MVP Defined
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The document outlines strategies for developing a Minimum Viable Product (MVP) with an emphasis on simplifying features to test hypotheses and engage customers effectively. It highlights the importance of a structured approach to defining objectives, gathering user feedback, and pivoting based on customer input. The author advocates for a focus on the initial unit of value and stresses the need for clarity in product development processes.
MVP Defined
- 1. MVP
- 2. Some Background “a product guy” • Lots of startups • Non-developer • Self taught @gammill … * acquired * * * *
- 3. A Curriculum Prototyping MvP Strategy “No Code Prototype” “n=1 MVP” “Strategy Matters” “from the trenches” Bottoms up approach…
- 4. My Assumptions “You’re ready to rock” • Assumptions. – Focused on pain killer – You have a prototype – You have tech resources For those about to rock…
- 5. WTF MVP “cliffs suck” • Test your hypothesis • Makes it consumable • Can be killed off Stop driving blind…
- 6. Delusions of Grandeur Your Vision Your Products Your MVP Prototype Prototype Prototype
- 7. MVP Scope Test Value Prop traffic/signups 60% Deliver Utility or Fun engagement/wom 50% Demonstrate Traction viral/cpa/etc 25% Test your BS…
- 8. Create Addiction “pills baby” • Find your hook • Tap behavioral trends • Build for you The doctor is in…
- 9. THE Goal “focus. value. speed. ” • Your prototype needs simplifying • Objectives are get/engage customers, generate revenue, raise money, etc • Focus on the minimum set of features required to create value. Be careful…
- 10. Laundry Time “create the laundry list” • List out all the features • Categorize the features • Define the MVP objective Start making your list…
- 11. Choose Features “a fine balancing act” • Utility – drives usage • Viral – drive Word of Mouth • Monetization – makes money • Risk – viability • Wow - differentiation. Be deliberate…
- 12. Feature Set Activity Function Category Sub Category ave trans per user trans per year ave trans value ARPU Checks Daily Agenda email summary usage email 3 x/wk 156 Reminds husband to pick up kids email, SMS and Social usage reminder 3x /wk 156 Creates GTD list Task list (internal) usage lists 1 x/wk 52 IM chats w/ friend re: dinner plans meebo.com usage communications 1x /wk 52 Creates grocery list Task list usage shopping 2x /m 24 Checks friends availability Check calendars usage schedule 2x /m 24 Updates Facebook Facebook WOM social 2 x/wk 104 Shares plans with her friends Facebook, twitter, etc WOM social 1 x/wk 52 Sends 'daily deal' to friend HUBnote (internal) WOM communications 1x /wk 52 Schedules lunch OpenTable rev dining 6x /yr 6 20 6 Plans holiday travel Kayak, etc rev travel 2x /yr 2 50 5 Gets movie tickets Fandango, MovieTickets.com rev entertainment 5x /yr 5 20 5 buys tickets to the concert ticketmaster.com rev entertainment 2x /yr 2 50 5 Buys brother a gift Amazon.com rev general 2x /yr 2 30 3 Orders flowers for mom FTD.com, 1800flowers rev gifts 3x /yr 3 20 3 Sends brother b-day card americangreetings, Hallmark rev gifts 5x /yr 5 1 0.25 Checks Weather weather.com, etc tbd conditions 3 x/wk 156 Checks Traffic Google Maps? tbd maps 3 x/wk 156 Checks news feeds tbd tbd news 3 x/wk 156 Total 27.25 * 5%
- 13. Force Feasibility MfP MvP Fit & Finish Launch Milestone Usage Monitoring User Experience Func5onal Build Internal Milestone Talk Test Core Capabili=es
- 14. Recent Learnings “Manage the process” • Find a CTO friend – learn the lexicon • Pick 1 platform - Mobile vs Web • Stick to ‘standards’ – LAMP Keep it simple…
- 15. Your Tools
- 16. Get Started “Make bacon” • Revisit the prototype • Define the objectives • List out your features • Define MfP & MvP • Get out of the building… Be awesome…
- 17. One Rule “n=1” • Everything good starts with 1 • first idea, first line of code, first deck, first term sheet, first customer, first employee, first exit, first dollar, first contract. • Focus on first unit of value Put on your lab coat…
- 18. TO JOIN THE MOVEMENT contact Chrsitian Gammill Founder, Advisor & Helper jgammill@gmail.com 310-526-3751 about.me/gammill
- 19. Backup
- 20. Pivot Increments Incremental Evolution Well defined build (but not over spec’d) Customer feedback for tweaks (UI/UX, etc) Customer input for future features (capabilities, etc) Very team and customer driven “Bet the Farm” Pivots Intense sprint driven builds (constrained ‘existing’ feature set) Customer feedback for monetization Business model projections and testing Very customer and market driven Pivot?
- 21. Objective Find a business model (not just eyeballs or signups) Drive customer advocacy (not just uptake) Reduce cycle time (both versions and pivots) Travature SocialGuides (B2C) SocialGuides (B2B) Company Pivot Product Pivot Pricing Pivot 18 M 9 M 6 M Pivot Example
- 22. #TheStartLab “shut up and start” • We apply the principles of the scientific method. • No BS. No funding. No PR. Just hard work. • A learning lab for new entrepreneurs. Saving millions while creating billions…