An MVP, or a minimum viable product, is one of the key stages in the product development process. An MMP, or a minimal marketable product, is its big brother – a version that can already enter the market. However, in the world of startups and innovation, what does the acronym MMF stand for? Read on to find out more.
MVP vs MMP vs MMF – table of contents:
Developing a digital product is like building a house of cards. Each element must be carefully placed to ensure stability and allow for further expansion. MVP, MMP, and MMF are three important stages in this process. An MVP helps you validate your idea, test it, and draw conclusions. An MMP lets you launch your product, and an MMF, stand out from your competitors. However, before we get into the details, it’s worth explaining what these abbreviations mean.
MVP vs MMP vs MMF
Let’s start with some simple definitions:
- MVP, or a Minimum Viable Product – the simplest version of a product to gather feedback from users. A good example could be a food delivery app with basic functions.
- MMP, or a Minimum Marketable Product – a product with a minimum set of features that is ready to enter the market. Example? A food delivery app with advanced searching and filtering options.
- MMF, or a Minimal Marketable Feature – refers to the smallest set of features that a product must have to be considered marketable. For example, a unique real-time delivery tracking option in the food ordering app.
The differences between an MVP, an MMP, and an MMF can be compared to the various stages of preparing a pizza:
- MVP – you gather the ingredients and make a simple margarita to check the proportions and taste.
- MMP – you add more ingredients, such as herbs and vegetables, to create a pizza that you can serve to your guests.
- MMF – you add a unique ingredient that makes your pizza stand out from the others, such as homemade sauce.
From an MVP to an MMP
An MVP is the first working version of a product, while an MMP refers to the moment when an application or a digital product is ready to take its first steps in the market. A good example could be expanding the previously mentioned language learning app with advanced features like interactive quizzes and the ability to learn multiple languages. An MMP should be sufficiently developed to attract customers, but at the same time, it should not be too complex.
A minimum marketable feature (MMF)
An MMF, or a minimum marketable feature, is something that sets your product apart. When it comes to language learning apps, this could be a unique feature that allows users to practice speaking with native speakers. An MMF should be compelling enough to attract users and encourage them to use this particular product instead of competing solutions.
The story of Airbnb
One of the inspiring examples of using MVPs, MMPs, and MMFs is Airbnb. Initially, Airbnb was a simple MVP that allowed people to rent out spare rooms in their homes. After gathering feedback, Airbnb expanded to an MMP, adding more accommodation options. As an MMF, they introduced unique experiences, such as the ability to rent out castles and other unusual places.
The most common pitfalls and how to avoid them
When working with MVPs, MMPs, and MMFs, there are some potential pitfalls that can slow down the development of your product. Here are some tips on how to avoid them:
- Don’t ignore user feedback – if you don’t listen to your customers, your product may not meet their needs.
- Avoid adding too many features at once – this can overwhelm users and make your product too complicated.
- Focus on quality, not quantity – it’s better to offer a few great features than a lot of mediocre ones.
Avoiding these pitfalls is essential for managing MVP, MMP, and MMF effectively. Remember, the goal is to create a product that not only meets users’ needs but also stands out from the competition.
Lean startup methodology
One of the techniques that has become popular in product management is the lean startup methodology. It focuses on creating products in a fast and iterative way, based on user feedback. The key concept here is to build, measure, and learn. The lean startup approach promotes a culture of experimentation and continuous learning, which is extremely important in today’s dynamic environment.
MVP, MMP, and MMF are three cornerstones in the process of creating and launching a new product into the market. By understanding and effectively utilizing these concepts, you can greatly increase the chances of product success. Budding entrepreneurs should prioritize quality, listen to user feedback, and avoid common pitfalls.
- Intro to product management
- What is the role of a product manager?
- Why is product lifecycle management important?
- How to build an efficient product strategy?
- OKRs vs SMART goals. Which framework drives better results?
- How to define a value proposition?
- Identifying customer needs and market segmentation
- Crafting a winning product concept. Techniques and steps
- Gaining an edge with an effective product roadmap
- Prototyping your digital product
- How to build an MVP?
- MVP vs MMP vs MMF. Key milestones in product development
- Mastering hypothesis testing
- Proven methods for improving product quality management
- Strategies and tactics for a successful product launch
- Driving profitability through product optimization
- Measuring product success
- How to price a product? The most popular pricing strategies
- The future of product design. Top trends and predictions
- When to retire a product? Key factors influencing EOL decisions
- Agile in product management
- Scrum and Kanban in product management.
- What is lean product management?
- Jobs to be Done. Creating products that customers truly need
- What is growth hacking?
- What is data-driven product management?
- A/B testing in product management
- Useful product management templates. Where to find them?
- Strategyzer tools in product management
- 5 useful product management tools
- How to create and manage product documentation?
- 6 essential tools for product managers
- How to use AI in product management