View
214
Download
0
Category
Tags:
Preview:
Citation preview
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
Minimum Viable Product (MVP)Lean Startup Machine DC
Shardul Mehta
May 31, 2014
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
2
Hi. I’m Shardul.
VP Product Management and Product Marketing
@shardulmehta http://www.linkedin.com/in/shardulmehta
http://streetsmartproductmanager.com shardulmehta@gmail.com
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
3
What’s an MVP?
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
4
Not a buzzword
Lazy thinking
• You don’t sound cool
• It doesn’t make you “lean”
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
5
What is not an MVP
• Version 1.0
• Beta
• “First market launch”
• Soft launch
• “First customer ship”
• Smallest collection of features you can deliver
• A half-baked product
• A buggy product
• A landing page
• Smoke test
• Mockup
• Prototype
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
6
Not about product delivery
Say wha…?
But it is about delivering product
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
7
It’s about validated learning
So customers’ problems are squarely at the center, not our solution
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
8
Reality check
Customers don’t care about your solution.
They care about solving their problems.
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
9
Fundamental truth
Your solution, while interesting, is irrelevant.
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
10
Whoa… mind bender?
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
11
Not really
• Think problems– Not solutions
• Think learning– Test your assumptions
• Think hypotheses– Be deliberate about learning
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
12
So what is an MVP?
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
13
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
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
14
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
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
15
MVP breakdown
Product
• Useful
• Deliver real value
• Tangible
✗Landing page
✗Smoke test
✗Mockup, prototype
Viable
• Solve real world problems
• What will customers “pay” for?
✗Half-baked, buggy
✗Smallest collection of features
✗Don’t ship s**t!
Minimum
• The absolute necessary features needed day 1 to solve customers’ top problems
✗Version 1.0
✗“Beta”
✗First market launch
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
16
Key concepts
• Maximum amount of validated learning
• Be systematic about identifying riskiest assumptions
• Formulate testable falsifiable hypotheses
• Use MVP to prove or disprove your hypotheses
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
17
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 solution– Most important elements your solution will need (features)– Most important benefits your solution provides (value proposition)– In terms of importance to the customer (not you)
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
18
Online Payment Forms
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 months
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
19
Reconciliation
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 product
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
20
Q&A
@shardulmehta http://www.linkedin.com/in/shardulmehta
http://streetsmartproductmanager.com shardulmehta@gmail.com
© Shardul Mehta 2013http://streetsmartproductmanager.com
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
21
Important Stuff!
This material is licensed to you under the Creative Commons Attribution-ShareAlike 3.0 Unported License.
View the license at http://creativecommons.org/licenses/by-sa/3.0/
Recommended