Testing Your MVP
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My webinar organized by @SoftwareTestPro on May 26
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Testing Your MVP
- 2. BUILD AND THEY WILL COME…REALLY? • Apple Newton, 1993-98, Invested $100m • Webvan, 1999-01, Lost $800m • Microsoft Zune, 2006-11, • Amazon Fire, 2014, $170m written-off • Target Canada, 2013-15, Over $7b lost • …and many, many more!!!
- 3. WHY DID THEY “FAIL”? Bad idea? Incompetent team? Lack of funding? Dated technology? Wrong market? …?
- 7. SO, WHAT’S A STARTUP’S CONTEXT ? • A bold experiment to the question “should this business be built?” • Startups search for their repeatable and scalable business model. • Early and frequent feedbacks allow course correction and realignment with the vision.
- 8. 3 STAGES OF A STARTUP Problem Solution Fit Stage1 Product Market FitStage2 Scaling Up Stage3 “Do I have a problem worth solving?” “Have I built something people want?” “How do I accelerate growth?”
- 10. A STARTUP’S MOST SCARCE RESOURCE… TIME
- 11. BUILDING “100% PRODUCT” IS TOO… • Time-consuming • Costly • Risky • …even boring :) • So, what’s the alternative???
- 12. “MINIMUM VIABLE PRODUCT” Coined by Frank Robinson in 2001 as “that unique product that maximizes return on risk for both the vendor and the customer.” “MVP is a mindset of the management and development-team. It says, think big for the long term but small for the short term.”
- 13. MVP… “A(n) MVP helps entrepreneurs start the process of learning as quickly as possible. It is not necessarily the smallest product imaginable, though; it is simply the fastest way to get through the Build-Measure-Learn feedback loop with minimum effort. Unlike a prototype or concept test, an MVP is designed not just to answer product design or technical questions. Its goal is to test fundamental business hypotheses” - Eric Ries
- 14. LIKE THIS…
- 15. MVP MYTHS… • Tech = MVP • Code = MVP • Prototype = MVP • Beta = MVP • Half-baked = MVP • MVP = Faster TTM / Revenue • MVP = One MVP
- 16. MVP IS… • The Mindset that we don’t have all the answers, but the market does know them, and if we can involve the market, we can learn the answers. • The Process of identifying riskiest assumptions, designing the smallest and cheapest experiments to acquire validated learning, and correct the course, as often as required.
- 17. WHY TEST THE MVP? • Not so much to validate what we already know, but to learn what we don’t really know! • There’s no such thing as the expected output. We seek learning, not validation. • Whatever you get is the right output!
- 18. OK, SHOW MY HOW! • Let’s deconstruct the startup process • Our interest is to get to Product / Market Fit (Stage 2) • What kind of MVPs might help? • How do we “test” them?
- 19. #1 IS THERE A PROBLEM WORTH SOLVING?
- 22. SEARCH TRENDS
- 23. SEARCH CAMPAIGNS
- 24. LANDING PAGE • “Sell first, build later” • Joel Gascoigne had an idea for service to queue up social media / twitter updates. • Before building it, he wanted to see if people would need or use it?
- 25. AUDIENCE BUILDING • Choose a low-cost mechanism to build a virtual community tied to your product. • Ryan Hoover started newsletter “Product Hunt” in 20 minutes. After two weeks, he had 130 subscribers. Today, it is valued $22m • Simplilearn started as blog, then grew into video content for PMP aspirants…had over 300 courses, trained over 200,000 students…raised over $28m till now…
- 26. BLOGS / UPDATES
- 27. SLIDE DECKS
- 28. VIDEOS
- 29. AD CAMPAIGNS
- 30. #2 WHAT IS THE PAIN POINT?
- 31. USER REVIEWS
- 32. SURVEYS
- 33. CUSTOMER INTERVIEWS • Steve Blank - There are no facts inside the building…get out of the building! • Exploratory conversations that allow you to learn and understand about customer problems • Be an ethnographer, not a salesman!
- 34. INNOVATION GAMES
- 35. CUSTOMER JOBS
- 36. #3 WHO HAS THE PAIN POINT?
- 38. USER PERSONAS
- 39. #4 HOW ARE THEY DEALING TODAY?
- 41. CONCIERGE MVP • Humans substitute for systems AND are visible! • When you want to learn deeply about how potential users solve a problem
- 42. WIZARD OF OZ MVP • Problem: In 1999, selling shoes online wasn’t so obvious. Nick Swinmurm wanted to prove that the idea was feasible without spending thousands of dollars of inventory. • Approach: Nick took pictures of shoes and created visual catalog. When customers placed order, he bought those shoes from stores. • Results: He could prove the concept. After an unsuccessful attempt to launch a competitive product, Amazon bought Zappos for US$ 1.2 Billion in 2009. Today Zappos annual revenues are ~US$ 2 Billion.
- 44. PAPER & PHYSICAL PROTOTYPES, STORYBOARDS, BODYSTORMING
- 47. POTEMKIN VILLAGE
- 48. FAKE DOORS
- 49. A/B TESTING
- 51. #6 WHAT WOULD THEY PAY FOR IT?
- 52. LANDING PAGE • After the initial experiment with landing page worked, Joel experimented with payment options • Some people clicked on paid plans! • First paying customers in 4 days of launch of a version with rough edges!
- 53. PRE-ORDER PAGES
- 55. PAY WHAT YOU LIKE
- 56. SOFTWARE TESTING • FiveSecondTest, QuickMVP, OpenHallway • Keynotopia • bootstrap.js • Google forms, wordpress, Google Analytics, KISSmetrics,
- 57. PITFALLS OF MVP TESTING • Confirmation bias • Starting too late • Expedite time-to-market • Accelerate revenues • “Selling” the solution • Consider “Fail Fast” as “failure” • Ignore the feedback!
- 58. CHOOSING THE RIGHT KIND OF MVP • Validating MVPs use a worse product than what the final version will be, so success proves your model but failure is inconclusive. E.g. Dropbox • Invalidating MVPs, however, have a better product than the final business, so failure means the business model is doomed but success is inconclusive. E.g. RentThe Runway • Unfortunately, we usually pick the wrong kind of MVP: we tend to choose validating MVPs, even though most businesses fail because they persist too long in solving the wrong problem — what invalidating MVPs are designed to prevent. https://hbr.org/2013/09/building-a-minimum-viable-prod
- 59. RECAP • Startups exist to search for business model. • Building 100% product based simply on assumptions is fatal! • MVPs as a process allow systematic validation of riskiest hypothesis. • Testing the MVPs allows validated learning to drive further decisions.
- 60. REFERENCES • https://www.inc.com/steve-blank/how-test-prototype-minimum-viable-product.html • https://www.sitepoint.com/7-new-ways-to-test-your-minimum-viable-product/ • https://envato.com/blog/straightforward-tactics-testing-minimum-viable-products/ • https://thenextweb.com/dd/2014/11/12/15-ways-test-minimum-viable-product/ #.tnw_1njw4EHg • https://blog.ycombinator.com/minimum-viable-product-process/ • https://blog.kissmetrics.com/abcs-of-mvps/ • http://customerdevlabs.com/2016/04/06/what-does-minimum-viable-product-mean/ • https://spin.atomicobject.com/2017/02/14/mvp-minimal-enough/ • https://hackerchick.com/5-mvp-examples/ • https://productcoalition.com/using-data-from-an-mvp-c3bdcc2df72b • https://www.typeform.com/blog/guides/minimum-viable-product/ • http://fresco.vc/build-an-mvp-not-a-beta/ • http://www.allencheng.com/concierge-mvp/ • https://design.org/blog/the-wrong-and-right-way-to-build-an-mvp/ • http://www.syncdev.com/minimum-viable-product/
- 61. REFERENCES… • https://www.sitepoint.com/7-new-ways-to-test-your-minimum-viable-product/ • https://envato.com/blog/straightforward-tactics-testing-minimum-viable-products/ • https://www.kickstarter.com/projects/getpebble/pebble-e-paper-watch-for-iphone-and-android • https://techcrunch.com/2011/10/19/dropbox-minimal-viable-product/ • https://hackerchick.com/how-to-build-an-mvp/ • https://medium.com/@joelgascoigne/how-to-successfully-validate-your-idea-with-a-landing-page-mvp- ef3c2d02dc51 • https://blog.bufferapp.com/idea-to-paying-customers-in-7-weeks-how-we-did-it • https://hbr.org/2013/09/building-a-minimum-viable-prod • https://blog.kissmetrics.com/abcs-of-mvps/ • http://original.livestream.com/nytechmeetup/video?clipId=pla_df402e6b-fcb6-4ea0-9223-ed516884ea34 • https://vimeo.com/24749599 • https://vimeo.com/24744647 • https://techcrunch.com/2011/10/19/dropbox-minimal-viable-product/