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Testing Your MVP

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My webinar organized by @SoftwareTestPro on May 26

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Testing Your MVP

  1. 1. TESTING YOUR MVP Tathagat Varma @TathagatVarma http://thoughtleadership.in
  2. 2. BUILD AND THEY WILL COME…REALLY? • Apple Newton, 1993-98, Invested $100m • Webvan, 1999-01, Lost $800m • Microsoft Zune, 2006-11, • Amazon Fire, 2014, $170m written-off • Target Canada, 2013-15, Over $7b lost • …and many, many more!!!
  3. 3. WHY DID THEY “FAIL”? Bad idea? Incompetent team? Lack of funding? Dated technology? Wrong market? …?
  4. 4. 90% STARTUPS FAIL!
  5. 5. SO, WHAT’S A STARTUP’S CONTEXT ? • A bold experiment to the question “should this business be built?” • Startups search for their repeatable and scalable business model. • Early and frequent feedbacks allow course correction and realignment with the vision.
  6. 6. 3 STAGES OF A STARTUP Problem Solution Fit Stage1 Product Market FitStage2 Scaling Up Stage3 “Do I have a problem worth solving?” “Have I built something people want?” “How do I accelerate growth?”
  7. 7. LEARNING IS PROGRESS! https://blog.ycombinator.com/minimum-viable-product-process/
  8. 8. A STARTUP’S MOST SCARCE RESOURCE… TIME
  9. 9. BUILDING “100% PRODUCT” IS TOO… • Time-consuming • Costly • Risky • …even boring :) • So, what’s the alternative???
  10. 10. “MINIMUM VIABLE PRODUCT” Coined by Frank Robinson in 2001 as “that unique product that maximizes return on risk for both the vendor and the customer.” “MVP is a mindset of the management and development-team. It says, think big for the long term but small for the short term.”
  11. 11. MVP… “A(n) MVP helps entrepreneurs start the process of learning as quickly as possible. It is not necessarily the smallest product imaginable, though; it is simply the fastest way to get through the Build-Measure-Learn feedback loop with minimum effort. Unlike a prototype or concept test, an MVP is designed not just to answer product design or technical questions. Its goal is to test fundamental business hypotheses” - Eric Ries
  12. 12. LIKE THIS…
  13. 13. MVP MYTHS… • Tech = MVP • Code = MVP • Prototype = MVP • Beta = MVP • Half-baked = MVP • MVP = Faster TTM / Revenue • MVP = One MVP
  14. 14. MVP IS… • The Mindset that we don’t have all the answers, but the market does know them, and if we can involve the market, we can learn the answers. • The Process of identifying riskiest assumptions, designing the smallest and cheapest experiments to acquire validated learning, and correct the course, as often as required.
  15. 15. WHY TEST THE MVP? • Not so much to validate what we already know, but to learn what we don’t really know! • There’s no such thing as the expected output. We seek learning, not validation. • Whatever you get is the right output!
  16. 16. OK, SHOW MY HOW! • Let’s deconstruct the startup process • Our interest is to get to Product / Market Fit (Stage 2) • What kind of MVPs might help? • How do we “test” them?
  17. 17. #1 IS THERE A PROBLEM WORTH SOLVING?
  18. 18. START WITH PERSONAL PAINPOINT…
  19. 19. TO SOLVING OTHER’S PROBLEMS…
  20. 20. SEARCH TRENDS
  21. 21. SEARCH CAMPAIGNS
  22. 22. LANDING PAGE • “Sell first, build later” • Joel Gascoigne had an idea for service to queue up social media / twitter updates. • Before building it, he wanted to see if people would need or use it?
  23. 23. AUDIENCE BUILDING • Choose a low-cost mechanism to build a virtual community tied to your product. • Ryan Hoover started newsletter “Product Hunt” in 20 minutes. After two weeks, he had 130 subscribers. Today, it is valued $22m • Simplilearn started as blog, then grew into video content for PMP aspirants…had over 300 courses, trained over 200,000 students…raised over $28m till now…
  24. 24. BLOGS / UPDATES
  25. 25. SLIDE DECKS
  26. 26. VIDEOS
  27. 27. AD CAMPAIGNS
  28. 28. #2 WHAT IS THE PAIN POINT?
  29. 29. USER REVIEWS
  30. 30. SURVEYS
  31. 31. CUSTOMER INTERVIEWS • Steve Blank - There are no facts inside the building…get out of the building! • Exploratory conversations that allow you to learn and understand about customer problems • Be an ethnographer, not a salesman!
  32. 32. INNOVATION GAMES
  33. 33. CUSTOMER JOBS
  34. 34. #3 WHO HAS THE PAIN POINT?
  35. 35. EMPATHY MAP Source: Gamestorming
  36. 36. USER PERSONAS
  37. 37. #4 HOW ARE THEY DEALING TODAY?
  38. 38. JOURNEY MAPS http://cargocollective.com/flaminiazannotti/filter/design-method/2-in-1-A-design-driven-strategy-for-Intellego-Technologies
  39. 39. CONCIERGE MVP • Humans substitute for systems AND are visible! • When you want to learn deeply about how potential users solve a problem
  40. 40. WIZARD OF OZ MVP • Problem: In 1999, selling shoes online wasn’t so obvious. Nick Swinmurm wanted to prove that the idea was feasible without spending thousands of dollars of inventory. • Approach: Nick took pictures of shoes and created visual catalog. When customers placed order, he bought those shoes from stores. • Results: He could prove the concept. After an unsuccessful attempt to launch a competitive product, Amazon bought Zappos for US$ 1.2 Billion in 2009. Today Zappos annual revenues are ~US$ 2 Billion.
  41. 41. #5 WHAT WOULD DELIGHT THEM?
  42. 42. PAPER & PHYSICAL PROTOTYPES, STORYBOARDS, BODYSTORMING
  43. 43. SOME FAMOUS ONES… TwitterSouthwestInternet
  44. 44. DIGITAL PROTOTYPES
  45. 45. POTEMKIN VILLAGE
  46. 46. FAKE DOORS
  47. 47. A/B TESTING
  48. 48. VALUE PROPOSITION CANVAS
  49. 49. #6 WHAT WOULD THEY PAY FOR IT?
  50. 50. LANDING PAGE • After the initial experiment with landing page worked, Joel experimented with payment options • Some people clicked on paid plans! • First paying customers in 4 days of launch of a version with rough edges!
  51. 51. PRE-ORDER PAGES
  52. 52. PAY WHAT YOU LIKE
  53. 53. SOFTWARE TESTING • FiveSecondTest, QuickMVP, OpenHallway • Keynotopia • bootstrap.js • Google forms, wordpress, Google Analytics, KISSmetrics,
  54. 54. PITFALLS OF MVP TESTING • Confirmation bias • Starting too late • Expedite time-to-market • Accelerate revenues • “Selling” the solution • Consider “Fail Fast” as “failure” • Ignore the feedback!
  55. 55. CHOOSING THE RIGHT KIND OF MVP • Validating MVPs use a worse product than what the final version will be, so success proves your model but failure is inconclusive. E.g. Dropbox • Invalidating MVPs, however, have a better product than the final business, so failure means the business model is doomed but success is inconclusive. E.g. RentThe Runway • Unfortunately, we usually pick the wrong kind of MVP: we tend to choose validating MVPs, even though most businesses fail because they persist too long in solving the wrong problem — what invalidating MVPs are designed to prevent. https://hbr.org/2013/09/building-a-minimum-viable-prod
  56. 56. RECAP • Startups exist to search for business model. • Building 100% product based simply on assumptions is fatal! • MVPs as a process allow systematic validation of riskiest hypothesis. • Testing the MVPs allows validated learning to drive further decisions.
  57. 57. REFERENCES • https://www.inc.com/steve-blank/how-test-prototype-minimum-viable-product.html • https://www.sitepoint.com/7-new-ways-to-test-your-minimum-viable-product/ • https://envato.com/blog/straightforward-tactics-testing-minimum-viable-products/ • https://thenextweb.com/dd/2014/11/12/15-ways-test-minimum-viable-product/ #.tnw_1njw4EHg • https://blog.ycombinator.com/minimum-viable-product-process/ • https://blog.kissmetrics.com/abcs-of-mvps/ • http://customerdevlabs.com/2016/04/06/what-does-minimum-viable-product-mean/ • https://spin.atomicobject.com/2017/02/14/mvp-minimal-enough/ • https://hackerchick.com/5-mvp-examples/ • https://productcoalition.com/using-data-from-an-mvp-c3bdcc2df72b • https://www.typeform.com/blog/guides/minimum-viable-product/ • http://fresco.vc/build-an-mvp-not-a-beta/ • http://www.allencheng.com/concierge-mvp/ • https://design.org/blog/the-wrong-and-right-way-to-build-an-mvp/ • http://www.syncdev.com/minimum-viable-product/
  58. 58. REFERENCES… • https://www.sitepoint.com/7-new-ways-to-test-your-minimum-viable-product/ • https://envato.com/blog/straightforward-tactics-testing-minimum-viable-products/ • https://www.kickstarter.com/projects/getpebble/pebble-e-paper-watch-for-iphone-and-android • https://techcrunch.com/2011/10/19/dropbox-minimal-viable-product/ • https://hackerchick.com/how-to-build-an-mvp/ • https://medium.com/@joelgascoigne/how-to-successfully-validate-your-idea-with-a-landing-page-mvp- ef3c2d02dc51 • https://blog.bufferapp.com/idea-to-paying-customers-in-7-weeks-how-we-did-it • https://hbr.org/2013/09/building-a-minimum-viable-prod • https://blog.kissmetrics.com/abcs-of-mvps/ • http://original.livestream.com/nytechmeetup/video?clipId=pla_df402e6b-fcb6-4ea0-9223-ed516884ea34 • https://vimeo.com/24749599 • https://vimeo.com/24744647 • https://techcrunch.com/2011/10/19/dropbox-minimal-viable-product/
  59. 59. Q&A @TathagatVarma tathagat.varma@gmail.com

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