Download - How to build_a_successful_mvp_lean-302
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Building a Successful MVP
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What You Will Learn
• What is an MVP?
• What are the different types of MVPs?
• What does the MVP actually test?
• Examples of “good” MVPs
• Individual Assessments
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What is an MVP?
“The minimum amount of effort you have
to do to complete exactly one turn of the
Build-Measure-Learn feedback loop.”- Eric Ries
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Don’t Be Misled…
MVP ≠ a functioning product
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In Simpler Terms
MVP = Experiment
(Think: Minimum Viable Experiment)
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Goals of MVP
• Maximum validated learning with
minimum effort.
• Minimum opportunity cost.
• Rapid testing and iteration.
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When do MVPs Get Created?
1. Problem or Solution Hypothesis
2. Make a Prediction
3. Outline Assumptions
4. Identify Riskiest Assumption
5. Define Success Criterion
✔
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Riskiest Assumption
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Where do I Begin?
• Not all MVPs are created equal.
• MVP most appropriate…
i. For your business model
ii. Both minimum and viable
iii. Learn whether it succeeds or fails
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Types of MVPs
1. Problem Exploration
2. Product Pitch
3. Concierge
(in order of increasing opportunity cost)
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Validation
1. Success criterion.
2. “Signal.”
3. “Foaming at the mouth.”
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Early Adopters
“Foaming at the Mouth” means:
1. Have the problem
2. Aware they have the problem
3. Searched for a solution
4. Hacked a solution
5. Paid for a solution
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Problem Exploration
An interaction focused on customer’s
problems to understand past behavior
and urgency.
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Problem Exploration
Opportunity Cost: Very Low
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Examples of Problem Exploration
1. Scene of the Customer
Highest geographic density of your
customer use case.
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Examples of Problem Exploration
2. Doppelganger
Someone already executing on your
idea.
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Examples of Problem Exploration
3. Conversation Starter
Getting your customer’s attention and
activating their imagination.
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Examples of Problem Exploration
4. Menu of Features
Fake features to ascertain which ones
the customer is most interested in.
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Product Pitch
Exchange of product for some form of
currency: time, money, or work.
Tests the Riskiest Assumption
associated with your Solution
Hypothesis.
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Product Pitch
Opportunity Cost: Very Low Low
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Examples of Product Pitch
1. Decreasing Discount
Decrease the discount over time for new
sales.
Think: Invalidation = discount rejected
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Examples of Product Pitch
2. Innovator
Learn innovators’ tactics and see if you
can productize them into a solution.
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Examples of Product Pitch
3. Better Alternative
Get the customers of the existing market
leader.
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Examples of Product Pitch
4. Meta
Have your customer design the first
version of your product.
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Concierge
Manually delivering on the solution, as a
service to the customer, to see if the
delivery matches the customer’s
expectations and makes them happy.
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Concierge
Opportunity Cost: Medium
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Examples of Concierge
1. One Use Case
Making your product function for only a
single use case.
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Examples of Concierge
2. Real Life Simulation
Illusion of backend functionality or
infrastructure.
Think: Validation = Reason to Build Out
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Interactive
What MVPs have you already created?
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Remember…
Focus on testing your
Riskiest Assumption