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Product development
The document discusses different approaches to developing a minimum viable product (MVP) based on the type of market. It outlines concierge, optimized, prototype, and reuse MVP strategies. For each market type - existing, new, cloned, and niche - the document describes the risk level, competition, and recommended MVP strategy. The key is to balance product development and traction building to achieve growth. Testing tools, agile methods, and measuring business value rather than hours or features can help optimize the MVP process.
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Product development
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- 3. Minimum Viable Product •Features to see if something will work. • Building a product that people will use and pay for. • Not to see if the product can be built in terms of technical feasibility. • Days worth of work, not weeks or months.
- 4. Traction • A measurableset of customers or users that serves to prove that your startup is "going places."
- 5. Formula 50% Product +50% Traction = Growth 0% Product + 100% Traction = Superficial 100% Product + 0% Traction = Expensive
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- 7. Optimize MVP Build Landing Pages Ad Campaigns Registration/ Pre-order A/B Tests Build Feature MVP Traction Development
- 8. Prototype MVP Look for Advocates BuildPrototype (Paper / Digital) Pre-sell / Fundraising Build MVP Traction Development
- 9. Reuse MVP Generate Interest Build from clone/ whitelabel Sell Analyze /Customize Traction Development
- 10. Approach by MarketType • Existing Market • New Market • Cloned Market • Niche Market
- 11. Existing Market • TestedIdea • Existing Market • High Risk • Tough Competition Examples: – POS, Inventory – CRM, ERP – Social Networking – Notetaking
- 12. Existing Market Goal: Displacethe #1 or disrupt the market Steps: 1. Identify Unfair Advantage 2. Look for advocates / partners 3. Create Prototype 4. Presell the solution, test the market 5. Build the dream team or outsource partner 6. Sell the solution
- 13. New Market • UntestedIdea • New Market • No/Low Competition • High Risk Examples: • Not possible by definition
- 14. New Market Goal: Developthe new market Steps: 1. Build landing page, vids, ads, etc. 2. Talk to domain experts 3. Test the market 4. Build the dream team or technical partner 5. Develop the MVP 6. Teach the market and gain traction 7. Maintain your leadership
- 15. Clone Market • TestedIdea • Localized Market • Low Competition • High Risk Examples: – eCommerce, Buy and Sell – Crowdsourcing, Microtasking
- 16. Clone Market Goal: Dominatethe Local Market Step: 1. Validate the local market 2. Check competition 3. Look for existing solution – Clone scripts – Commercial software – Whitelabels 4. Customize 5. Sell
- 17. Niche Market • Testedor Untested Idea • Domain Expertise • Low Risk • Low Competition Examples: – Relocation Software – Sports Betting – Insurance Software – Legal Research
- 18. Niche Market Goal: Dominatethe market Step: 1. Leverage network and expertise 2. Build prototype 3. Presell 4. Build 5. Sell
- 19. Summary Risk Compe- tition Concierge MVP Optimize MVP Prototype MVP Reuse MVP Existing MarketHi Hi ★ ★ ★★★★★ ★ New Market Hi Lo ★★ ★★★★★ ★★ Clone Market Med Lo ★★ ★ ★★★ ★★★★★ Niche Market Lo Lo ★★★ ★★★★ ★★★★★ ★★
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- 26. Measuring Progress • ByBusiness Value, not hours or features.
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- 28. Thank You Allan C.Tan, SCEA, PMP CEO/President Email: allan@ideyatech.com http://www.ideyatech.com/ allanctan @allanctan ph.linkedin.com/in/allanctan/