“Wait, You may be thinking, what comes after MVP?” If you are a start-up or entrepreneur about to launch a product on the market, this is the most common question you might have in your mind. Here is a quick and in-depth answer to this question.
Although MVP is an acronym used frequently in the Startup ecosystem, it does not only apply to that space. An MVP can also be applied to every project or product development.
What Is An MVP
An MVP (Minimum Viable Product) is a product that a startup creates from an innovative idea. It addresses specific problems in the market. MVP is your idea made into a minimal feature-set product and distributed to early adopters. The goal of MVP development is to collect as much information, data, and feedback as possible. MVPs are designed to be as low-cost as possible and tested in real market conditions. Below are some of the benefits to developing an MVP.
- This will help you understand the purpose of your product.
- It will assist you in deciding which feature is important or essential.
- It defines the value that you wish to provide.
- It will help you to build a strong value proposition.
- This helps you to reduce costs and investment in features not needed at the moment.
But What’s Next After A Minimum Viable Product
Startups have one of the biggest problems: they don’t know what to do after their MVP is created. MVPs are not only products with enough features. They also represent the first version. Once they’re released, their job is complete. After your MVP is approved, you may plan to create and launch the full-fledged version of the product.
After MVP Comes MMP – Minimum Marketable Product!
MMPs are products that have a smaller number of features and are ready to market. It is a product that has fewer features but is still qualified to sell and be marketed. It is a product that solves customer problems and is ready to be used. DropBox would be the best example of an MMP. Dew, the creator of DropBox
MMP, also known as MMF (Minimum Marketable Feature), is an acronym for Entrepreneurs and New Product Developers. This is the answer is to the question: “What happens after MVP?”. However, not all products launched MMP after MVP was successful. Entrepreneurs often don’t realize what went wrong. This is because they basically miss the MMP stage.
MMP allows you to create a marketable product in fewer efforts. It’s the next step in the product development process. MMP is a tool that helps you solve immediate customer needs and creates quantifiable value for your business. MMP, unlike MVP, includes the must-have features your product has that customers can use to meet their immediate needs.
Once your Minimum Marketable Product makes a positive impression on your target audience, you can start adding additional capabilities and features to the product. A successful MMP will result in a final product that is both functional and attractive.
How Can I Get My MMP Developed
It all depends on your business goals. You might find one approach better than another. It might make sense to combine MVP with MMP in some cases. Altamira is able to help you develop your MVP into an MMP. Only you can find out for sure by trying different things and seeing what works for you and your company.