Here’s the thing about presenting your idea in today’s business world; you ought to share it like a prize so it’s taken into consideration, admired, and sponsored for. Along with many solo entrepreneurship help books and business journals that often repeat the same thing, touch only the surface of their topics, and aren’t practical reads. Or the dismissive business suggestions of new trends toward old ways and other approaches.
We believe everything is worth into consideration toward making your business decision and presenting your product in the best possible way. So, in case you’ve been thinking about how to consider the tools at hand, we have come up with three sought after modules in developing an idea and how and when to consider using one.
Bear with us an itsy-bitsy introduction of MVP and MDP, for knowing each word is to recognize the context in which it has arisen.
- MVP (Minimum Viable Product)
The simplest definition is that an MVP must be the simplest core feature set of any product that allows it to be deployed and nothing more. The most popular definition is; “The smallest product that you can build that delivers customer value.”
*Note: the MVP is the feasible, right-sized product for your company and your customer. It is big enough to cause adoption, satisfaction, and sales, but not so big to be bloated and risky. In this order, each core idea for any production attains the vitality of its notion. So, if your business need is to expose this feature, you can easily choose a Minimum Viable Product with its vivacity and accessibility option.
- MDP (Minimum Desirable Product)
Contrary to the first tool mentioned, a Minimum Desirable Product is independent of business viability. In the creation of an MDP, you give the kernel of experience and the use of the product for the users to fully estimate it.
*Note: MDP would focus primarily on whether or not you are providing an insanely great product experience and creating value for the end-user. So, in case of proving out a high-value and satisfying product experience for your supposed users, you can rely on the simplest experience necessities of an MDP with its designable and creative approach.
Introducing Minimum Marketable Product (MMP)
Introducing the term Minimum Marketable Product (MMP) helps set the right target for the first launch: a product build for scale with the product-market fit. If you’re in a situation where none of these options appeal in presenting your product, you choose the best of two worlds in minimum viability and productivity of a product and cook a feasible and marketable one.
So, MFP in two bullet points is practical and profitable.
By considering this comparison in your Business Model Canvas (BMC) in which you had mapped the major components and activities, you can feasibly turn your idea into a product. Each product could be presented into 4 selected components of your BMC: Customers, Value Proposition, Channels, and Relationship. Therefore, by simply utilizing the decision-making process in your business and identifying these four ratios, you will realize which minimum product works best for optimizing your resources and chances into your success.
We at WinATalent measure what matters to your business project and communicate the value of your product through perfectly designed project strategies, so that the best possible results are attained.