How to Build a Minimum Lovable Product?
We believe in adding business value by beautiful delivery.
It started with research in shaping our end-to-end blockchain services. We kept a couple of things top of mind. Gather insights into the true needs of your customer was an important one.
And ask for feedback early as possible. Essentially, just treat it as innovation of course. So I talked to quite a few of our customers and the idea grew in my mind. I would just draw it out on the fly for them, in its then-current state.
And it improved after nearly everyone I talked to. When the learning curve flattened, we solidified it in a 1.0 version and asked one of our designers to make it beautiful. Because beauty matters, it moves us, it makes us happy. Think of a great work of art or piece of music, it touches the heart.
And that’s exactly what we want for our services, not only to be the answer to what’s really keeping our customers awake at night. But also to be truly appealing to them.
What is a Minimum Lovable Product?
A Minimum Lovable Product (MLP) is an initial offering that users love from the start. It represents the minimum that is required for customers to adore a product, rather than merely tolerating it. The MLP serves as a counterpoint to the Minimum Viable Product (MVP). Just like it sounds, an MVP is the minimum required for an initial offering to be viable in the market. Many companies create an MVP as a way to quickly launch a product with basic functionality. However, delivering the bare minimum can leave customers frustrated, driving them to seek alternative solutions.
How to use it?
So what we do is identify a concept in the field of new technology like blockchain, that is feasible, viable and desirable for the specific client. In the desirability phase, we build a mock prototype. This works for the end-user, it does what it’s intended to do. However, there is no technically working product behind it. We interview the client and clients’ client in order to learn as much as we can about the most important features. Then we move on to the Minimum Lovable Product.
Why is the MLP important?
Customers today have many options. Their relationship with technology, in particular, is highly transactional. If a customer's experience with your product leaves them feeling unsatisfied, unheard, or unappreciated, they will quickly move on to find something better.
This is why you need to distinguish yourself — from the very first interaction a customer has with your company to the product experience itself. An MLP can be a way to differentiate your product in a crowded marketplace.
To build an MLP, you must deeply consider what customers care about, the problems they have, and how to make their lives better. Consider the customer experience as a whole and strive for love at every stage. As a result, customers will not only purchase your product or service — but they will also want to see your company thrive.
Starting with an MLP mindset also informs how you continue to build upon your initial product offering. As you iterate, you are always thinking about how to delight your customers rather than doing the bare minimum.
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We are waiting to hear your outstanding product idea at SeventhDev.com