Scalability: An MMP is designed to be scalable and able to support growth as the product gains traction in the market.

Key Differences

While both MVPs and MMPs are important concepts in product development, there are key differences between the two:

• Focus: MVPs focus on testing assumptions and learning, while MMPs focus on delivering value to customers and achieving market success.
• Features: MVPs include only the basic features necessary for testing, while MMPs include features that are essential for marketability and revenue generation.
• Development: MVPs are developed quickly and iteratively based on feedback, while MMPs are designed to be market-ready and scalable from the start.

Conclusion

While both Minimum Viable Products (MVPs) and Minimum Marketable Products (MMPs) are important concepts in product development, it is crucial to understand the differences between the two in order to effectively bring a product to market. MVPs are focused on testing assumptions and learning, while MMPs are focused on delivering value to customers and achieving market success. By understanding these differences and applying the right approach at the right time, product teams can increase their chances of success in the market.

1. Conduct market research

One of the first steps in determining the right features to include in the MMP is to conduct market research. This involves gathering information about the target market, competitors, and customer needs. By understanding the market and customer preferences, a team can identify the features that are most important to customers and prioritize them for inclusion in the MMP.

2. Define the product vision

Before deciding on the features to include in the MMP, it is important to define the product vision. This involves setting clear goals and objectives for the product and determining the value proposition. By having a clear product vision, a team can better prioritize features and ensure that they align with the overall product strategy.

3. Prioritize features based on value

Not all features are created equal. Some features may provide more value to customers than others. To determine the right features to include in the MMP, a team should prioritize features based on their value to customers. This can be done through techniques such as value mapping or impact mapping.

4. Use the Kano model

The Kano model is a useful tool for determining the right features to include in the MMP. This model categorizes features into three categories: basic, performance, and delight. By understanding which features fall into each category, a team can prioritize features that will provide the most value to customers.

5. Create a feature matrix

A feature matrix is a useful tool for organizing and prioritizing features. This matrix can include information such as the importance of each feature, the effort required to implement it, and the impact on customer satisfaction. By creating a feature matrix, a team can make informed decisions about which features to include in the MMP.

6. Gather feedback from stakeholders

Finally, it is important to gather feedback from stakeholders when determining the right features to include in the MMP. This can include input from customers, product managers, developers, and other team members. By involving stakeholders in the decision-making process, a team can ensure that the features included in the MMP meet the needs and expectations of all parties involved.

By following these steps and utilizing tools such as the Kano model and feature matrix, a team can determine the right features to include in the MMP. This will help ensure that the product meets customer needs, generates revenue, and ultimately leads to the success of the product.

Minimum Viable Product (MVP) and Minimum Marketable Product (MMP) are two important concepts in the world of product development. While MVP is the first version of a product with just enough features to satisfy early customers, MMP is the version of the product that has enough features to attract a broader audience and generate revenue. Knowing when to transition from MVP to MMP is crucial for the success of a company. Here are some key factors to consider:

1. Customer feedback:
– 📊 Analyze the feedback from early customers who have used the MVP. Are they satisfied with the product? What features do they want to see in the future? If the feedback is positive and there is a demand for additional features, it may be time to transition to MMP.

2. Market validation:
– 🌍 Evaluate the market response to the MVP. Is there a growing interest in the product? Are competitors entering the market with similar offerings? If the market is receptive to the MVP and there is a potential for growth, it may be a good time to move towards MMP.

3. Revenue generation:
– 💰 Assess the revenue generated from the MVP. Is the product selling well? Are customers willing to pay for additional features? If the MVP is generating revenue and there is a clear path to profitability with the MMP, it may be time to make the transition.

4. Scalability:
– 🚀 Consider the scalability of the product. Can the MVP handle a larger user base? Are there technical limitations that need to be addressed before scaling up? If the product is ready to accommodate more users and features, it may be time to transition to MMP.

5. Competitive landscape:
– 🏆 Keep an eye on the competition. Are competitors offering more advanced products with additional features? Is there a need to stay ahead of the competition by enhancing the product? If the market demands more features to stay competitive, it may be time to transition to MMP.

6. Team capabilities:
– 👩‍💼 Evaluate the capabilities of the team. Do they have the skills and resources to develop and launch the MMP? Are there any gaps that need to be filled before transitioning? If the team is ready and capable of taking the product to the next level, it may be time to make the move.

In conclusion, the decision to transition from MVP to MMP should be based on a combination of customer feedback, market validation, revenue generation, scalability, competitive landscape, and team capabilities. By carefully considering these factors, a company can make a successful transition and continue to grow and thrive in the market.

1. Attribution Accuracy

One of the most important metrics to consider when evaluating an MMP is attribution accuracy. This refers to the platform’s ability to accurately attribute conversions and other key events to the appropriate marketing channels. If an MMP is not able to accurately track and attribute conversions, it can lead to inaccurate data and misinformed marketing decisions.

2. User Acquisition

User acquisition is another key metric to consider when evaluating the success of an MMP. This metric measures the platform’s ability to help you acquire new users for your mobile app or website. Look at metrics such as the number of new users acquired, the cost per acquisition, and the quality of those users to determine how effective your MMP is at driving user growth.

3. Retention Rate

Retention rate is a critical metric for evaluating the success of an MMP. This metric measures the percentage of users who continue to use your app or website after their initial visit. A high retention rate indicates that your MMP is effectively engaging users and keeping them coming back for more.

4. Return on Investment (ROI)

ROI is a key metric for evaluating the overall effectiveness of your mobile marketing campaigns. Look at metrics such as the cost per acquisition, the lifetime value of a customer, and the revenue generated from your marketing efforts to determine whether your MMP is delivering a positive return on investment.

5. Engagement Metrics

Engagement metrics such as click-through rates, conversion rates, and time spent on site are important indicators of how well your MMP is engaging users and driving them to take action. Look at these metrics to determine whether your MMP is effectively engaging your target audience and driving conversions.

6. Customer Satisfaction

Customer satisfaction is another important metric to consider when evaluating the success of an MMP. Look at metrics such as customer reviews, ratings, and feedback to determine whether your MMP is meeting the needs and expectations of your customers. A high level of customer satisfaction indicates that your MMP is delivering value to your customers and helping you achieve your marketing goals.

7. Data Security and Privacy

Data security and privacy are critical considerations when evaluating an MMP. Look at metrics such as data encryption, compliance with data protection regulations, and data breach incidents to determine whether your MMP is protecting your data and the data of your customers. A secure and privacy-compliant MMP is essential for maintaining trust with your customers and protecting your brand reputation.

Conclusion

When evaluating the success of an MMP, it’s important to consider a range of key metrics that can help you determine whether the platform is helping you achieve your marketing goals. By looking at metrics such as attribution accuracy, user acquisition, retention rate, ROI, engagement metrics, customer satisfaction, and data security and privacy, you can gain valuable insights into the effectiveness of your MMP and make informed decisions about how to optimize your mobile marketing campaigns.