resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview
resource preview

Download and customize this and 500+ other business templates

Start here ⬇️

Voila! You can now download this Presentation

Download

Explainer

Preview

Synopsis

How can you tell if a product idea will work out? Our Minimum Viable Product (Part 2) presentation, which can be downloaded and customized to your product needs, provides guidance from the initial triage of tasks, to the development and execution of the MVP. More importantly, it includes North Star metrics that would ultimately determine if the MVP is successful.

stars icon
26 questions and answers
info icon

Some examples of products that started as an MVP include Facebook, Uber, Airbnb, and Dropbox. These companies initially launched with minimal features to test the market response and then gradually added more features based on user feedback.

Some strategies for aligning stakeholders in the process of MVP development include: setting clear expectations, involving stakeholders in the planning and decision-making process, regularly communicating progress and updates, and using data and metrics to guide decisions and demonstrate progress.

To customize a presentation to fit specific product needs, you should first understand the product thoroughly. Identify its unique features, benefits, and potential challenges. Then, tailor your presentation to highlight these aspects. Use visuals and real-life examples to make your points more relatable. Also, consider your audience's needs and expectations. What information will they find most useful or compelling? Incorporate this into your presentation. Lastly, always be prepared to answer questions and provide additional information as needed.

View all 26 questions
stars icon Ask AI
info icon

Download and customize this and 500+ other business templates

Start here ⬇️

Voila! You can now download this Presentation

Download

Jobs-to-be-done (JTBD)

The jobs-to-be-done framework is instrumental to understand customer pain points and guide the brainstorming process. JTBD defines and organizes customer needs given each user type's context and circumstances. The example here shows three tracks for three user types whose goals and JTBD may differ.

resource image

This is useful for products who have two or more different customer types, such as a marketplace app like Airbnb where there are hosts and travelers who both need to be serviced. The layout takes into account the evolution of a product, from initial inception, to earliest testable product and its multiple iterations, to the MVP, and finally, to a more refined product loved by the crowd.

stars icon
26 questions and answers
info icon

The MVP (Minimum Viable Product) model can be adapted for different industries by identifying the core features that meet the basic needs of the target customers in that industry. It's about understanding the unique needs and behaviors of the customers in a specific industry and building a product that addresses those needs with the least amount of features. This allows for quick testing and iteration based on user feedback. The MVP model is flexible and can be applied to any industry, from tech startups to manufacturing to service industries.

There are numerous resources available for learning about MVP (Minimum Viable Product) development. Some of the most popular ones include online courses on platforms like Coursera, Udemy, and LinkedIn Learning. Books like 'The Lean Startup' by Eric Ries and 'Running Lean' by Ash Maurya are also great resources. Additionally, various blogs and websites like Medium, Smashing Magazine, and the Harvard Business Review offer articles and case studies on the topic.

The MVP (Minimum Viable Product) model can be applied to non-tech products in a similar way as it is applied to tech products. It involves identifying the core features that will address the customers' needs and creating a simple version of the product that includes these features. This MVP is then released to a small group of people to gather feedback and understand how it can be improved. This process is repeated, with improvements being made in each iteration, until a product that is loved by the crowd is developed.

View all 26 questions
stars icon Ask AI
info icon

MVP development

Product scope

Next up, it's time to define the scope of your MVP to avoid scope-creeping. This slide clearly defines features for the MVP launch based on user stories. The top row represents the critical user flow. This is the journey that users must take in order to get to their jobs-to-be-done. Without this user flow, there would be no functional product. The higher on the chart it is, the more important the feature is. From this list, draw the MVP line for features critical for the product to be functional. Everything below that should be saved for the future.

stars icon
26 questions and answers
info icon

The success of an MVP launch can be measured in several ways. These include user engagement, customer feedback, number of sign-ups or downloads, and the achievement of the key performance indicators (KPIs) set for the product. It's also important to consider the completion of the critical user flow and whether the product is functional and meeting its intended jobs-to-be-done.

The MVP (Minimum Viable Product) approach aligns with agile product development methodologies in several ways. Firstly, both prioritize delivering value to the customer early and often. In the MVP approach, this is achieved by identifying and implementing the most critical features that allow the product to be functional. In agile methodologies, value is delivered through iterative development and frequent releases. Secondly, both approaches embrace change. In the MVP approach, feedback from the initial users can lead to changes in the product's features or design. In agile, change is welcomed as a way to better meet customer needs. Lastly, both approaches focus on minimizing waste. In the MVP approach, this is done by avoiding over-engineering and only building what is necessary for the product to be functional. In agile, waste is minimized through practices like backlog grooming and sprint planning.

One strategy to prioritize features for an MVP launch is to define the scope of your MVP to avoid scope-creeping. This can be done by clearly defining features based on user stories. The top row should represent the critical user flow, which is the journey that users must take in order to get to their jobs-to-be-done. Without this user flow, there would be no functional product. The higher on the chart it is, the more important the feature is. From this list, draw the MVP line for features critical for the product to be functional. Everything below that should be saved for the future.

View all 26 questions
stars icon Ask AI
info icon
resource image

MVP tree

resource image

Traditionally product managers have used a standard product canvas as an MVP blueprint. An alternate visualization is the MVP tree, which moves beyond features to highlight the whole package of how to market an MVP.

resource image

The MVP tree typically includes the target customers to market to, the channels to use and how it will be delivered, any post-sales CRM strategy, and everything necessary for a well-planned product launch.

stars icon
25 questions and answers
info icon

Some best practices for using an MVP tree in product management include: identifying the target customers, determining the channels to use for marketing and delivery, planning a post-sales CRM strategy, and ensuring a well-planned product launch. It's also important to remember that the MVP tree is not just about features, but about the whole package of how to market an MVP.

An MVP (Minimum Viable Product) tree can help in the identification of North Star metrics by providing a comprehensive view of the product's key components and strategies. It includes target customers, marketing channels, delivery methods, and post-sales CRM strategy. By analyzing these elements, product managers can identify the most critical metric that directly reflects the value that the product delivers to customers, which is the North Star metric.

The MVP (Minimum Viable Product) tree plays a crucial role in the overall product management process. It is an alternate visualization to the standard product canvas, focusing not just on the features of the product, but the entire package of how to market the MVP. The MVP tree typically includes the target customers, the marketing channels to be used, the delivery method, any post-sales CRM strategy, and all other elements necessary for a well-planned product launch.

View all 25 questions
stars icon Ask AI
info icon

Download and customize this and 500+ other business templates

Start here ⬇️

Voila! You can now download this Presentation

Download

Product evaluation

Concept testing report

Now, it's time to develop a plan to validate whether the MVP works or not. This concept testing report slide highlights findings based on results from interview participants you recruit to get their feedback on the initial iteration. In this example, there are three contending concepts that are used to test the waters.

stars icon Ask AI
info icon
resource image

Based on responses and reactions from interview participants, it seems that Concept 3 performed well, while Concept 2 wasn't so popular. Feel free to add or delete the bar graphs based on how many concepts your team is considering. On the left, summarize the insights that can be distilled from the test results and share them with stakeholders as recommendations for the next steps.

stars icon Ask AI
info icon

Validation testing

With MVPs, it's easy to make the mistake of only interpreting the test results that seem to suggest a successful launch. In order to prevent that bias, make sure to define the exact success metrics before conducting any tests.

resource image
resource image

These North Star metrics will determine the validation outcome. Even if other metrics appear promising, they shouldn't overwrite the North Star numbers. The above slide highlights the validation metrics that the product team has agreed upon ahead of time, with space at the bottom to track improvement against previous iterations.

stars icon Ask AI
info icon

Adoption and maturity

Product adoption curve

When it comes to the execution and development of any product, this adoption curve allows the product team to understand where exactly their product is in the market. Are we still in the early-stage market, or have we passed the chasm to the mainstream market? Is it growing upward into maturity, or declining into oblivion? Enter data you've accomplished on the left-hand column to show progress to date.

stars icon Ask AI
info icon
resource image

MVP cycle

The MVP cycle follows an agile development process, characterized by rapid iteration. This slide helps plot where you are in the development process, ensuring the whole team is on the same page. Because with all the back and forth, things can get a little convoluted.

resource image

According to design thinking, start by defining a clear user need, then research, observe, and prioritize insights. After this generative phase, narrow down ideas into testable hypotheses and potential solutions. Continue to experiment and refine as new learnings enter the picture.

Customer churn analysis

After the MVP has launched, use a customer churn analysis table to groups users into cohorts and track retention. For example, on March 22nd, 113 users joined, and by the end of the first day, 98% remained. By the fifth day, approximately 20% remained. Typically, the more time that passes, more users are lost. But up to a point, these churn rates should stabilize. Otherwise, it might be time to rethink the product and go back to the drawing board.

stars icon Ask AI
info icon
resource image

Download and customize this and 500+ other business templates

Start here ⬇️

Voila! You can now download this Presentation

Download