A question that future entrepreneurs often ask themselves is – what is an MMP? In case you are searching for an answer, you are in the right place. Today, data is everything! In the world of MVP software development, gathering details on time will save you effort and lead you straight to the final product that will engage and reach customers. So, before traversing this unknown territory of MVP development, read our blog.
What Is an MMP (Minimum Marketable Product)?
What is a minimum marketable product? A minimum marketable product (MMP) is the most basic version of a product that can be released to the public with minimum costs and effort. However, it still delivers value to the users. It represents a product that addresses the core needs of the customers. This concept ensures that the businesses strike a balance between time-to-market and functionality.
MMPs help software prototyping and app development teams deliver core but basic features to users needed for the product to enter the market. MMPs are seen as an extended version of MVPs and should not be considered the same.
MMP vs. MVP – How Does Each Product Help You Develop a Business?
When it comes to desktop application development services and mobile app development services, concepts such as MMP and MVP are frequently misunderstood. However, there are stark differences between them.
First and foremost, MVPs are designed to show the viability of a particular idea with bare minimum features, often as a part of the initial marketing campaign. Meanwhile, MMPs take this concept to the next level, making the basic developed product marketable and viable for a larger pool of users. In case you require more clarification, check the table below, which provides more information.
| Type | MMP | MVP |
|---|---|---|
| Aim | Meet the requirements of customers | Validate a product idea |
| Target audience | Customers and users | Beta testers, early adopters |
| Goal | Launch a product for customers | Prove that a product idea can be successful |
Main Benefits of MMPs – How Does MMP Ensure Success?
Navigating the world of product development is challenging, but understanding the advantages of MMP can make a significant difference. As we delve into the main benefits of this concept, you’ll discover how software prototyping works and how different factors can influence the product’s success and save you money.
#1 Brings the Product to Market Faster
It doesn’t get any better than having the opportunity to speed up the development of products and get feedback from users promptly. This concept is here to accelerate the market entry process by enabling teams to introduce a product containing only essential features.
#2 Enhances The Chances of Success
MMPs enhance the likelihood of succeeding by empowering teams to swiftly adapt to market trends and user requirements. Also, it helps teams sidestep the expensive error of creating products that are not necessary for users.
#3 Confirms What Customers Need, Whether It’s a Desktop or Mobile Application
The benefit that mostly saves the entrepreneur’s time and money is the fact that the teams can gather insight from actual users quickly and assist in identifying user needs. This data can then steer additional development and lead the team to improve the final version.
Creating MMPs – What You Need to Know About This Process?
So, what is MMP and how do you create one? Since we’ve answered the first question, it’s time to delve deeper into how teams arrive at something that can be marketed to customers. A good one needs to have:
- Intuitive interface – In contrast to a minimum viable product, a minimum marketable product requires a level of usability ready for the market, which entails a user-friendly interface ensuring smooth navigation.
- A solid user experience – Regardless of the essential features, the user experience plays a pivotal role in determining a product’s performance.
- Feedback mechanism – MMPs are not the ultimate rendition of the products. Although its main objective is to provide value to users, it should also elicit feedback and new data that can influence, shape, and improve the product.
- Clear value proposition – The primary purpose of an MMP is utilization. For this to occur, the product should present a distinct value offering; users should recognize an advantage in using it.
With engaging MMPs, marketers can launch successful marketing campaigns later on. But, first, let’s delve into what the development team has to do to deliver a great minimum marketable product.
First, the Main Functionality Has to Be Identified, and Priorities for Different Features Determined
What do customers need and what is the feature that will garner attention? Teams need to identify the main functionality that will help customers in some shape or form. Then, after the main feature is determined, the team needs to focus on important additional features that are needed but not imperative. These should be incorporated after establishing the foundational functionality and performance.
Next, Come Prototype Development and User Testing
The next two steps include creating a prototype that visually represents the concept and user testing. The prototype can be a basic wireframe or a working model that represents the product’s operations and appearance. A team can have a better look at what is being created and gather feedback from real customers. Before fully developing it, the feedback should impact the final result.
Juratech Can Be Your Partner and Help You Work Out the Intricacies of Desktop or Mobile App Development
A partner that can put your business idea to the test and present it to users is Juratech. Whether you are interested in mobile app development services or desktop app development services, have a team confident in software and hardware prototyping capabilities to deliver a successful MVP or MMP. Contact us and gain a better understanding of what we do and how we can help you.