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Screw the MVP, Build a MLP (Minimum Lovable Product)

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Lean startup has paved a new way of thinking business, but there comes a time when old methodology needs to reassess itself to the evolving consumers.

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Screw the MVP, Build a MLP (Minimum Lovable Product)

  1. 1. Screw MVP, Build a MLP the Minimum Lovable Product track to better success BrandonT. Luong @BrandonTLuong
  2. 2. Because the purpose of business is to create a customer, a business only has only 2 functions: marketing and [disruption]*. Both produce results; all the rest are costs. Peter Drucker “” *Originally stated innovation, but you can be disruptive without being innovative
  3. 3. MVP A product which has just enough features to gather validated learning about the product and its continued development. minimum viable product
  4. 4. This is a MVP
  5. 5. MLP A product which has just enough features and strong user experience to gather validated learning and retain customers. minimum lovable product
  6. 6. This is a MLP
  7. 7. Do you want people to meh or scream for your product?
  8. 8. branding customer xp lean startup marketing MLP
  9. 9. Brings out the maximum love • Allows alpha customers to forgive you when you fuck up, which you will • Creates more valuable customers and potential brand advocates • Superior user experience
  10. 10. Slackbot is stupid but cute enough for people to love it
  11. 11. Customers love the special touch of a complimentary cards.
  12. 12. MVPMLP The biggest differentiator is MLP creates better customer retention
  13. 13. Retaining customers cost less than acquiring new customers
  14. 14. Repeat customers are likely to buy again than new customers probability of purchasing from existing customer probability of purchasing from new customer 60% - 70% 5% - 20%
  15. 15. 80% of future revenue will come from 20% of existing customers Gartner “”
  16. 16. Drake says no new friends; make some new friends but remember to keep ones “”
  17. 17. In order to build to a MLP, you have to start with a framework
  18. 18. Business Model Canvas
  19. 19. Lean Startup Canvas
  20. 20. END LOVABLE PRODUCT RESOURCES DISTRIBUTION EXTERNAL FORCES LUONG BIZ CANVAS STARTUP NAME DATE START PROBLEM CUSTOMER SEGEMENT VALUE PROPOSITION REVENUE COST Luong Biz Canvas
  21. 21. END LOVABLE PRODUCT RESOURCES DISTRIBUTION EXTERNAL FORCES LUONG BIZ CANVAS STARTUP NAME DATE START PROBLEM CUSTOMER SEGEMENT VALUE PROPOSITION REVENUE COST What are you trying to solve? For who are you solving the problem? What is the value you’re offering to the customer(s)? How are you going to make money and how much? How much will this venture cost you? What is the actual product you want to sell? Knowledge, capital, number of team, expertise, etc. Are you reaching people by app stores, farmers’ market, online store, pop-up shop What forces are trying to kill your idea, ie too many competitors, substitutions, laws/regulations, unsophisticated consumers?
  22. 22. END LOVABLE PRODUCT RESOURCES DISTRIBUTION EXTERNAL FORCES LUONG BIZ CANVAS STARTUP NAME DATE START PROBLEM CUSTOMER SEGEMENT VALUE PROPOSITION REVENUE COST
  23. 23. Keep the canvas for future iterations *you’re going to be changing it as you move forward
  24. 24. Afterwards write the business plan *don’t spend too much time working on it
  25. 25. Revisit Canvas once every 2 weeks Business plan once every 6 months
  26. 26. Time to debunk your hypothesis by conducting market research
  27. 27. Break it down to two types of research methods Primary Info gathered first person - Surveys - Interviews - Personal data Secondary Info gathered by noninvolved parties - Google - Academic journals - White papers
  28. 28. Check out these books for more info
  29. 29. data insights implications Data that should be converted into digestible information Take info and uncover the gold nuggets Gold nuggets turn into stuff for organization; not all insights become usable
  30. 30. The implications should influence the product development
  31. 31. Implications will influence multiple aspects of your company Design - Typeface - Color palette - Logo design Marketing - Tone - Messaging - Potential mascot Customer XP - Shopping XP - Support - Thanking
  32. 32. How will you gather the info
  33. 33. Build prototype and listen
  34. 34. Now build the real thing
  35. 35. Don’t half ass [something], go full ass. Ronald Ulysses “”
  36. 36. THANKS FOR BEING GREAT BrandonT. Luong GrindHub brandon@grindhub.co @BrandonTLuong

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