In the previous blog post, we’ve covered the question of how to develop an MVP, a Minimum Viable Product. An MVP is an important step in the software development process that allows you to preview and test the product to make necessary adjustments before actually releasing the final version with all features.
Without developing an MVP you might face a larger initial investment in software development and a higher risk when it comes to releasing your product into the market. MVP serves as a trial round that allows you to see your idea in action and make the necessary adjustments to make it more appealing and valuable to the user.
So you have developed an MVP, but what’s next?
The first thing that you need to do after the release is to collect feedback and analyze data. The next steps will depend on the response that you get from the users.
If the MVP didn’t meet the success criteria that you’ve established and the KPIs showed poor performance, you need to change and optimize your creation. Don’t be discouraged by the low results, this is exactly why you’ve started with MVP in the first place - to see the product in action before the actual release to the market and adjust it to the client’s needs so that it would meet them perfectly.
It is normal that while working with MVP you might require several rounds of changes to fine-tune your product. Reworking things helps you to avoid the cost of redoing the whole software if you’ve launched it without the test product and time that would go into it. So get into it and tweak it to perfection.
So what are you going to do after the MVP showed improved performance that met the criteria for passing the test?
Here comes the MMP
MMP or Minimum Marketable Product is a product that has a lower number of features or still in the process of development but is already suitable for sales and marketing. It allows you to introduce the product to the market and start making a profit while finishing the development process instead of working on your product in secret and investing in the work for a longer time before making any money.
If MVP is used for testing, experimenting, and learning, MMP is the actual product that you release to the market. It usually still has fewer features than the ideal product that you’ve imagined but it has all the necessary ones to survive in the competitive software market.
What is the difference between MVP and MMP?
MVP has a lower number of feature and is tested usually on the specifically selected audience, while MMP is a more developed version of the product which mainly attract innovators and early adopters of the product.
While your software is still in the “startup” phase and doesn’t have much of an online presence and reputation, the people who might be more interested in it are the curious thinkers that love to try out new options and those who are familiar with you and your work - colleagues, network, friends and family.
The step between MVP and MMP is defined by the validation of the testing process. By approving new features that are in development you move from the Viable to Marketable product. The key here is not to get carried away with the possibility of adding on numerous features, but choose strategically and prioritize the ones that would make the product competitive in the market while you are working on finishing the rest.
Rather than thinking of both ideas as an actual tangible creation or a prototype, think about it as a evolution process that takes you from the simple version of your product to more complex and innovative one step by step, testing round after testing round.
To put it in short, MMP does consist of MVP that went through testing and development processes, which makes it an important step in agile software development. The point of MMP is to provide shorter initial time to market by using fewer features than a complete product that needs more time.
What happens after MMP?
Before the fruit of your hard work gets released you need to make sure that you’ve prepared to sell and promote it. The biggest part of your technical work is done, but it won’t perform as well as it can on the market if you don’t have a clear plan of action for marketing and sales.
The development of a business plan for software is similar to the development of a business plan for a company. It focuses on the promotion and monetization strategies that will validate the performance of your software in the market.
Once your MMP is released and you have the sales and marketing processes sorted out, you can continue working on additional features that will increase the value of your software, but keep in mind that you should prioritize the ones that can benefit your user in the period of time. It is crucial to continue receiving and analyzing feedback from your MMP to be able to constantly improve your product according to the market needs.
If you have an idea of software in mind, our expert engineers at Trio can help you to bring it to life. We use MVP and MMP creation in our software development process to ensure high-quality final products and seamless integration of it to the market. No matter how big or small your idea is, we can help you with bringing it to life. Let’s talk about your project and see how Trio can help you.