A Minimum Lovable Product (MLP) is a product that has been stripped down to its minimum essential components to deliver a positive user experience, while being sufficiently appealing to generate revenue.
The purpose of an MLP is to assess the viability of an idea through market validation and gather customer feedback, thereby enabling iterative refinement of the product before incurring the costs associated with building a comprehensive offering. The MLP approach allows for efficient testing of product-market fit, allowing for more informed decisions to be made about the product’s future development.
Contents
This series of posts focuses on the crucial concepts of product management, including product strategy, roadmap creation, market analysis, and UX design. The goal is to give a comprehensive overview of the key principles and practices all product managers should understand.
🔍 If you want to read the concise version of this post then just read the text written in bold.
- SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-bound Goals in Product Management
Goal setting is a crucial part of any business strategy, especially in the realm of product management. One popular technique for setting effective, clear, and achievable goals is the SMART framework. It encourages precise and realistic goal setting, thereby increasing the chances of success. - The Eisenhower Matrix: Ranking Topics by Urgency and Importance
The Eisenhower Matrix is a powerful tool designed to help prioritize tasks based on their urgency and importance. This framework, visually represented as a 2×2 grid, allows us to understand which tasks require immediate attention, which ones can be scheduled for a later time, which tasks can be delegated to others, and finally, which ones should be discarded altogether.
Who invited the MLP concept?
The concept of the Minimum Lovable Product (MLP) is not attributed to a specific person or organization. It is a widely adopted approach in product development that has been developed and popularized over time by product managers, entrepreneurs, and startups. The MLP concept has been influenced by the Lean Startup methodology and the Minimum Viable Product (MVP) approach, which both focus on iterative product development and testing. The MLP is a more customer-centric approach, which prioritizes delivering a product that users love, even if it has fewer features, over quickly launching a product with the minimum set of features.
MLP vs MVP
The Minimum Viable Product (MVP) and the Minimum Lovable Product (MLP) are two similar concepts in product development, but with some differences.
The MVP is a product with the minimum set of features that can be launched to gather early feedback from customers. The focus is on quickly launching a product to validate the idea, and determining which features are truly essential.
The MLP, on the other hand, is a product with the minimum amount of features necessary to provide a delightful user experience, while also being appealing enough to generate revenue. The focus is on delivering a product that users love, even if it has fewer features.
In summary, the MVP is focused on validation and feedback, while the MLP is focused on user experience and revenue generation.
Pros and Cons of adopting the MLP approach
The Minimum Lovable Product (MLP) approach to product development is a customer-centric approach that prioritizes delivering a product that users love, even if it has fewer features, over quickly launching a product with the minimum set of features.
The MLP approach has several advantages, including faster time to market, improved customer experience, reduced development costs, and increased feedback. However, there are also several potential drawbacks to the MLP approach, including limited functionality, limited market appeal, reduced revenues, risk of stagnation, and increased competition.
Let’s take a deeper look together.
Pros of adopting the MLP approach
Faster Time to Market: MLP allows for quicker product launches and faster time to market compared to a more traditional development approach.
Improved Customer Experience: the focus on delivering a product that users love improves customer satisfaction and engagement.
Reduced Development Costs: by launching a smaller, simpler product, development costs are reduced, and the risk of developing a product that is not well-received is reduced.
Increased Feedback: MLP allows for early customer feedback, which can be used to shape the product’s development and future direction.
Improved Focus: MLP helps to focus development efforts on the most important features and functions, reducing the risk of overbuilding a product.
Cons of adopting the MLP approach
Limited Functionality: MLP may have limited functionality compared to a fully-featured product, which may not meet the needs of all users.
Limited Market Appeal: MLP may not have broad market appeal, limiting its potential customer base.
Potential for Reduced Revenues: MLP may generate less revenue than a fully-featured product, especially if premium features are not included.
Risk of Stagnation: MLP may struggle to attract new customers or generate additional revenue if the product does not evolve over time.
Increased Competition: MLP may increase competition from similar products, especially if the product becomes popular and other companies attempt to imitate it.
The MLP approach is a valuable tool for product development, particularly for startups and entrepreneurs who are seeking to quickly launch a product and gather feedback. By focusing on delivering a lovable product, the MLP approach can help to reduce development costs, improve customer experience, and increase customer engagement. However, it is important to carefully consider the potential drawbacks of the MLP approach, including limited functionality, limited market appeal, and increased competition, before deciding to adopt this approach.
Ultimately, the success of the MLP approach will depend on the unique needs and goals of the product and the target market.
MLP examples
A mobile weather app
⛆ A first practical example of MLP is a mobile weather app that provides current weather information and five-day forecasts. The app has a simple and intuitive interface, with features such as location detection, weather alerts, and the ability to add multiple locations.
💵 The MLP of the app generates revenue through in-app advertisements.
📈 This MLP has just enough features to provide a delightful user experience, while also being valuable to users and generating revenue. The app can be further developed and improved based on user feedback and market trends. For example, new features such as historical weather data, more detailed weather information, and additional weather services can be added in the future.
A meal delivery service
🚚 A second MLP example is a meal delivery service website that enables customers to choose from a curated selection of nutritious, ready-to-eat meals. This MLP provides a simple and intuitive user experience, allowing customers to easily select their desired meals and have them delivered to their door.
💵 The MLP generates revenue through meal plans and delivery fees, making it a win-win for both the customers and the service provider.
📈 The meal delivery service MLP can be further developed by adding new features such as personalized meal recommendations based on user preferences and dietary restrictions, integration with wearable fitness devices, and the ability to schedule meals in advance. Additionally, expanding the menu options to include more diverse cuisines and ingredients can also increase the appeal of the service.
A personal finance management app
📱 A practical example of a Minimum Lovable Product (MLP) for a personal finance management app is a simple app that enables users to connect their financial accounts and monitor their spending. The app has a clear and user-friendly interface, allowing users to easily categorize their transactions and get a comprehensive view of their finances.
💵 The MLP of the app generates revenue through advanced features such as budgeting and investment tracking, providing users with a valuable tool for managing their finances.
📈 The personal finance management app MLP can be further developed by adding features such as investment portfolio tracking, bill reminders and payment scheduling, credit score tracking, and integration with other financial services such as savings and retirement accounts. The app can also be made more personalized by incorporating machine learning algorithms that provide personalized financial advice and insights. Furthermore, the app can be expanded to other countries, increasing its reach and user base.
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Key Takeaways
| Key Takeaways | Description |
|---|---|
| Understanding Minimum Lovable Product (MLP) | An MLP is a product development strategy focusing on creating a product with just enough features to be loved by early users and validate its market viability. It goes a step beyond the Minimum Viable Product (MVP) approach. |
| Advantages of MLP | MLP allows businesses to generate early customer satisfaction and loyalty, accelerating the feedback loop, and helping build a product that truly delights users. |
| Developing an MLP | To create an MLP, identify the core features that deliver value and joy to your users. Then, focus on perfecting these aspects in your initial product launch. |
| MLP vs. MVP | MLP and MVP are not mutually exclusive. Instead, they are stages in the product development process. While an MVP tests a product’s basic functionality, an MLP ensures the product creates a strong emotional connection with users. |
In conclusion, the Minimum Lovable Product (MLP) approach elevates the product development process beyond mere viability, driving early market validation through a focus on delivering delightful user experiences, and thus, setting the stage for a sustainable customer base and business growth.