What is a Minimum Lovable Product (MLP)?
In the startup world, resources are precious and time is of the essence, the goal often is to develop a Minimum Viable Product (MVP), with minimum features needed to satisfy early adopters and test product hypotheses. Instead we believe, startups should focus on the benefits of creating a Minimum Lovable Product (MLP) that not only meets the minimum criteria for functionality but also generates desirability and user delight right from the start.
At ISHIR, our strategy is to continue to make a significant impact during our unique Innovation Acceleration process by aiming higher with Minimum Lovable Product (MLP).
Why is a Minimum Lovable Product (MLP) crucial?
It’s simple: Build a product that is lovable and viral-able, not just merely variable.
Benefits of an MLP:
- Focus on Core Features:
Concentrate your efforts on features that are critical for solving the central problem for your users, test our understanding and refine the product features to become desirable.
- Rapid Feedback Loop:
Early and direct feedback from your first users is invaluable. It allows you to make adjustments before extensive resources are committed to building the full-scale product.
- Cost Efficiency:
Minimize development costs by focusing on features that users will love and making the MLP a cost-effective strategy for testing product-market fit (PMF).
- User Delight:
Get MLP in the hands of the user and hearts of what users need. Not merely tick off functional requirements but solve their problems and enchant them.
- Experimentation:
Test assumptions and refine the product using series of experiments during the software development process. Continuously evolving product based on user feedback and needs.
- Market Validation:
An MLP helps you verify if there’s a genuine demand for your product, and the users are willing to pay for it. Significantly reducing the risk of startup failure.
- Attract Early Adopters:
Early adopters not only validate your product idea but also become raving fans.
- Investors:
An MLP can be a great tool to attract potential investors by demonstrating potential and user traction.
For startups, an MLP is not just about building a viable product; it’s about fostering a culture of innovation, experimentation, adaptation, and smart scaling.
ISHIR’s Innovation Acceleration is a powerful approach to uncover customer pain, learn what users love, delight them and make them raving fans of your startup. We do this while we build a digital product that creates a buzz.
Let’s discuss more about MLP.
• What has been your experience with building products that go beyond basic functionality to WOW your users?
• What have you done to change the trajectory of your business early with your startup?
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