adopting an mvp perspective
TRANSCRIPT
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Adopting a MVP Mindset for evolved research learning
1. Why should researchers care about startups?
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Flickr: Heisenberg Media
Uncertainty the new norm
Acknowledge that uncertainty is at its maximum at the beginning of a venture. This sounds obvious. Yet, entrepreneurs and intrapreneurs don’t always behave as if they understood the implications of high uncertainty. You shouldn’t spend time on refining and perfecting your ideas when uncertainty is high and thus the risk of getting it completely wrong is very high. When uncertainty is high you should keep your ideas rough and shape them just enough to be able to test the underlying assumptions. Alexander Osterwalderstrateygyzer
© Impact Hub / filippo podesta
Speed faster speed to market wins
As I pointed out in an earlier post, “Right but late is useless”, the number one business need, at the moment, is to get good answers to decision makers quickly enough for those answers to be useful to them. To achieve that change, market researchers and insight professionals need to do more than just tweak their methods, they need to engage in real business process re-engineering… Ray poynter MRX Author, research through gaming
Vision Critical post: “The case for faster market research, in our new ebook”
Vision Critical: Ray Poynter
Insights the new commodity
2. What’s MVP?
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Flickr: Heisenberg Media
A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
Eric reisAuthor, the lean startup
Youtube
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Traditional MR Approach MVP Approach
Metrics Tracked Conceptual Opinion Real Behavioral Decisions
Who It’s Tested With Primary/Recruited Research Controlled In-Market Testing
What’s Tested Individual Components Tested, Pieced Together
Hypothesized Elements + Increasingly Complete Programs
Risk Level High Low
Traditional MR v. MVP
3. Why does MVP matter for business & what are the implications for market research?
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© Wikilogia
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individual elements/assumptions are tested learn earlier fail faster iterative, with fast pivots as necessary less resources required earlier
Hallmarks of MVP
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smaller, more agile tests tests that build on each other vs. ONE point in time/definitive test new definition of “qualification”
Implications to MR
Ultimately leading to breakthrough ideas in a smarter, faster way…
Case Study rent the runway
Huffington Post
Case Study intuit & indian farmers
Huffington Post
Case Study webcam interviews during idea business modeling
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early and unintentional public release erosion of brand opinion
MVP Risks:
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q&a
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