Lean Startup Machine DC Shardul Mehta May 31 2014 Hi Im Shardul VP Product Management and Product Marketing 1 shardulmehta httpwwwlinkedincominshardulmehta httpstreetsmartproductmanagercom ID: 309094
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Slide1
Minimum Viable Product (MVP)Lean Startup Machine DC
Shardul Mehta
May 31, 2014Slide2
Hi. I’m Shardul.
VP Product Management and Product Marketing
1
@shardulmehta
http://www.linkedin.com/in/shardulmehta
http://streetsmartproductmanager.com
shardulmehta@gmail.com Slide3
What’s an MVP?
2Slide4
Not a buzzword
3
Lazy thinking
You don’t sound cool
It doesn’t make you “lean”Slide5
What is not an MVPVersion 1.0
Beta
“
First market launch”
Soft launch
“First customer ship”Smallest collection of features you can deliver
A half-baked product
A buggy productA landing page
Smoke testMockup
Prototype
4Slide6
Not about product delivery
5
Say
wha
…?
But it is about delivering productSlide7
It’s about validated learning
6
So customers’ problems are squarely at the center, not our solutionSlide8
Reality check
Customers don’t care about your solution.
They care about solving their
problems
.
7Slide9
Fundamental truth
Your solution, while interesting, is
irrelevant
.
8Slide10
Whoa… mind bender?
9Slide11
Not reallyThink problems
Not solutions
Think learning
Test your assumptions
Think hypotheses
Be deliberate about learning
10Slide12
So what is
an MVP?
11Slide13
That version of a new product which allows a team to collect the maximum amount of validated learning
about customers with the
least effort
.
- Eric Ries
12Slide14
MVP, despite its name, is not about creating minimal products
… In fact, MVP is quite annoying, because it imposes extra overhead.
We have to manage to learn something from our first product iteration.
In a lot of cases, this requires a lot of energy invested in talking to customers or metrics or analytics.
The definition’s use of the words maximum and minimum means it is
decidedly not formulaic
. It
requires judgment
to figure out, for any given context, what MVP makes sense.
- Eric Ries
13Slide15
MVP breakdown14
P
roduct
Useful
Deliver real value
Tangible
Landing page
Smoke test
Mockup, prototype
V
iable
Solve real world problems
What will customers “pay” for?
Half-baked, buggy
Smallest collection of features
Don’t ship s**
t
!
M
inimum
The absolute necessary features needed day 1 to solve customers’ top problems
Version 1.0
“Beta”
First market launchSlide16
Key conceptsMaximum amount of validated learning
Be systematic about identifying riskiest assumptions
Formulate testable falsifiable hypotheses
Use MVP to prove or disprove your hypotheses
15Slide17
Concierge MVP“Manual”
version of your ultimate solution
Short-term solution to gain critical insights on
your customers
They’re
needs what do they actually care about?
They’re actual behaviors
what will they actually pay for?
Short-term solution to gain critical insights on your solutionMost important elements your solution will need (
features)Most important benefits your solution provides (
value proposition)In terms of importance to the customer (not you)
16Slide18
Online Payment Forms17
Concierge MVP
Manually-coded HTML forms to take
payments
Almost 100 built!
Most common types of payment forms desired
What’s
most important to them in a form
Frequency
of changes
Reporting
Potential early adopters!
Learnings
MVP
Code put through rigorous UAT
Sales preparedness
Learnings
Buyer vs. User personas
Sales model
Pricing
Value prop & competitive positioning
Generate revenue
$0.5 million payments
Target customer segment
Messaging, positioning
Usage
New problems/opportunities to validate
Timeframe: 4 monthsSlide19
Reconciliation18
Concierge MVP
E-guides
Excel macros
Remote & in-person training
Deep insights into problems
Deep insights into current workflows
Deep insights into data
Learnings
Demo
Specific hypotheses
Data validation via prototype
Customer interviews with mockup
Learnings
Types of users
UX design
Data algorithm
Early clients
MVP
Specific hypotheses
Validation from early clients
Test other aspects of the product strategy
Roadmap for GA
productSlide20
Q&A
19
@shardulmehta
http://www.linkedin.com/in/shardulmehta
http://streetsmartproductmanager.com
shardulmehta@gmail.com Slide21
Important Stuff!20
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