MVP, MLP & MMP are three buzz words in product development and business strategies while they have different meanings so let see this very exiting comparison.
You guys may call yourselves developers, but I believe you have built the MVP in computer software land. An MVP — short for Minimum Viable Product is a product development strategy where our goal is to create the most basic yet functional version of what we intend delivering or selling to your audience so as learn fast and iterate on feedback quickly.
An MVP is designed with one simple goal, to get feedback from the market and make sure that assumption about product works in order to avoid building unwanted feature(Functionality). It allows you to establish if the product carry a potential market fit before investing significantly in its elaboration.
Read more in our article How to UX Design for MVP
MSP (Minimum Sellable Product) is akin to a MVP but more inclined towards the business potential of your product. If an MVP is de-risking the basic functionality and market fit, a MSP would be creating something that you could try to sell (in its simplest possible form) to early customers.
This makes the product attractive to buyers (someone will want it) and therefore generates revenue! Here they care only about types of building with sellable output, not just ones to be tested.
The MLP (Minimum Lovable Product) goes one step further and only produces a product that is essential to keeping the customer but also excites them. An MLP is built in a way, to make sure the User experience of it remains as delight and users love your product even more than they Thought & As happy customers refer good products :)
It is a user happy approach and is focusses from day 1 to form a customer for life.
MVP (Minimum Viable Product): Emphasizes the idea and core features being innovative, low effort, input from early adopters.
MLP: Seeks to deliver an interesting product — a loveable ticket that performs the functions and levels of endearment capabilities required, in order to create repetitive use == long-term user loyalty.
MSP/MMP — Marketable: solving a user problem or pain point, and making sure the product has what it takes to compete in that market.
These 3 each have a distinct and useful place in the product development lifecycle. Sometimes it is helpful to appreciate the difference between them so you can chose your strategy well when taking a new innovation into the market.
