Nowadays the market has become faster and more complex than ever. In this situation, traditional market analysis tools alone have limitations. In order to survive among numerous products and services, a differentiated strategy is needed, and an emerging methodology is ‘Minimum Marketable Difference (MMD).’ Although it is written in grandiose terms, it is a method of quickly responding to the market by selecting marketing points with minimal differences like MVP.
The theoretical basis of MMD is as follows:
1.
Importance of Market Positioning: MMD helps your product occupy a unique position in the market. The key to positioning is to clearly convey the value of a product to consumers and differentiate it from competing products.
2.
Competitive advantage theory: MMD is a specific and practical way to realize competitive advantage. Drive consumer choice by highlighting the clearest, most market-appealing differences that set your product apart from competitors.
3.
Economic Value Proposition: MMD succinctly expresses the actual value consumers get from using the product. This makes it easier for consumers to recognize the economic benefits when choosing a product.
Let’s take a closer look at the three elements that make up MMD:
1.
Minimum: MMD should be concise and clear. It should be simple enough to be expressed in a one-line summary.
2.
Marketing: MMD must appeal to the market. The focus should be on solving real problems for your customers.
3.
Difference: The MMD must clearly differentiate itself from competing products. Even if it addresses the same problem, you need to show why your product should be chosen.
In conclusion, MMD is a key strategy for successfully positioning a product in the market and driving consumer choice. It helps you gain a competitive advantage by communicating your product's characteristics concisely and effectively. In order to survive and grow in a complex market, it is most important to find your own MMD and provide differentiated value. Rather than the retention management method of hooking, maintaining, and tracking that was popular in the past, I think this is a good methodology to use when you need to find an initial marketing outlet or quickly bring a product to the market.
