MVPs - the most misunderstood acronym in the digital sector

A talk about what an MVP is, what it isn't, examples of good vs bad MVPs, and a 7-step process to conducting a successful MVP.

Transcript

1. @ItsJadaknight Minimum Viable Products (MVPs) Exploring the most misunderstood acronym in the digital sector
2. @ItsJadaknight Other terms for “MVP” Maximum valuable product Maximum impact product Minimum viable design Minimum awesome product Skeleton feature Minimum marketable product Minimum impact product Ninja impact product Live prototype Half-baked design Market valuable product Minimum lovable product
3. @ItsJadaknight What is an “MVP”? • The smallest thing you can build that delivers customer value
 • It’s an experiment
 • A way to learn (quickly)
4. @ItsJadaknight What isn’t an “MVP”? • Skeleton product (AKA - Half-assed solution)
 • A quick way to ship something “little”
 • Only for start-ups
5. @ItsJadaknight Why conduct an MVP? • Test an idea without committing to development
 • Can be conducted cheaply and quickly
 • User feedback in a controlled environment
 • Validate whether the problem is solved (or not)
6. @ItsJadaknight • Storing and sharing files was a nightmare
 • Reliance on easily misplaced USB sticks
 • “People face a file synchronisation problem they don’t even know they have. Storing their files online will solve this problem.”
7. @ItsJadaknight The experiment
8. @ItsJadaknight The outcomes • 75 000 potential users overnight
 • Validated his hypothesis
 • Secured investment for full development
9. @ItsJadaknight • Nick Swinmum could never find a good pair of shoes
 • Spent a whole day wandering a mall
 • “People will buy shoes online”
10. @ItsJadaknight
11. @ItsJadaknight The outcomes • Experiment ran for 6 months
 • Validated his hypothesis
 • Secured investment
12. @ItsJadaknight Non-famous company name • The product owner had a great idea
 • The product team sourced the hardware, implemented the technology
 • The product owner wanted to only ship with a few features initially
13. @ItsJadaknight
14. @ItsJadaknight The outcome • Their existing clients didn’t use the product
 • They spent £100 000 on the project
 • Company needed to reduce costs (redundancies)
15. @ItsJadaknight Why the MVP failed • They relied on risky assumptions
 • They didn’t test their solution before release
 • They didn’t set any metrics for success (or failure)
16. @ItsJadaknight 7 Steps to conduct an MVP
17. @ItsJadaknight Define the problem 1. We have observed that [product/service] isn’t meeting [these goals/ needs], which is causing [this adverse effect]. How might we improve this, so that our product/service is more successful based on [these measurable criteria]?
18. @ItsJadaknight Identify the users 2.
19. @ItsJadaknight Create a hypothesis statement 3. We believe that [doing this/building this feature/creating this experience], for [users], will achieve [this outcome].
20. @ItsJadaknight Decide how you are going to test 4.
21. @ItsJadaknight Agree on your metrics for success and failure 5. We will know this to be true when we see [this feedback/quantitative measure/qualitative insight].
22. @ItsJadaknight We believe that [doing this/building this feature/creating this experience], for [users], will achieve [this outcome], we will know this to be true when we see [this feedback/ quantitative measure/qualitative insight]. Your hypothesis statement
23. @ItsJadaknight Retrospective 6. We believe that [doing this/building this feature/creating this experience], for [personas], will achieve [this outcome], we will know this to be true when we see [this feedback/quantitative measure/qualitative insight].
24. @ItsJadaknight Pivot or persevere? 7.
25. @ItsJadaknight The 7 step process 1. Define the problem 2. Identify the users 3. Create a hypothesis statement 4. Decide how you are going to test 5. Agree on success and failure metrics 6. Retrospective 7. Pivot or persevere?
26. @ItsJadaknight Conclusion • An MVP is actually an experiment
 • Know how powerful running an MVP can be
 • 7 steps to running a successful MVP
27. @ItsJadaknight Questions?