I have recently spent time with multiple startups looking for funding. They have some really cool ideas and they are passionate about the success and the market they will be solving problems for. But markets are becoming more competitive all the time. Consumers won’t be satisfied with just a useful product, they need the emotions and the impressions it provides them with.
Take the coffee shop as an example. If it were the only one in the town, the expectation would be that I can walk in and get coffee. As soon as a few shops open up then I would start to choose the shop that provides the best experience, how the coffee is served, little enjoyable additions, and how easy it may be to place the order.
The MVP is the standard cup of coffee – It is the simplified version of the product that can be taken to market at low cost and in a short time. An MLP delights consumers beyond solving the problem.
An MLP is designed to:
- win over early adopters
- pays more attention to usability and UX
- build a relationship with the user beyond just solving the problem
Creating an MVP makes sense if you have no idea about your target audience and the impact of your solution to their problem. Once you have the right information, turn your MVP into an MLP.