What’s Minimum Viable Product or MVP in Lean Marketing?
In this post, I will talk about the overview of lean concept and how to get the most out of it by getting lean on your ideas.
This is what I’ve been using to test my ideas in a lean way making MVPs or MVP experiments. I believed it’s a skill a lot of people need to know how to do.
The problem is those people out there are just have a vague idea of what a MVP is or how to use it in a lean testing environment, that’s why I want to show you how in this series of posts on the lean techniques I used and I’ll demonstrate how to get lean from scratch to saying ‘YES’ to the idea.
We’ll go through the process in a progressive manner in 7 steps.
As we go through the MVP steps we’ll passed several checkpoint on each step. Each checkpoint is a lean test we are going to run for your idea.
Once you have successful passed all 7 steps, you’re ready for celebration as you have just found yourself a green light to go full force into building your product.
Step 1: Start with your idea
I’m going to introduce you to the follow along projects, I’ll be doing this simultaneously through this series and you going to use this to check your understanding how to do everything.
You’ll go through a real-life MVP experiment that I will test so you can follow along with me.
Step 2: Get-the-feel test
Is there a way you can tell which business idea is better than the rest?
You’ll go through a five criteria framework to rule out the idea we have and decide which one has the most likelihood surviving an MVP experiment.
Step 3: Spot on your target market
We have gone through the planning phase of the MVP experiment, we will talk about how we go about figuring out who are initially going to target as our customers.
This is a more abstract process where no defined process you can follow, but we’ll walk through a efficient way you can follow to consistently get insightful answers.
Step 4: Check on your competitors
We’re actually going out there and bring some external information and use that to make a judgement but previously we were just using information we already knew and those are basic assumptions.
We’re going to look for your big bad competitors in this process.
Step 5: Talk to your customers
On our next checkpoint which will be doing customer development interviews, we’re going to get face to face with our customers.
We’re going to find out very quickly what they are thinking about what we’re doing. We’re going to interviews a group of non paying customers what they care about, what they would pay for, what they won’t pay for and then eventually what do they think about our idea.
Step 6: Basic pitch experiment
We’re going to build a pitch experiment for our MVP, this is the most powerful and most versatile way of validating your idea.
A pitch experiment is pretty much similar to an entrepreneur pitch an idea to an audience but we’re going to put it online by building a landing page. This is a microsite that we’ll setup to get customers click on the buy button.
Step 7: Double-dosed pitch experiment
Now, we’re getting more serious on our game, landing pages we’ve done previously was merely collecting customer’s email address, there isn’t much thing we can do with them but that’s not 100% validation, we need to see how they react when we ask for more things on those situation.
Besides the basic things we asked for in the basic experiment, we’re going to add a FAQ, risk reversal, testimonials, social proof to make our pitch more compelling, and then we’re going to try going after difficult customers and pitch to them.
We’ll make paid ad to run our campaign of this validation. Get ready to take out your wallet to pay some bucks.
Now, finally, you would have made a MVP passing all 7 steps, how great is that! now you have a higher chance to get out there and see people would buy. Let’s see now if your customers actually take their money and purchase your product.
On next post, I’ll be sharing with you the follow along projects that I’ll test along. Let’s get your sleeve roll and get to work! Learn Along a 7 Steps Idea Experiment for Success Startup