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Are we launching ‘Minimum Viable Products’ for early experimentation?
Of late, the practice of experimentation and iteration in launching new products and services has gained significant ground. It helps in getting early feedback from the consumers on what is working and what isn’t. The concept of ‘Minimum Viable Product’ is widely practiced by companies.
I liked the recent tweak to this concept when Andy Jassy spoke about launching ‘Minimum Lovable Product’. The difference is profound. While MVP talks about product functionality, MLP is focused on consumer experience in using the product. MVP may generate new trials, but MLP will generate both trials as well as repeats, besides giving valuable feedback on how to improve the product or service further.
Let’s ensure that our new launches qualify as Minimum Lovable Products!