MVP vs MLP
An MVP, in other words Minimum Viable Product, is a frequently used term in the startup community. With Jumpstart, which is one of our services to help startups translate their idea into a market-ready product, the MVP is an important facet in the process as well. But what exactly is this so-called MVP? Well, it is a first, simple version of your potential product. It’s meant to gather as much information and feedback about the product in the initial phase as quickly, efficiently and cheaply as possible. With your MVP, you actually test whether or not your product is relevant to the market, to possibly further expand it later into a real end product.
But there is something wrong with this system. With a regular MVP you are not off to a great start. Instead, you should always focus on an MLP before having your product tested by potential users. Where does that L suddenly come from? Well, it stands for Lovable. So, you make your product a minimum lovable product. An MLP increases the satisfaction and commitment of the potential users, resulting in more and better feedback. And who knows, you might immediately reach the first people who really believe in your product.
“It’s better to build something that a small number of users love, than a large number of users like.” Sam Altman
“If You’re Not Embarrassed By The First Version Of Your Product, You’ve Launched Too Late” Reid Hoffman
If you make a MVP or MLP you have to keep those twoo quotes in mind. When you are not completely sure whether or not your product would catch on, it is better to not work out everything at a high price already. However, it is necessary to brand and polish your product to a certain extent to give the potential user a solid idea of what the product would be when it is further elaborated. At Lemon we always make sure that our MVPs are lovable, without losing sight of the price that comes along with it. We always search for the best balance between lovable and affordable.
In this example, you confirm with your MVP whether or not someone likes the taste of your cake, but then you miss your actual goal. With your MLP, on the other hand, you not only test if someone likes the taste of your cake, but also whether or not they would love your product. Although you are still in an initial phase with a lot of possible directions to pursue, it didn’t require a lot of extra time, money and effort. In this way, the information and feedback you receive is much more valuable. People come back for your MLP. They talk about it with their friends. You do not have that kind of interaction with an MVP. And because Lemon is aware of this, we only supply MVPs that are also MLPs with Jumpstart.
Discover more about JumpStart here!