MVP - Understanding the methodology needed to manage your company and product direction
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Transcript of MVP - Understanding the methodology needed to manage your company and product direction
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MVP’s – MMP’s – MVV’s What are they?
What’s the difference?Why should we care?
“Everything should be made as simple as possible, but not simpler” - Albert Einstein
(Simple does not mean easy)
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MVP – Minimum Viable ProductMMP – Minimum Marketable ProductMVV – Minimum Viable Vision
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Release early,Release often
1 | 0How many features
would you rather have?
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Product development approach
Start
Simultaneous Launch
Sequential Pivot
Start
OR
Build for fast releaseIntegrate customer feedback
- Time wasted in getting the right customer requirements
Build a great product with lots of features
- Time wasted in building something nobody wants
MVP
Resulting MVP
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Minimal Viable Product
An experiment to validate the hypothesis
• Needs to solve a real problem• The MINIMUM set of features
needed to learn from early adopters
• NOT The final versionProduce/Code
Produce/Code
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Minimum Viable ProductAn MVP should have just enough to deliver value to your early adopters
get paidgather feedback for future development
DigitalExplainer Video• 1-2 minutes
Explains: – Product / Service– Why someone should buy it
• Makes people say, “Sign me up!”
Landing Page• Single page website with “Call To Action” • MINIMAL TEXT!! (8 seconds to capture visitors interest)
• Has ANALYTICS to track visitors interaction• Collects information so you can follow up
PhysicalPrototype• 3D Printing• Arts/Crafts• Maker/Hacker Spaces
ServiceConcierge MVP• Manual Product or Service Delivery
– Expedite learning by working directly with your end-user
– Fastest way to answer your biggest question, • “is my product solving a real problem that is worth paying for?”
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To get paid! Your MVP should be valuable enough to justify it's initial cost.
You can use it to build capital to pay for further development without having to borrow.
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MMP• Based on the idea that less
is more• Shippable product with the
smallest feature set that– Still addresses the user
needs – Creates the right user
experience• Product with just the right
features and a great user experience
The key to creating a successful MMP is to “develop the product for the few, not the many,” - Steve Blank (founder of Lean Startup Methodology)
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Minimum Marketable
Product
Sell it BEFORE you build it
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How did they do it?
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How they did it?
PIVOT
Landing Page
Explainer
Video
Concierge
MVP
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MVP IS MORE A PHYLOSOPHY THAN ACTUAL
RULEMVP IS NOT A
RECIPE FOR SUCCESS
WHAT IF I TOLD YOU
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MVP – Multiple Iterations throughout the growth processMMP – Developmental Product intended to gain market shareMVV – Company True North & Guiding Vision
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Questions?
“Don't Let a Minimum Viable Product Minimize Your Minimum Viable Vision”
- Hunter Walk
Larry ThorpeGrowth Hacker
Business DevelopmentStartup Enthusiast