What is your Minimum Marketable product, that is the product with the smallest feature set that still solves your customers’ problems, while providing the right user experience.
It is often confused with MVP (Minimum Viable Product). An MVP is a product with just enough features to satisfy early customers, and to provide feedback for future product development.
An MVP is the product you use to test a concept out so you know what to keep in your minimum marketable product. In the MVP stage you are basically testing your business hypothesis with minimal resources.
MVP is all about risk reduction and learning. MMP is all about reducing time to market.
Your winning MVP becomes your MMP
To combine the two concepts, develop one or more MVPs to test your ideas and to acquire the relevant knowledge. Then use your new insights to create and launch the MMP – a simple product that solves your customer’s main pain point.
Recently people often use the term MVP also for an MMP. Regardless of which term you use, aim to launch the smallest possible product that is still good enough to serve your early market. Then inspect, adapt, and pivot until you achieve product-market fit.
If you would like to find out more about developing a Minimum Viable Product, then you can read about it in our book – The 30 Day Startup, it’s stacked full of case studies of how successful startups built their MVP in 30 days or less.