We constantly validate our ideas so that the product/service we offer is one that customers want. Plus it saves us hassle down the long road.
How do we go from A to B?
Not everyone needs a full website, so people might just need a landing page. You start small and go bigger if necessary.
We see this in the fashion world, because making and launching a full season for a line is expensive. First designers make a mini collection that they either sell or show to reporters/buyers to get feedback. They need to figure out what will sell , how their collection fits into current trends, and what will be well received from the industry.
They take the industry and customer feedback and launch a full line. They take out what isn’t well received and sometimes expand on colors/patterns/shapes/cuts that are well received. In this example the designer kept certain prints (bubble print) and nixed out colors (olive green).
Wonderbox didn’t have any boxes or partners lined up. But they took this data to confirm they were on the right track
More time consuming, but some times necessary. Especially with food products.
Transcript of "Lean Startup Zurich- MVP/Idea Validation"
VALIDATIONThe Lean Startup method advocates that we build a basic product/prototype and getout to test and validate our idea.• Is anyone interested in our product?• What features do customers care about?• What features are missing?• What features aren’t necessary?We take the data we learn from customers and constantly revise the product
MINIMUM VIABLE PRODUCTThe minimum viable product (MVP) is “the version of a new product which allows ateam to collect the maximum amount of validated learning about customerswith the least effort.”This can be:• A prototype• A design mockup• A video describing your product.
The MVP is different for every startup.What works for one company maynot be viable enough for another.It’s not about doing the least amount ofwork necessary, it’s about doing theleast amount of work necessary totest your hypothesis. For someindustries this may require a lot ofwork.
WHY MVP ?The goal of the MVP is to test fundamental businesshypotheses and help entrepreneurs begin thelearning process as quickly as possible.In LS lingo these hypotheses are called leap of faithassumptions
LANDING PAGESA landing page is a web page wherevisitors “land” after clicking alink. A landing page shouldquickly communicate what yourproduct/service is about.Anipals, a social network for petowners, created a landing pageto give potential users a preview
BASIC WEBPAGE/ SCREENSHOTSBeauty Box providerWonderbox used a basicwebpage to gaugeinterest and test itshypothesis that femaleexecutives in Malaysiawant to keep up withthe latest beauty/fashiontrends but might nothave the time to do so• 500 signups in 2 weeks
CROWD FUNDINGCrowd funding lets you know thatpeople are willing to pay foryour productPebble created a Kickstarter thatalso served as its pre-orderform• Raised 10 million
WIZARD OF OZA Wizard of OZ MVP is when you put upa digital webpage that looks like a realworking product, but then manuallycarry out product functionsZappos created a working website, butinstead of building a warehouse thefounder went to local shoe stores tocarry out the purchase orders• Data from orders confirmed thatpeople were interested in buying shoesonline
TESTINGYou can use testing to validatespecific features or pricepointsBounce, a calendar mobileapp, used A/B testing totest out different pricepoints.• At $10 1.7% purchased• At $5 1.4 % purchased
VIDEOSA video should explain what the productdoes and why people should care.Dropbox created a basic video thatexplained their product and uploaded itto Hacker News.• Got critical feedback from potentialcustomers• 70,000 signups for their email list
TALK TO THE PEOPLESometimes taking to people is thebest way to validate yourproduct.CapMac started with a basic macand cheese recipe (pasta andcheddar cheese) and throughconversations decided torework their product to addpimiento cheese and a topping.
RESOURCES• The Validation Board from Lean Startup Machine• Unbounce- landing pages and A/B testing• “Ultimate Guide on Building Minimal Viable Products” by 10steps2.com• Twitter: #LeanStartup and #MVP• Parts one and 2 from the Lean Startup by Eric Ries
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