screw the mvp, build a mlp (minimum lovable product)
TRANSCRIPT
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Screw MVP, Build a MLP
the Minimum Lovable Product track to better success
Brandon T. Luong@BrandonTLuong
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Because the purpose of business is to create a customer, a business only has only 2 functions: marketing and [disruption]*. Both produce results; all the rest are costs.
Peter Drucker
“”
*Originally stated innovation, but you can be disruptive without being innovative
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MVPA product which has just enough features to
gather validated learning about the product and its continued development.
minimum viable product
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This is a MVP
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MLPA product which has just enough features and
strong user experience to gather validated learning and retain customers.
minimum lovable product
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This is a MLP
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Do you want people to meh or scream for your product?
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branding
customer xp
lean startup
marketingMLP
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Brings out the maximum love• Allows alpha
customers to forgive you when you fuck up, which you will• Creates more valuable
customers and potential brand advocates• Superior user
experience
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Slackbot is stupid but cute enough for people to love it
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Customers love the special touch of a complimentary cards.
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MVPMLPThe biggest differentiator is MLP creates
better customer retention
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Retaining customers cost less than acquiring new customers
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Repeat customers are likely to buy again than new customers
probability of purchasing from
existing customer
probability of purchasing from new customer
60% - 70% 5% - 20%
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80% of future revenue will come from 20% of existing customers
Gartner
“”
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Drake says no new friends; make some new friends but remember to keep old ones
“”
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In order to build to a MLP,you have to start with a framework
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Business Model Canvas
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Lean Startup Canvas
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END
LOVABLE PRODUCT
RESOURCES DISTRIBUTION EXTERNAL FORCES
LUONG BIZ CANVAS STARTUP NAME DATEST
ART
PROBLEM CUSTOMERSEGEMENT
VALUE PROPOSITION
REVENUE COST
Luong Biz Canvas
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END
LOVABLE PRODUCT
RESOURCES DISTRIBUTION EXTERNAL FORCES
LUONG BIZ CANVAS STARTUP NAME DATEST
ART
PROBLEM CUSTOMERSEGEMENT
VALUE PROPOSITION
REVENUE COST
What are you trying to solve?
For who are you solving the problem?
What is the value you’re offering to the customer(s)?
How are you going to make money and how much?
How much will this venture cost you?
What is the actual product you want to sell?
Knowledge, capital, number of team, expertise, etc.
Are you reaching people by app stores, farmers’ market, online store, pop-up shop
What forces are trying to kill your idea, ie too many competitors, substitutions, laws/regulations, unsophisticated consumers?
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END
LOVABLE PRODUCT
RESOURCES DISTRIBUTION EXTERNAL FORCES
LUONG BIZ CANVAS STARTUP NAME DATEST
ART
PROBLEM CUSTOMERSEGEMENT
VALUE PROPOSITION
REVENUE COST
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Keep the canvas for future iterations*you’re going to be changing it as you move forward
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Afterwards write the business plan*don’t spend too much time working on it
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RevisitCanvas
once every
2 weeks
Business plan once every6 months
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Time to debunk your
hypothesis by conducting
market research
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Break it down to two types of research methods
PrimaryInfo gathered first person- Surveys- Interviews- Personal data
SecondaryInfo gathered by noninvolved parties- Google- Academic journals- White papers
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Check out these books for more info
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data
insights
implications
Data that should be converted into digestible information
Take info and uncover the gold nuggets
Gold nuggets turn into stuff for organization; not all insights become usable
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The implications should influence the product development
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Implications will influence multiple aspects of your company
Design- Typeface- Color palette- Logo design
Marketing- Tone- Messaging- Potential mascot
Customer XP- Shopping XP- Support- Thanking
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How will you gather the info ?
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Build prototype and listen
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Now build the real thing
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Don’t half ass [something], go full ass.
Ronald Ulysses
“”
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THANKS FOR BEING GREATBrandon T. [email protected]@BrandonTLuong