A new definition of MVP
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The document discusses the concept of Minimum Viable Product (MVP), emphasizing its role in maximizing validated learning about customers while minimizing effort. It critiques the common tendency of product managers to overload features before achieving usability and stresses the importance of understanding customer pain points to create meaningful value. The process of developing an MVP is framed as iterative, where customer feedback informs further development and refinement.
A new definition of MVP
- 1. A new definition of MVP
- 3. 3 Eric Ries in “Lean Start-up” Described it as follows: A Minimum Viable Product is that version of a new product (feature) which allows a team to collect the maximum amount of validated learning about customers with the least effort. What is a MVP today? Minimum Viable Product Today most teams and Product Managers translate this to: What’s the smallest feature or capability we can build which becomes useful and usable by customers and creates value for them. The problem Product Managers face is: Convincing ourselves and our stakeholders that we need to add all these features before something becomes useable and valuable to customers. Many opinions are translated into we know for sure what the customer wants / needs. The problem the team faces is: We still build software horizontally, meaning we need to build out a lot of stuff before we can ship the first tiny feature. And we want to always architect for the future.
- 4. 4 Our teams and stakeholders and teams want to do it this way… What is a MVP? Minimal Viable Product
- 5. 5 We want and should to do it this way… What is a MVP? Minimal Viable Product
- 6. 6 Check out www.marketfit.com by Alan Albert Alan talks about how to create the maximum value for your customers, which is key to have a great product market fit and be successful in a start-up Start with why your customer will use this What pain and need are you trying to address for your customer? Why does the customer want to use this feature or product? Lead your team conversation with the why Most teams understand what they need to build and the team often will push back on the specific feature details or question (vocally or silently) why this really makes a difference or matters? MVP by Alan Albert Maximum Value Proposition
- 7. 7 The golden circle Why – How – What
- 8. 8 Eric Ries in “Lean Start-up” Described it as follows: A Minimum Viable Product is that version of a new product (feature) which allows a team to collect the maximum amount of validated learning about customers with the least effort. MVP as an experiment Minimum Viable Hypothesis / Test MVP as an enabler for iterative software delivery: What is the Hypothesis of the core value this feature will provide to your customer? Really think hard about what that smallest slice is and build a test around that. MVP as an enabler for customer feedback: Now let your team build that slice and give it into the hands of your customer and get some feedback in the form of is the customer using it, why, what works, what doesn’t work and more. You may decide to even build this as a prototype. Now go back and start all over again: With this maximum amount of validated learning decide what’s next. The customer saw the value and you can create the next set of value / slice. The customer struggled or didn’t use it, so go back and refine your initial hypothesis on the value you bring the customer. This is being iterative.
- 9. 9 We want and should to do it this way… What is a MVP? Minimal Viable Product
- 10. 10 MVP as an experiment Minimum Viable Hypothesis / Test