MVP: The Steps After Ideation
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This document discusses the importance of Minimum Viable Products (MVPs) in validating customer interests and minimizing the risk of creating unwanted products. It outlines various types of MVPs, such as concierge MVPs and landing pages, and emphasizes that an MVP is not merely a cheaper product but rather a tool for validated learning. Key concepts include user stories and prioritizing features that provide value, with suggestions for when to build an MVP after validating business hypotheses.
MVP: The Steps After Ideation
- 1. MVP: The Steps After Ideation GROWTH HACKING ASIA
- 2. 2 Why do an MVP? BIGGEST RISK IS MAKING SOMETHING NOBODY WANTS * according to CB Insights, https://www.cbinsights.com/blog/startup-failure-reasons-top/ This happens 42% of the time *
- 3. 3 MVP & Lean Startup A Minimum Viable Product is an experiment that allows a team to maximise validated learning about customers with the least effort.
- 8. 8 Product Market Fit “It is being in a good market, with a product that can satisfy that market” MARC ANDREESSEN
- 10. 10 CONCIERGE MVP Groupon started with just a WordPress blog and manually sending PDFs with the first vouchers
- 11. 11 LANDING PAGE Lyft kicked off recruitment by first tracking conversions on a landing page to hire drivers.
- 12. 12 VIDEO MVP Dropbox explored with a series of MVPs to help tie down what really resonated with users before building the product
- 13. 13 A lo-fidelity wireframe can be useful for testing quick hypotheses. Don’t spend effort making them look good! WIREFRAMES
- 14. 14 INTERACTIVE MOCKUPS DEMO Put interactive, hi-fidelity mockups in front of users to observe and gain important feedback.
- 15. 15 What is NOT an MVP? AN MVP IS NOT A CHEAPER PRODUCT NOR THE SMALLEST COLLECTION OF FEATURES Beware of building cheap MVPs that will lead you astray. Validated learning trumps saving money.
- 19. 19 When to Build a Product MVP? Once you’ve validated some of the fundamental hypotheses of your business You are ready to commit resources to building it
- 20. 20 What is a User Story? A high level requirement that provides value to a specific user As a <type of user>, I want <some goal> so that <some reason>. “ ” FOR EXAMPLE
- 21. 21 What shouldn’t be a user story Technical tasks Design tasks Fixing bugs, or managing servers, etc. Fixing bugs, or managing servers, etc. Throw stories away after they are delivered!
- 22. 22 PRIORITIZE Empathy Stickiness Virality Revenue Scale A list of stories with all equal prioritisation is failure to prioritise.
- 23. 23 I CAN’T GET A TAXI WHEN I NEED IT THE MOST
- 24. 24 15 MINS CHOOSE AND DESIGN AN MVP
- 25. 25 15 MINS USER STORIES FOR A PRODUCT MVP
- 26. 26 Q&A