Making a mistake launching a new product feature is costly, and I’ve done it at least a dozen times. Never again. We’re all familiar with the Minimum Viable Product (MVP) strategy. What’s gaining traction now is the strategy of repeating the MVP process with every new feature, even down to every new version. How do we do that?
Let's talk about how we use data to make a better product, raise our margins, and generate more revenue. Here's a really quick way to make sure we're building a strong, robust product that our customers want.
Last week, I got a bunch of questions via my website from “Devin,” a smart young entrepreneur in the healthcare technology space. His MVP, a mobile app, was about six months from completion before he realized he needed to do more work around his business concept. Now his MVP is about a year out, and he’s frustrated because he wants to reach out to his target market to gauge interest in his solution.
The role of “product” within almost all industries is trending toward less emphasis on product management and product marketing, and more towards using technology and data to determine everything from what we’re building to how we’re selling it.
Your MVP is your first impression, both for your startup and for you as an entrepreneur. Here's a high-level checklist I use to give my MVP its best chance, with some real-world examples thrown in.
An MVP is indeed meant to be the quickest version of the product you can put out to market. But when I use the word “quickest” here, that reduction in time to market is achieved by a reduction in feature set, not a reduction in quality. Lately, I’m seeing the pendulum swing away from quality too often.