MVP Types, Tools and Social Impact
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A talk I gave at The Hub on the Minimum Viable Product for Social Impact companies.
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MVP Types, Tools and Social Impact
- 1. Paul Orlando @porlando paul@StartupsUnplugged.com The Minimum Viable Product (And Social Impact) At The Hub LA
- 2. Startup AcceleratorLean Startup Advisory StartupsUnplugged.com/advisory AcceleratorHK.com Other MVPs I tried in the last year: “Startup Sacrilege” (book) WeAreHKtech list MVP Cards Startup Hug Persuade parents to let their kids join startups These started as MVPs...
- 3. Startup AcceleratorLean Startup Advisory StartupsUnplugged.com/advisory AcceleratorHK.com Other MVPs I tried in the last year (and their status): “Startup Sacrilege” (book) WeAreHKtech list MVP Cards Startup Hug Persuade parents to let their kids join startups These started as MVPs... early success success so-so fail
- 4. Not MVPs...
- 5. Fun / Cool / What If? Fun / Cool / What If? Market Opportunities Market Opportunities
- 7. What causes the most difficulty for early-stage companies? …How can we solve this?
- 9. Ideal Customers 1. They have a problem 2. Are aware of having a problem 3. Have been actively searching for a solution 4. Have hacked together a solution 5. Have or can acquire a budget
- 11. A way forward. The MVP. Business Model Canvas. Case Studies. A way backward. Reading too much news. Loving your ideas. Being a know-it-all.
- 12. The MVP “The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” -- Eric Ries What They Say…
- 13. The MVP “Our MVP is the crappy version of what we’re going to build later.” -- most startups talking about MVPs What We Hear…
- 14. The MVP “blah blah blah get validated learning blah blah blah use least effort blah blah and have testable hypotheses.” -- me New Translation…
- 15. MVP technique What it is In-person Interviews Talk to people to learn about them and their problems Landing Page / Adwords Use a description to test actions from lots of people Mockup / Wireframe Paper or digital non-functioning iterations to test reactions “Parasite” Ride on top of an existing network to speed up data collection Concierge People do work of not yet built system Video Show what it’s like to use it Prototype Actually build a basic version
- 16. MVP technique What it is In-person Interviews Talk to people to learn about them and their problems Landing Page / Adwords Use a product description to test actions from lots of people Mockup / Wireframe Paper or digital non-functioning iterations to test reactions “Parasite” Ride on top of an existing network to speed up data collection Concierge People do work of a not yet built system Video Show what it’s like to use it Prototype Actually build a basic version
- 17. MVP technique What can go wrong In-person Interviews Delays, Bad interviewers, Wrong interviewees, Can’t find interviewees Landing Page / Adwords Don’t know what to measure, distribution Mockup / Wireframe Disbelief, No data collection, Becomes design and feature focused “Parasite” Disbelief Concierge Can’t actually build it Video Cost distribution Prototype Time, cost, can’t build it All Can’t get enough people (or the right people) involved
- 18. The Siren Song of the Startup Survey Would you like to take a survey so I can feel like I’m learning something?
- 19. Startup Weekend Surveys Gone Wrong We built a website and mobile app to let you find free fruits and vegetables near you as well as share yours with others. Would you use it?
- 20. How much would you be willing to pay for a consumer product that creates a stable “sand free” zone at the beach? Startup Weekend Surveys Gone Wrong
- 21. Startup Weekend Surveys Gone Wrong
- 22. How to Interview - test “Does this sound like a good idea to you?”
- 23. How to Interview - test “Does this sound like a good idea to you?” X
- 24. “Would you buy this?” How to Interview - test
- 25. “Would you buy this?” How to Interview - test X
- 26. How to Interview – Sample questions Please show me how you... Please tell me what you did when... Please help me understand...
- 27. How to Interview – Sample questions Why do you do that? Please tell me more about that. When does that happen? When else does this comes up?
- 28. How to Interview – Sample questions Who else is affected by this? How do you decide what to do? Tell me about the last time you dealt with this.
- 29. How to Interview – Sample questions If you had a magic wand, what would you do or change?
- 30. How to Interview – Sample questions What else should I have asked? Other people have to told me that... I actually have a [thing] available now. You can [download / buy] it here.
- 31. How to Interview Know what you want to learn. No hypothetical questions. Testing action can be better than asking a question. Takes notes.
- 32. Then what? The forgotten hypotheses...
- 33. MVP technique What it is In-person Interviews Talk to people to learn about them and their problems Landing Page / Adwords Use a description to test actions from lots of people Mockup / Wireframe Paper or digital non-functioning iterations to test reactions “Parasite” Ride on top of an existing network to speed up data collection Concierge People do work of not yet built system Video Show what it’s like to use it Prototype Actually build a basic version
- 36. Wasn’t really an MVP
- 38. MVP: Concierge MVP not available
- 39. MVP: Prototype
- 40. Test: Make an MVP for this Fake Company “Flight Freebies” your fun discount travel service
- 41. Metrics
- 42. O M T M One Metric That Matters Actionable. Auditable. Accessible.
- 43. What is a Vanity Metric? (And how do I increase mine?)
- 47. Metrics: Actionable, Auditable, Accessible Life Time Value / Impact Growth Rate …(is there anything else?) Determine your metrics Use few tools Try to improve the results
- 48. A/B Tests or Split Tests Funnels Cohort Metrics Viral Coefficients Social Impact?
- 49. There are 41 Shades of Blue?
- 50. All Google Sites Advertising Revenue (2008): US$14.4B An increase of 0.1% = US$14M in extra revenue
- 51. Conversion Funnel – where do you focus? AcquisitionAcquisition ActivationActivation RetentionRetention RevenueRevenue ReferralReferral
- 52. M1 M2 M3 M4 M5 M6 M7 M8 Jan 100% 20% 12% 8% 6% 5% 3% 2% Feb 100% 31% 16% 13% 10% 7% 5% Mar 100% 35% 22% 19% 14% 11% Apr 100% 43% 24% 20% 18% May 100% 52% 29% 24% Jun 100% 55% 33% Jul 100% 57% Cohort Metrics
- 53. Viral Coefficient But don’t forget cycle time. Invitation Rate x Conversion Rate (invites sent per user) (% invited users who take action)
- 54. What about Impact Metrics?
- 55. Metric technique What can go wrong Split Testing A / B Testing Incremental improvements. You often can’t split test your way to insight Funnel Not knowing which parts drive your business Cohort Metrics Not tracking events Viral Coefficient When does it matter? Cycle speed In general Forgetting different metrics matter at different development stages In general Thinking that metrics matter more than they do
- 56. What metrics matter For a Community Site…? For a Ecommerce Site…? For a Subscription Service…? For a Social Impact organization...? If you want to sell advertising…? If you have a Freemium model…? If you want to monetize customer data…?
- 57. A way forward. Remember The New MVP Definition. Learn from others (case studies). Figure out which metrics matter for you. Use few tools. Remember metrics can mislead. Remember revenue/impact & growth drive most things. Stop reading (tech) news. Be willing to kill your ideas. You know nothing.
Notas do Editor
- P&G spends $50M to launch Rejuvenating Effects. Discontinued.