How To Plan Your MVP (Minimum Viable Product) in 5 Simple Steps

Summary

This video outlines a five-step process to create a successful Minimum Viable Product (MVP) without wasting time or resources. The steps include defining clear objectives, identifying core features, choosing the right MVP approach (human automation, no code, or full code), creating a realistic development timeline, and launching the product strategically. The creator emphasizes avoiding feature bloat, validating ideas early with potential users, and iterating based on feedback. A phased launch strategy is also discussed, offering insights into how to build a product that fits the market.

Takeaways

• 🚀 MVPs should focus on proving or disproving hypotheses before building a full product.
• 💡 Clearly define your MVP's objective and ensure it solves a problem, not just simplifies an existing product.
• 📊 Set success metrics, but understand that they're not absolute. For example, a 50% retention rate for 6 months might indicate reasonable success.
• 👥 Engage in conversations with early adopters to validate interest and refine your product before investing in development.
• 🔍 Prioritize core features for your MVP based on feedback from early users. Focus on solving a clear problem rather than feature bloat.
• 👩‍💻 Consider different MVP approaches: human automation, no-code tools, or full-code solutions depending on your technical skills and product requirements.
• 📅 Create a realistic development timeline and track your progress to avoid delays and keep accountability.
• 🧑‍🤝‍🧑 Focus on one-on-one conversations with potential customers, especially when entering niche markets like real estate or CRM.
• 🔧 For some products, like an email service for realtors, you can test your hypothesis using existing platforms without writing code.
• 🎯 Use a phased launch strategy to gather feedback, iterate, and improve your product gradually before scaling to a broader audience.

Q & A

What is the main purpose of the video?

The main purpose of the video is to walk viewers through a five-step plan for creating a Minimum Viable Product (MVP) to avoid wasting time, money, and energy on an idea that no one is willing to pay for.

Why is defining the objective of the MVP crucial before building it?

Defining the objective is crucial because it helps clarify the hypothesis you are trying to prove or disprove, ensuring you build something relevant rather than wasting time on unnecessary features.

What are the two example applications used in the video to illustrate MVP creation?

The two example applications are 'Bump CRM,' a simplified CRM, and 'Postcard,' an email service provider (ESP) for realtors.

What success metrics should be established for an MVP?

For 'Bump CRM,' success might involve getting buy-in from 10 to 40 users and seeing if 50% of them stick around for six months. For 'Postcard,' a success metric could be having conversations with 100 realtors and getting at least 10% interested in the product.

How should founders determine the core features of their MVP?

Founders should focus on identifying a subset of features that solve the primary problem for their early users, avoiding feature bloat. This might involve feedback from Early Access users to prioritize features that are critical to the product's functionality.

What approach does the video recommend for creating the MVP, especially if the founder is not a developer?

The video recommends one of three MVP approaches: human automation (no code, using people to perform tasks manually), no-code tools like Bubble or Airtable, or full code if the founder has the necessary technical skills.

Why is creating a development timeline important when building an MVP?

A development timeline helps founders stay on track, providing a realistic schedule to avoid endless tinkering. It also helps measure progress, keeping them accountable for each milestone.

What is the recommended approach to launching an MVP?

The video suggests using a phased launch, starting with Early Access users to get feedback and iterate, before rolling it out to a broader launch list of 500 or more users in stages. This helps improve the product and fix bugs before wider release.

What is the difference between Early Access and a beta launch?

Early Access involves charging users once they start getting value from the product, while a beta is typically free and used for testing. Early Access focuses on real feedback from paying customers.

What is the key takeaway for founders when creating an MVP?

The key takeaway is to focus on solving a problem with a minimal set of features that proves or disproves a hypothesis. Founders should avoid building too many features or spending too much time developing something that users may not want.