The success of any product or service depends on how you have developed and then launched it. Moreover, you need to foresee the future trend and do proper market research, as Altamira does. Many customers will buy your initial products thinking that the prototype is less costly. They will accept the test products with minimal features, while others will buy the final product with exclusive features.
The world is shifting towards digital products. Today every enterprise or startup has to meet digital needs and requirements. It is vital to provide the best value products that the uses and unclutter and create easy-to-understand features for the digitally conscious customers.
For this, the exports at the MVP development team have designed MVP and MMP as common practices for all businesses. It is better to follow these two models to ideally launch the product and get the top results.
What is MVP?
The MVP is a learning vehicle. Here you test an idea by launching the early version of the product to the customers. You can collect relevant data and find mistakes to solve them in the second stage. Moreover, you can also test the viability of running ads for your product.
Create fake ads and see how people react to them if you aim for better revenue. Remember, the MVP model also has some risk factors. The MVP development team might be wrong in their research, and you have to alter the plan and begin from scratch if the product or services do not do well.
What is MMP?
After the initial stage of MVP, you will encounter the MMP stage. It stands for the minimal marketable product. It is based on the idea that less is more. Since the prototype is still in process, you need to test whether the MVP development team is on the right path or not. The map stage is related to innovation and early adoption. It reduces time to market.
For example, a similar product in the market may have shiny features and added unnecessary applications. If you compare to other products of the same category, you will realize that the customers always buy products with limited but essential features. Added features will only take up space. The MMP model works to aim for crucial elements only.
Steps from MVP to MMP:
There are a few steps to work on once you start the MVP process.
- Identify the market trend:
It is the first step of the MVP model. Identifying a target audience is necessary because no or fewer people will buy your product if it is not attractive to them. You need to learn about the process and do deep research. Make sure to follow the geographical location where you are launching the product, as it will give an idea of who will buy the product.
- Concept development:
The MVP developers will create some PowerPoint or a product prototype at this point. It will give you a visual idea of its profitability.
- Create a roadmap:
Once you have a clear preliminary concept, ask the team for a roadmap. It will give you an idea of how to work step by step. Moreover, you can always back up a few places where you think the work is not yielding results.
- Validate the idea:
If you get significant results, then make sure to validate the product. The feedback is vital as it will help you to alter the features.
The last is to iterate again and again based on the feedback. Implement necessary changes and launch the final product with the final version.
Difference between MVP and MVP:
Now you know about the MVP and MMP, let us dive into a tabular vision of the differences between both.
|Stage||Inceptive development||Pre-launch model|
|focus||Validate ideas||Address needs and experiences of users|
|Audience||Beta testers||Real customers|
|Goals||Product idea(success or not)||The launch|
The experts at Altamira work tirelessly on both models to get you the best results in less time. So make sure to contact and talk to the team.
Combining MVP and MMP:
You must have observed that MVP and MMP gave some differences in the earlier step. But, if you combine both, you can get better results. Though MVP is the first model, you can ask the MVP development team experts to work on MMP simultaneously. It will save you time and money and add relevant details if you have a roadmap in front of you as the end target.
A classic example:
Let us take an example of an established business such as Facebook. The first step is to see how you deliver your services to the customers. After examining the market and research, the experts devised an initial launch of the product and got feedback. If the team wants to alter the features or redesign, then it is time to do it. Here the process of MVP ends.
Now, the process of MMP starts. The team designed better features for the final product after the basic improvements. The last customer feedback is essential, so it was vital to keep in touch with them. The final plan was a huge success, and now it is one of the worldwide websites and an App used by all.
To wrap up:
You may feel intimidated by the idea of launching and scaling a startup. You need to work on the development stages to get the workflow in one direction. The main thing is to conceptualize the ideas into reality. Moreover, you can get the validity of the test product. You can then look for investors for your business.