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
   

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2. regan davis
   product leader from chicago, il
   BACKGROUND
   Director of Product @ SpotHero
   VP of Product @ Jellyvision
   VP of Product @ info.com
   regandavis.com
   

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3. regandavis.com
   

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4. regandavis.com
   there
   can be
   only
   one
   

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5. someone else will.
   regandavis.com
   if we don’t prioritize,
   

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6. this talk is an
   mvp
   regandavis.com
   

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7. (credit: Lean Startup) regandavis.com
   

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8. (credit: leanstack.com) regandavis.com
   1
   

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9. (credit: Diffusion of Innovation, Rogers Adoption Curve) regandavis.com
   adoption curve
   innovators early
   adopters
   early
   majority
   late
   majority
   laggards
   

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10. (credit: leanstack.com) regandavis.com
    1
    2
    4
    3
    

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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
    

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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
    

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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
    

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14. regandavis.com
    value cost
    learning
    risk
    

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15. regandavis.com
    don’t do do first
    do last do second
    high
    high
    low value
    risk /
    learning
    

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16. riskiest assumption
    (credit: Ash Maura, Running Lean) regandavis.com
    test your
    

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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
    

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18. product risks
    regandavis.com
    (credit: Marty Cagan, Inspired)
    valuable
    usable
    feasible
    viable
    my solution is
    

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19. is the most expensive
    way to test your idea.
    regandavis.com
    building production-quality software
    

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20. regandavis.com
    learn & iterate
    (credit: ”The Founder” movie clip)
    our goal is to
    

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21. but i wanna
    build something
    regandavis.com
    

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22. regandavis.com
    impact/effort
    customer value
    time to build
    ”low hanging fruit”
    (return on investment)
    

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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
    

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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)
    

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25. (credit: Henrik Kniberg) regandavis.com
    

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26. regandavis.com
    KANO MODEL
    

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27. regandavis.com
    (diagram: Kano model)
    fully implemented
    not implemented
    satisfied
    unsatisfied
    linear (performance)
    threshold (must be)
    exciters (delighters)
    

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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
    

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29. regandavis.com
    

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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
    

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31. regandavis.com
    (Credot: Folding Burritos, The Complete Guide to the Kano Model)
    

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32. regandavis.com
    (diagram: Kano model)
    fully implemented
    not implemented
    satisfied
    unsatisfied
    linear (performance)
    threshold (must be)
    exciters (delighters)
    

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33. Diagram courtesy of Jussi Pasanen, with acknowledgements to Aarron Walter, Ben Tollady, Ben Rowe, Lexi Thorn and Senthil Kugalur.
    regandavis.com
    

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34. regandavis.com
    

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35. real life is hard
    regandavis.com
    

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36. brian fritton
    CEO & Founder, Havoc Shield
    BACKGROUND
    CEO & Founder @ Havoc Shield
    VP of Engineering @ Civis Analytics
    CTO @ Patch of Land
    regandavis.com
    

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37. ”red team
    in a box”
    original value proposition
    regandavis.com
    target market
    revenue stream
    channels
    for small businesses
    

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38. regandavis.com
    0
    responses
    

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39. regandavis.com
    

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40. regandavis.com
    ”My assumption was…
    “…that these companies had more
    security in place than they actually did.”
    

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41. ”red team
    in a box”
    regandavis.com
    target market
    revenue stream
    channels
    original value proposition
    

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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.”
    

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43. regandavis.com
    

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44. ”turbotax for
    cybersecurity”
    new value proposition
    regandavis.com
    target market
    revenue stream
    channels
    for startups & small businesses
    

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45. regandavis.com
    rinse and repeat
    

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46. (credit: Brandon Chu — ”Ruthless Prioritization”) regandavis.com
    

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47. (credit: Brandon Chu — ”Ruthless Prioritization”) regandavis.com
    

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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
    

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49. regandavis.com
    “Double down on the core of
    what makes your product great.”
    —Emmet Shear, Co-Founder of Twitch
    

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50. regandavis.com
    

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51. regandavis.com
    drop features that don’t
    move the needle.
    

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52. recap
    regandavis.com
    

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53. riskiest assumption
    (credit: Ash Maura, Running Lean) regandavis.com
    test your
    

    View Slide

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
    

    View Slide

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)
    

    View Slide

56. (diagram courtesy of Jussi Pasanen, with acknowledgements to Aarron Walter, Ben Tollady, Ben Rowe, Lexi Thorn and Senthil Kugalur.)
    regandavis.com
    

    View Slide

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
    

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58. questions?
    NEXT STEPS
    regandavis.com/speaker
    regandavis.com/feedback
    regan@regandavis.com
    regandavis.com
    download
    feedback
    contact
    

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