how to launch your mvp in less than 4 weeks
TRANSCRIPT
How to launch your MVP in less than4 weeks
What is a Minimum Viable Product (MVP)?
First let’s get the facts straight
MVP has only 1 Goal! To identify that goal, you need to do one thing
Ask yourself 2 questions!
◉ What is my riskiest assumption about my product’s market and its customers?
◉ What is the smallest experiment i can do to test and validate this assumption?
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The answer to these two, defines a minimum viable product
MVP is the first version of your product that allows you to test your riskiest assumption with the least effort
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◉ MVP is the simplest, cheapest and shortest solution to a problem which is worth solving
◉ MVP is the immediate next step for taking forward your ideas to validate the actual demand
◉ MVP is the first intermediate step before an idea matures into a real product
Let’s explain it a bit more...
Who will use my MVP?
◉ An early customer who can live with its limitations
◉ An evangelist who is willing to give feedback and see the evolution of the product
◉ An Investor who want to see the value of your idea
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Lifecycle of an MVPInnovate, Ideate, Execute, Measure,Learn & Repeat
Problem
ANALYZE
INNOVATEIMPROVISE
EXECUTE
Apply mind to convert thoughts to the minimum viable product
Ideate
Build the minimal version of the product from the ideas
Build Product
Learn the gaps in the market and optimize the product to
bring a change
Learn & Improvise
Expose the product to early adopters and validate the concept
Validate & Measure
Startup Life Cycle Example - How it works!
Data Points First Version Second Version Third Version Fourth Version
Acquisition 3% 20% 45% 42%
Activation 12% 91% 80% 87%
Referrals 8 3% 50% 55%
Retention - 8% 20% 25%
Revenue - - 2% 2.5%
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How to plan your MVP development?
Now It’s time to see
1. Pick the basic scope for MVPIdentify the basic functionality that gives the core value of your idea
◉ Identify a single ‘key’ user whose problem that you are trying to solve
◉ Find the single use case that solves the problem for the user
◉ Identify the very basic steps needed for the user to solve his problem
Voila!! That defines your scope of work
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2. Eliminate all that can be reducedRemove any feature that is not important for your primary user
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◉ Remove any functionality that is not critical for your primary use case
◉ Remove any functionality that you can do manually, behind the scenes
◉ Avoid admin sections and automated emails. You can do them offline
Good! Now your scope got really lean and mean
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3. Reuse anything that you get cheap or freeAvoid reinventing the wheel! Pick cheap or open source components
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◉ Pick a decent web or app template from a template store for UI
◉ Integrate any service that is already available. Don’t code it again.
◉ Pick open source components wherever possible.
Cool! You saved quite a few bucks & valuable time
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4. Spare Advanced ArchitectureOnly thing that matters in an mvp is time, budget and functionality
Don’t build a castle when a cottage serves the purpose!
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◉ Keep the code simple, cheap and minimal. Think in a way that you may replace this fully in the next cycle if needed.
◉ Avoid worrying about specific technology. Use what is available cheap and fast. You can always switch later.
◉ Forget standards. Hardcode wherever you can. Only thing that matters is functionality
Well ! That’s the way startups work
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5. Make sure to extract usage dataFeedbacks can be both direct and acquired
◉ Add the logic to monitor traffic. Integrate an Analytic tool.
◉ Add check points in each action, to track the user behaviour
◉ Make sure to add feature for the customer to provide his feedback
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Awsome! You are all set for the MVP
Be careful to avoid the following mistakes while planning your MVP
Last but not least
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◉ Don’t make the scope too short to the level that it delivers no value.
◉ Make sure that you identify your riskiest assumption correctly. That is what you need to validate in an MVP
◉ Have a strict time and budget control in every step of an mvp, to ensure a smooth pivot anytime, if needed, any number of times.
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Here is an example of a successful MVP
Case study - Busykart
◉ The entrepreneurial duo wanted to bring ecommerce to a tier 2 Indian city
◉ They had limited funds, high energy, strong passion and focus.
◉ They approached us in late 2015 to help them develop a b2c e-commerce application from scratch.
◉ We proposed an alternative path to hit the market fast before they burn out of cash and energy and they agreed.
◉ We used prestashop ecommerce software with few custom coded modules. Integrated ccavenue payment gateway & an SMS gateway
◉ Bought a cheap responsive template to give the UI a basic lift and tweaked it.
◉ Primed an AWS cloud server for smooth run and setup the application.
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And the Busykart had gone live in 3 weeks!!
3 months into the market and the result:
20k+ unique visitors
500+ regular customers
200+ monthly orders
They got the first round of funding within the next 6 months.
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THANKSAny Questions?
Let us know if you need any support in the planning or execution of your MVP.Click here to visit Grapelime MVP Workshop
www.grapelime.in
Email: [email protected]
Tel: +91. 999 515 4123
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