How to build_a_successful_mvp_lean-302


Published on

Published in: Business, Technology

How to build_a_successful_mvp_lean-302

  1. 1. Building a Successful MVP
  2. 2. 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
  3. 3. What is an MVP?“The minimum amount of effort you haveto do to complete exactly one turn of theBuild-Measure-Learn feedback loop.” - Eric Ries
  4. 4. Don’t Be Misled…MVP ≠ a functioning product
  5. 5. In Simpler Terms MVP = Experiment(Think: Minimum Viable Experiment)
  6. 6. Goals of MVP• Maximum validated learning with minimum effort.• Minimum opportunity cost.• Rapid testing and iteration.
  7. 7. When do MVPs Get Created?1. Problem or Solution Hypothesis2. Make a Prediction3. Outline Assumptions4. Identify Riskiest Assumption ✔5. Define Success Criterion
  8. 8. Riskiest Assumption
  9. 9. 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
  10. 10. Types of MVPs1. Problem Exploration2. Product Pitch3. Concierge(in order of increasing opportunity cost)
  11. 11. Validation1. Success criterion.2. “Signal.”3. “Foaming at the mouth.”
  12. 12. Early Adopters“Foaming at the Mouth” means:1. Have the problem2. Aware they have the problem3. Searched for a solution4. Hacked a solution5. Paid for a solution
  13. 13. Problem ExplorationAn interaction focused on customer’sproblems to understand past behaviorand urgency.
  14. 14. Problem ExplorationOpportunity Cost: Very Low
  15. 15. Examples of Problem Exploration1. Scene of the CustomerHighest geographic density of yourcustomer use case.
  16. 16. Examples of Problem Exploration2. DoppelgangerSomeone already executing on youridea.
  17. 17. Examples of Problem Exploration3. Conversation StarterGetting your customer’s attention andactivating their imagination.
  18. 18. Examples of Problem Exploration4. Menu of FeaturesFake features to ascertain which onesthe customer is most interested in.
  19. 19. Product PitchExchange of product for some form ofcurrency: time, money, or work.Tests the Riskiest Assumptionassociated with your SolutionHypothesis.
  20. 20. Product PitchOpportunity Cost: Very Low  Low
  21. 21. Examples of Product Pitch1. Decreasing DiscountDecrease the discount over time for newsales.Think: Invalidation = discount rejected
  22. 22. Examples of Product Pitch2. InnovatorLearn innovators’ tactics and see if youcan productize them into a solution.
  23. 23. Examples of Product Pitch3. Better AlternativeGet the customers of the existing marketleader.
  24. 24. Examples of Product Pitch4. MetaHave your customer design the firstversion of your product.
  25. 25. ConciergeManually delivering on the solution, as aservice to the customer, to see if thedelivery matches the customer’sexpectations and makes them happy.
  26. 26. ConciergeOpportunity Cost: Medium
  27. 27. Examples of Concierge1. One Use CaseMaking your product function for only asingle use case.
  28. 28. Examples of Concierge2. Real Life SimulationIllusion of backend functionality orinfrastructure.Think: Validation = Reason to Build Out
  29. 29. InteractiveWhat MVPs have you already created?
  30. 30. Remember…Focus on testing yourRiskiest Assumption
  31. 31. @ryanmaccarrigan