MVP Prioritization: How to Choose Your Favorite Child

How do you make the hard choices to get your product off on the right foot? Intended for early stage founders, this presentation walks through testing your riskiest assumption using frameworks such as Lean Canvas, the core tenets of building an MVP, and prioritization techniques such as Impact/Effort and Kano model to help you determine your highest value proposition.

We'll also walk through clear case studies of MVPs in the real world, both in larger companies and early-stage startups alike.

Transcript

1. regan davis regandavis.com HOW TO CHOOSE YOUR FAVORITE CHILD prioritization mvp
2. regan davis product leader from chicago, il BACKGROUND Director of Product @ SpotHero VP of Product @ Jellyvision VP of Product @ info.com regandavis.com
3. regandavis.com
4. regandavis.com there can be only one
5. someone else will. regandavis.com if we don’t prioritize,
6. this talk is an mvp regandavis.com
7. (credit: Lean Startup) regandavis.com
8. (credit: leanstack.com) regandavis.com 1
9. (credit: Diffusion of Innovation, Rogers Adoption Curve) regandavis.com adoption curve innovators early adopters early majority late majority laggards
10. (credit: leanstack.com) regandavis.com 1 2 4 3
11. (credit: leanstack.com) regandavis.com MVP Talk - MVP Talk Lean Canvas is adapted from The Business Model Canvas (BusinessModelGeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License. PROBLEM I need clear actionable steps to know if I'm on the right path I don't know how to prioritize features for my MVP I need coaching on how to apply theory to my actual business. EXISTING ALTERNATIVES SOLUTION Walk through an approach to determine where to start. Explain basic prioritization techniques Case studies using real entrepeneurs UNIQUE VALUE PROPOSITION Build a Minimum Viable Business and have the Judgement to Know Where to Invest Your Time. HIGH-LEVEL CONCEPT Business Books for People who don't have time to read UNFAIR ADVANTAGE Humorous and casual approach Willingness to talk about own failure Chicago Product company credibility CUSTOMER SEGMENTS Startup Founders Product Managers Small Business Owners EARLY ADOPTERS Pre-Build Phase Startup Founders KEY METRICS NPS Score of 50+ Asked to present again for next cohort 3+ requests for mentoring CHANNELS In-person Presentation (1 hr workshop) Followup questions via email / downloads COST STRUCTURE Personal time (30 hrs at $50/hr to recoup in 1yr) $7/mo license for slides ($84 amortized across talks) $12/mo license for hosting ($144 amortized across talks) REVENUE STREAMS Offers for free coffee 1x/mo Testimonials to help book pd speaking engagements LinkedIn Network recommendations
12. (credit: leanstack.com) regandavis.com MVP Talk - MVP Talk Lean Canvas is adapted from The Business Model Canvas (BusinessModelGeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License. PROBLEM I need clear actionable steps to know if I'm on the right path I don't know how to prioritize features for my MVP I need coaching on how to apply theory to my actual business. EXISTING ALTERNATIVES SOLUTION Walk through an approach to determine where to start. Explain basic prioritization techniques Case studies using real entrepeneurs UNIQUE VALUE PROPOSITION Build a Minimum Viable Business and have the Judgement to Know Where to Invest Your Time. HIGH-LEVEL CONCEPT Business Books for People who don't have time to read UNFAIR ADVANTAGE Humorous and casual approach Willingness to talk about own failure Chicago Product company credibility CUSTOMER SEGMENTS Startup Founders Product Managers Small Business Owners EARLY ADOPTERS Pre-Build Phase Startup Founders KEY METRICS NPS Score of 50+ Asked to present again for next cohort 3+ requests for mentoring CHANNELS In-person Presentation (1 hr workshop) Followup questions via email / downloads COST STRUCTURE Personal time (30 hrs at $50/hr to recoup in 1yr) $7/mo license for slides ($84 amortized across talks) $12/mo license for hosting ($144 amortized across talks) REVENUE STREAMS Offers for free coffee 1x/mo Testimonials to help book pd speaking engagements LinkedIn Network recommendations
13. regandavis.com “Have your engineers help with customer validation. They should know the problem better than you do.” —Greg Svitak, Head of SpotHero Labs
14. regandavis.com value cost learning risk
15. regandavis.com don’t do do first do last do second high high low value risk / learning
16. riskiest assumption (credit: Ash Maura, Running Lean) regandavis.com test your
17. biz model risks your customer and problem are aligned your problem represents a monetizable pain you have a path (or can build one) to customers regandavis.com (credit: Ash Maura, Running Lean) target market revenue stream channels
18. product risks regandavis.com (credit: Marty Cagan, Inspired) valuable usable feasible viable my solution is
19. is the most expensive way to test your idea. regandavis.com building production-quality software
20. regandavis.com learn & iterate (credit: ”The Founder” movie clip) our goal is to
21. but i wanna build something regandavis.com
22. regandavis.com impact/effort customer value time to build ”low hanging fruit” (return on investment)
23. regandavis.com “If you use [low hanging fruit] to prioritize what to build next, you’ll end up with a product full of easy solutions.” —Teresa Torres, Product Talk
24. regandavis.com make your user successful • What is the heart of this idea? • How does the user derive value from this idea? • What is the smallest piece of work we can do to capture that value? (credit: Teresa Torres — "How you Build Matters", Product Talk)
25. (credit: Henrik Kniberg) regandavis.com
26. regandavis.com KANO MODEL
27. regandavis.com (diagram: Kano model) fully implemented not implemented satisfied unsatisfied linear (performance) threshold (must be) exciters (delighters)
28. regandavis.com threshold (must be) linear (performance) exciter (delighter) basic expectations, ”table stakes” implement as lightly as you can to stop complaints core features, ”unique value proposition” implement more fully and market them unexpected ”delight” add as time permits to aid retention
29. regandavis.com
30. regandavis.com let’s try it copy and paste can make phone calls loads desktop web pages camera stock market tracking touch-based keyboard only capacitive touch (no stylus) GPS map navigation 3.5 in screen
31. regandavis.com (Credot: Folding Burritos, The Complete Guide to the Kano Model)
32. regandavis.com (diagram: Kano model) fully implemented not implemented satisfied unsatisfied linear (performance) threshold (must be) exciters (delighters)
33. Diagram courtesy of Jussi Pasanen, with acknowledgements to Aarron Walter, Ben Tollady, Ben Rowe, Lexi Thorn and Senthil Kugalur. regandavis.com
34. regandavis.com
35. real life is hard regandavis.com
36. brian fritton CEO & Founder, Havoc Shield BACKGROUND CEO & Founder @ Havoc Shield VP of Engineering @ Civis Analytics CTO @ Patch of Land regandavis.com
37. ”red team in a box” original value proposition regandavis.com target market revenue stream channels for small businesses
38. regandavis.com 0 responses
39. regandavis.com
40. regandavis.com ”My assumption was… “…that these companies had more security in place than they actually did.”
41. ”red team in a box” regandavis.com target market revenue stream channels original value proposition
42. regandavis.com ”Brian, I don’t even know what the top 5 most impactful things I should do are.” ”I really just want to answer these security questionnaires to get this deal closed.”
43. regandavis.com
44. ”turbotax for cybersecurity” new value proposition regandavis.com target market revenue stream channels for startups & small businesses
45. regandavis.com rinse and repeat
46. (credit: Brandon Chu — ”Ruthless Prioritization”) regandavis.com
47. (credit: Brandon Chu — ”Ruthless Prioritization”) regandavis.com
48. regandavis.com ensure you’re staying on target with your market use analytics to measure if your guess was right keep learning — talk to your early adopters often focus on who measure what ask why
49. regandavis.com “Double down on the core of what makes your product great.” —Emmet Shear, Co-Founder of Twitch
50. regandavis.com
51. regandavis.com drop features that don’t move the needle.
52. recap regandavis.com
53. riskiest assumption (credit: Ash Maura, Running Lean) regandavis.com test your
54. biz model risks your customer and problem are aligned your problem represents a monetizable pain you have a path (or can build one) to customers regandavis.com (credit: Ash Maura, Running Lean) target market revenue stream channels
55. regandavis.com make your user successful • What is the heart of this idea? • How does the user derive value from this idea? • What is the smallest piece of work we can do to capture that value? (credit: Teresa Torres — "How you Build Matters", Product Talk)
56. (diagram courtesy of Jussi Pasanen, with acknowledgements to Aarron Walter, Ben Tollady, Ben Rowe, Lexi Thorn and Senthil Kugalur.) regandavis.com
57. (credit: leanstack.com) regandavis.com MVP Talk - MVP Talk Lean Canvas is adapted from The Business Model Canvas (BusinessModelGeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License. PROBLEM I need clear actionable steps to know if I'm on the right path I don't know how to prioritize features for my MVP I need coaching on how to apply theory to my actual business. EXISTING ALTERNATIVES SOLUTION Walk through an approach to determine where to start. Explain basic prioritization techniques Case studies using real entrepeneurs UNIQUE VALUE PROPOSITION Build a Minimum Viable Business and have the Judgement to Know Where to Invest Your Time. HIGH-LEVEL CONCEPT Business Books for People who don't have time to read UNFAIR ADVANTAGE Humorous and casual approach Willingness to talk about own failure Chicago Product company credibility CUSTOMER SEGMENTS Startup Founders Product Managers Small Business Owners EARLY ADOPTERS Pre-Build Phase Startup Founders KEY METRICS NPS Score of 50+ Asked to present again for next cohort 3+ requests for mentoring CHANNELS In-person Presentation (1 hr workshop) Followup questions via email / downloads COST STRUCTURE Personal time (30 hrs at $50/hr to recoup in 1yr) $7/mo license for slides ($84 amortized across talks) $12/mo license for hosting ($144 amortized across talks) REVENUE STREAMS Offers for free coffee 1x/mo Testimonials to help book pd speaking engagements LinkedIn Network recommendations
58. questions? NEXT STEPS regandavis.com/speaker regandavis.com/feedback regan@regandavis.com regandavis.com download feedback contact