TECHNO week 7

• startups fail when they don’t build a simple solution to a problem many people have. - Steve Blanc
• allows a team to collect the maximum amount of validated learning about customers with the least effort

  MVP
• It is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle.

  MVP
• can help the product team receive user feedback as quickly as possible to iterate and improve the product

  MVP
• MVP meaning

  Minimum Viable Product
• MVP is based in the Lean Principle of

  Build → Measure→ Learn
• The goal of MVP is to build a version that the customers can test – while testing the creators can observe how the customer interacts with the product and ascertain which features are considered valuable by the customer and which are not.
• Features of MVP:

  • The product contains enough features that it will be purchased by the consumer

  • It will have a feedback mechanism that allows the user to send their feedback about the product.

  • It should have enough future benefits for the early adopters

  • It should be a product that the customer is willing to pay for
• a Lean Startup technique where you build the mockup of the solution and present it to your customers for feedback.

  MVP
• MVPs play a significant role in market research for a new product. It helps the entrepreneur achieve the following goals:

  • Test customer experience

  • Faster release time

  • Save costs
• Steps to Define the MVP

  1. Identify the specs you want to test
  2. Set a timeline within which you want to test it
  3. Be thrifty – try to do it in the lowest possible cost without compromising
• advanced version of MVP

  Minimum Lovable Product
• an initial offering that users love from the start. It represents the minimum required for customers to adore a product rather than merely enduring it.

  Minimum Lovable Product
• this is a version of your product that you first launch to your customers. It has the bare minimum number of features to solve their problem, and is most commonly used as a testing tool only

  MVP: Minimum Viable Product
• similar to an MVP, but with more thought and care taken in design and UI. It aims to solve the problem, but also delight.

  MLP: Minimum Lovable Product
• this is the version of your MVP (or MLP) which you’ll push to market

  MMP: Minimum Marketable Product
• a small cross-section of the whole experience you want to provide.

  MLP
• Once you get feedback on it, you keep building several iterations of your MLP ensuring that your product has the functionality, reliability, usability and emotional design desired by the customer in each iteration.
• Two key questions you need to ask yourself while testing an MVP

  Question 1: What is my riskiest assumption?

  Question 2: What is the smallest experiment I can do to test this assumption?
• Building your MLP is an iterative process and in all probability, you cannot get it right in the first instance.
• Steps in Building Your MVP

  1. Create / Iterate your MVP
  2. Catapult it to MLP
  3. Test the MLP
  4. Complete the Feedback Loop
• Once you conduct your customer interviews, the next step is refining your MLP. But before you start that it is important to analyze the interactions and convert them into intelligent, actionable steps.
• Start with the hypothesis/ risky assumption that you set out to test
• Cluster your learnings and check for cross linkages, patterns and common themes
• Analyze the data:

  • The customer quotes

  • The observation from the interaction with the MVP

  • The verbal and non-verbal cues
• Arrive at a conclusion. Is your hypothesis:

  • Proved

  • Dis-proved

  • In-conclusive
• Refine your MVP and move on to the next hypothesis that you need to test .
• the whole idea of the creation of an MLP is testing the concepts you are trying to validate, so always keep this as your goal.
• If you are building for businesses, your MLP needs a better focus on functionality and reliability
• If you are building for consumers, focus more on usability and emotional design
• Think about how your product’s adoption is going to change the customer’s current systems in use. Think of the easiest way for the customer to transition to your product and integrate seamlessly with all systems already in place.
• If you are a company with a great brand name in the market and you want to do an MLP test with a new product, use a pseudo brand name and do the experiment in a separate sandbox. Once the MLP is successful, you can integrate the product with your current brand, so that a failure doesn’t hurt your brand reputation