A minimum loveable product (MLP) is an initial version of a product with basic functionality a company provides to its target audience. It aims at providing value, understanding customers, and getting their love. MLP helps collect feedback, find out whether people love the product, and take into account their requirements.
In this article, we’ll unveil the importance of MLP, compare MLP and MVP (minimum viable product). We’ll also cover how to build a minimum loveable product.
Why is MLP important?
By creating test versions of products and offering them to customers, companies can get the insights important for further product development. After launching a minimum loveable product, entrepreneurs can understand whether people get the main idea of the product and like it.
The initial version of products companies launch for the first time and present to their target audience helps in product development. It allows businesses to avoid developing an ideal product that fails in the short run. This way, business owners can improve their products based on the customers’ feedback and develop an excellent product people would love.
MLP helps create a unique and innovative product, provide an excellent customer experience, and integrate with other helpful tools. After exploring the insights from customers’ feedback, a brand can create a product that people like and establish brand awareness among consumers. A unique and interesting product will always drive attention and increase sales volume.
Now that you know the importance, let’s move to the difference between MLP and MVP.
MLP vs MVP
Since MLP and MVP are often used interchangeably, there’s a point in discussing the difference between the two terms.
MLP is a test version of a product designed to delight customers and gain their love. It aims at providing solutions to customers and an excellent buying experience.
MVP is a version of a product company launches for the first time that has the bare minimum features designed to solve customers’ problems and be viable in the market. It’s necessary to test the product.
Since building a minimum loveable product is a process that helps your business, let’s find out how to do it.
How to build a minimum loveable product?
Let’s review the necessary steps to develop MLP for your company.
- Pay attention to design. Your main aim as a brand owner is to ensure a seamless user experience. It implies great usability. Your website should be clear, simple, credible, accessible, and relevant for users. To make customers love your brand and come back, you need to ensure seamless interaction. You can enhance the user experience by developing responsive design, keeping your site simple and visually appealing, and using white space.
- Create a community. By building a community, you can create an online presence. Collaborate with marketers to establish communities on marketing channels your target audience uses most often and effectively promote your product. To identify the necessary platforms, it’s advisable to conduct research. As a result, you’ll be able to gather loyal customers around your brand.
- Share your story. Customers need to know about the company they purchase with. That’s why you need to tell your story, your goals, and your principles.
- Collect useful feedback from customers. Of course, you can’t get the love of customers by simply collecting data. However, by listening to your customers and giving them what they need, you can achieve it. Feedback from consumers is very important since it can highlight the areas of your product that require improvement. Your clients can tell what they like and don’t like about your product. Use this information to improve your product and give users a solution they need.
- Implement the minimum. Remember, it’s important to launch the minimum features and design to save costs. If you spend a lot of costs on a product that your target audience doesn’t fully like, you risk paying double the price.
Congrats, now you know the importance of MLP, the difference between MLP and MVP, and how to build MLP. Make use of your knowledge to improve your business. Employ SendPulse’s tools to promote your products.
Last Updated: 14.09.2021