3.1 – What is a Minimal Viable Product (MVP)?
After elements of the startup have been validated with customer feedback, an MVP needs to be built and launched, to prove the theory behind the development. This module explores the art and science of building an effective MVP for customers to experience. This module covers:
- How to build an MVP without a single line of code
- When to share an MVP with customers
By the end of this module, you will be able to:
- Compare the concept of minimal viable product to “smoke test”
- Develop ideas for a minimal viable product and “smoke test”
Activity:
Before reading on, Pause to imagine what the first version of your solution will look like.
- What are the key features of this version?
- What does it look like?
- Who will the first users of your product / service be?
- How close is this version to the final product / service?
Section A: What is an MVP?
MVP stands for “Minimal Viable Product”, which is a similar concept to a prototype. The key words in MVP are “minimum” and “viable,” meaning an MVP should be small and nimble, but able to do the work.
What’s Your MVP?
To start understanding what your MVP should look like, go back to your Business Model Canvas in module 2.5.
Pause
Note: your MVP is NOT just a cheaper version of your product or service. Your MVP is used to learn about customer reaction to the way your product or service solves your customer’s problem and to test your solution’s “value proposition.”
Boyd Reid, Hanna Haponenko, and Sinan Mohsin describe the minimal viable product that were developed for their startup companies.
When to launch?
Question: When should you launch your MVP to customers?
Answer: As soon as possible.
As the Founder of LinkedIn, Reid Hoffman says, “If you’re not embarrassed by the first version of your product or service, you’ve launched too late.”
At this stage in a startup’s life, time and speed are the most important. Get the MVP in front of customers, get feedback, and modify your solution accordingly.
Optional Readings
Hoffman, Reid. “If There Aren’t Any Typos In This Essay, We Launched Too Late!” March 29, 2017.
Tsalani, David. “Your Ultimate Guide to Minimum Viable Product (+Great Examples).”
Section B: Gauging your customers’ interest with “Smoke Tests”
Smoke Tests
Smoke tests are sometimes confused with MVPs. Smoke tests are marketing tools used to gauge customers’ interest and their intent to purchase. Unlike MVPs, smoke tests don’t create or deliver value, but they do assess interest which can provide a different kind of learning. Examples of smoke tests include:
- Landing Pages: a standalone web page designed to convert interested customers into possible marketing targets
- Explainer videos: brief online videos that highlight your company’s product, service, or business idea in a compelling and efficient way
- Blog or online community: Engaging text stories that try to create customer interest in your solution.
Plan
Answer the following questions:
- What would a MVP for your solution look like?
- What are some smoke tests that you could use to gauge customer interest in your solution?
Pause
How does this version of your solution differ from the description you provided at the start of this module?