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Minimum Viable Product
 

Minimum Viable Product

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  • 2007 Andrew Mason, backed by Eric Lefkofski did The Point (do good website) - The Point was a social media platform designed to get groups of people together to solve problems.Mid 2008 Lefkofski came with the idea to sell to groups of people, so they get discounts (wife and friends buying purses). Still wanted to do something as a group, but this time – save money. Later in 2008 the whole world went crazy, Lehman Brothers filed for bankruptcy etc. The expansion went off without a hitch — but only thanks to a number of make-it-work hacks on the technical side.During Groupon's first months, customer support head Joe Harrow would spend three hours every afternoon personally emailing all the customers who bought Groupon vouchers whenever a deal closed.  Nine months in, Groupon switched to software specifically designed for the new business.
  • Dropbox is a Y-Combinator graduate, founder in 2007 by Drew Huston and ArashFerdowski. It started as a solution to a problem – Drew forgot a USB memory stick at home and started working on some solution for himself, then figured out he can solve more people’s needs. In mid 2007 they got funding from Y Combinator, but along with working on their product they needed to test their leap-of-faith assumption – If we propose a superior solution (seamless) will people give it a try?Since this involves a lot of development to actually make it work, Drew made a video, narrated by himself, making a promise of how his product is going to work.Subscriptions went from 5,000 to 75,000 over night.
  • Food on the TableManuel Rosso – launched a site combining information on “what’s on sale in the local store”, “what your family prefers” and adds chef recipes so you can get a meal plan with recipes and grocery lists – revolutionizing the way people buy groceries and eat at home.Complex! Many pieces of information coming from different sources, and needs to be easy and quick.Manually doing the whole meal planning process – Manuel and Steve Sandersen – went out, met them across the street in a coffee shop, etc.Very ineffective! But you get your customer validation.
  • launch it to many customers, who pay us, so we build a great business
  • One way to do it is to build a product with as many features as we can think of, and then release it. However, chances are we don’t know our clients, don’t know their needs and even if we spend a lot of time developing two things may happen – a lot of features are useless, and even worse – nobody wants it. And then we don’t know which part clients don’t want.
  • lean startup is about starting a company, and getting to product-market fit with minimum waste.
  • you need to get to validation before you start investing significant amount of effort and money in your product. And
  • So, if questionnarires don’t work and we cannot ask our friends (not a representative sample) how do we avoid buying very expensive lottery tickets when starting a product/compnay?
  • the fastest, and with minimum effort, way to get through the b-m-l loop
  • One way to do it is to build a product with as many features as we can think of, and then release it. However, chances are we don’t know our clients, don’t know their needs and even if we spend a lot of time developing two things may happen – a lot of features are useless, and even worse – nobody wants it. And then we don’t know which part clients don’t want.
  • One way to do it is to build a product with as many features as we can think of, and then release it. However, chances are we don’t know our clients, don’t know their needs and even if we spend a lot of time developing two things may happen – a lot of features are useless, and even worse – nobody wants it. And then we don’t know which part clients don’t want.
  • do customers realize they have a problem?
  • if there was a solution would they pay for it?
  • would they buy it from us?
  • The idea of minimum viable product is useful because you can basically say, look, our vision is to build a product that solves this core problem for customers, these kind of general feature areas, and we think that for the people who are early adopters for that kind of solution, they will be the most forgiving.And they will fill in their minds the features that aren’t quite there if we give them the core, tent-pole features that point the direction of where we’re trying to go.The minimum viable product is that product which has just those features and no more that allows you to ship a product that early adopters see and, at least some of whom resonate with, pay you money for, and start to gave you feedback on.
  • What sources are sending visitors to my site?What are visitors searching for that brings them to my site?What percentage of my visitors are coming from search / direct traffic / paid search / ads / referrals?Which ad campaigns are convincing people to visit my site?For the people coming to my site from direct traffic, how did they find out about us?If a particular (non-paid) source is sending a lot of traffic to my site, how are they describing us?
  • Of all visitors to your site, what percentage of them convert to becoming a customer (signing up, subscribing, purchasing, starting a trial)?Of the visitors who fail to become customers, where are they dropping off?Which sources are most effectively sending me visitors who become customers?Which sources are sending me lots of traffic that is not converting?Which ad campaigns are most effectively sending me visitors who become customers?Are visitors who came via search more likely to become customers?Also:How many times do visitors come to your site before they convert to customers?How much time (in hours/days/weeks) does it take for a visitor to your site to convert to being a customer?What is the first source that sent a customer to your site?What is the last source that sent a customer to your site immediately before they became customers?How does signup workflow (i.e. Facebook Connect vs. traditional signup, mobile vs. web signup, homepage vs. third-party partner) affect conversion rate?Were visitors who viewed a video or product tour more likely to convert to becoming a customer?How does collection of billing information (i.e. collected up-front, billed later, free trial to start, etc.) affect conversion rate?What percentage of customers experience an error during the signup process?Of the customers who experience an error during the signup process, how many persist and become customers?
  • What percentage of customers come back and log in again within a week / month / 3 months / etc. ?What percentage of customers successfully complete configuration / setup such that they’re able to use your product?Are customers who signed up from a specific source more likely to complete setup / configuration?Of the customers who do not complete configuration / setup, where did they drop off?Of the customers who sign up for a free trial, how long does it take for them to start actively using their trial?How long does it take for the average customer to go from initial signup to successfully using the core features of your product?
  • What percentage of your customers are actively recommending your product?What percentage of your incoming customers are coming in via referral?How does referral method (Facebook, Twitter, email invitations) affect number of referrals sent?How does referral method (Facebook, Twitter, email invitations) affect number of referrals that the recipient acts upon?How does incentive affect referral behavior (both sending and acting upon)?Who are your most active referrers / evangelists?Are customers with a specific demographic profile more likely to recommend your product?

Minimum Viable Product Minimum Viable Product Presentation Transcript

  • mvp 11
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  • build a full feature product 11
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  • almost nailed it the first time 11
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  • sequential pivot 11
  • multiple mvp 11
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  • some important questions 11
  • do customers realize they have a problem? 11
  • If there was a solution would they pay for it? 11
  • would customers buy their solution from us? would they buy it from us 11
  • can we build it? 11
  • early adopters: filling-in the gaps 11
  • the false negative problem 11
  • early adopters chasm 11
  • IT IS ABOUT LEARNING! 11
  • customer acquisition 11
  • activation 11
  • retention 11
  • % of clients to recommend you? referrals 11
  • revenue 11
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  • thank you 11