Building your minimum viable Product

Building your minimum viable Product
Talk for the Queen College Tech Incubator program

Transcript

1. BUILDING YOUR MINIMUM VIABLE PRODUCT Part 1 of 2 Tuesday, October 06, 2020
2. Today's Agenda Introduction to the Session Talking to customers MVP's + Examples Breakout Activity 1 3 2 4
3. IT DEPENDS Perspective and context matters. It's never about you. It's about making your customer (user) successful.
4. Talk to 3 potential customers? 1. Who is your target customer? or Who is your target user? 2. What do they currently do? 3. What do they need to make the switch to your product or service? Are they the same?
5. Your Journey Target customer Problem/Value Your solution Sucess Who can you help? How can you help? Describe the value you add Identify users, behaviors, & pain points Product goals & existing solutions Value, Cost, Risk
6. Your product or service Build something people want to buy & use Are customers willing to pay for it? Your target customers Are you able to charge for it?
7. What, Why, & Examples Landing page - e.g. Buffer Video - e.g. Dropbox Crowdfunding - e.g. Kickstarter pebble watch Low fidelity design - e.g. sketches/ wireframes/ mockup Prototypes - e.g. website Yahoo KISS - Virgin atlantic started with one route Gatwick to Newark 1. 2. 3. 4. 5. 6.
8. Example 1: Booking group travel User: Travel organizer e.g. Wedding party College student Bachelor party School trip Family vacation Jobs: Create account Invite people Questionnaire Recommendations Time bound Create itinerary Share Ending: Travel in a group
9. Example 1: Booking group travel Pain: Choice of hotels Action: Search a variety of hotels Value: View a wide choice of hotels
10. Example 2: Physical watch box User: Kinetic watch owner e.g. College student Professional Jobs: Store watch during night Ending: Watch has sufficient energy in the morning to wear again
11. Example 2: Physical watch box Pain: Lack of space Action: Keep in the bedroom near bed Value: Small form factor
12. Are you building your audience? People don't buy software or physical products. They buy things that help them.
13. Remember, it's not about you. It's about how well you know and understand your customer. (Add Value)
14. Break out room activity 20-25 mins Define your: - User - Job - End - Pain - Action - Benefit/ Value Objectives: Where is the biggest impact?
15. BUILDING YOUR MINIMUM VIABLE PRODUCT Part 2 of 2 Thursday, October 08, 2020
16. Today's Agenda Introduction to the Session Prioritization Putting it all together Breakout Activity 1 3 2 4
17. IT DEPENDS Perspective and context matters. It's never about you. It's about making your customer (user) successful.
18. 10 10 10 ICE Prioritization ICE stands for Impact, Confidence, and Ease used in ranking ideas or issues. Impact is an estimate of the effect or influence of an idea, Confidence is an estimate of the idea’s thoroughness, and Ease is an estimate of the effort required to pull off that idea. Each idea will be given a score from 1 to 10. The total worthiness of an idea will be generated by adding each score for Impact, Confidence, and Ease and dividing it by 3. 1 Write down an idea or issue we want to address. 2 Rate the issue or idea based on its Impact, Confidence, and Ease. A score of 1 is the lowest and 10 is the highest. 3 Compute the total worthiness of the issue or idea by adding scores for Impact, Confidence, and Ease and dividing it by 3.
19. Impact Confidence Ease How effective will the task be? How will the task improve the way we work? How will the task positively influence our business model? How sure are we of the impact of the task? How certain are we the task will work? How confident are we that we will be able to implement this? How much effort will it take to implement? Do we have the resources we need? How challenging will it be to implement the task?
20. 1 2 3 4 Confidence Impact Ease ICE Score Task Write down your task here. ICE Prioritization Write down your task here. Write down your task here. Write down your task here. How big is the potential impact of this task? Impact How certain are we it's going to work? Confidence How difficult is it to implement? Ease Sum of scores ICE Score Add your score between 1 to 10 9 10 10 10
21. Time sinks Quick Wins List EFFORT LOW LOW HIGH HIGH IMPACT Impact/Effort Matrix
22. Putting it all together.
23. Break out room activity 20-25 mins How will you create your MVP? What will make it into your MVP? 1. 2.
24. Questions.