Define the minimum viable business product

1.

DEFINE THE MINIMUM
VIABLE BUSINESS
PRODUCT (MVBP/MVP)
TW10
Alisher Ismailov

2.

• Defining MVBP
• Difference between MVP & Prototype
• Objectives of MVBP
• Reasons to start with a minimum viable product
Agenda
• Characteristics of a minimum viable product
• Designing a Product discovery survey
• Typical Questions in Discovery Survey

3.

What is a
minimum
viable
product?
• A minimum viable product (MVP) is a launch version of a
product with an elementary set of features to gain
customers with the least effort while learning about their
needs.
• These original customers provide feedback that helps finetune the product into a fully-fledged product later through
a series of iterations.
• Eric Ries, the author of The Lean Startup, popularized the
term. His minimum viable product definition emphasizes
the maximum amount of validated learning about
customers with minimum effort.

4.

Whether
MVBP is a
prototype?
• While the MVBP is minimal, the customer should see it as a
product at this point and not as simply a prototype for
feedback.
• The prototypes could come into play in Identifying and
Testing Key Assumptions. Still, unless the customer is
paying for the prototypes, they do not meet the criteria to
be a product.
• MVBP is not the full fledge product either. It is the smallest
set of functionality and investment needed to get you
started.

5.

Difference
between Proof
of Concept,
Prototype &
MVP

6.

Three Objectives of an MVBP
Value
Pay
Feedback
Provides value to end user
Prove that the economic buyer will
pay something for the product
placement
Creates meaningful feedback loop
with customer (end user, economic
buyer, and champion)

7.

Examples of MVP
In 2018 when Yandex Taxi (YandexGO as for 2023) was launched in Uzbekistan, they have started from
MVP, by providing customers with only one class (comfort), to attract customers’ attention to the
convenience of their app and make them familiar with basic features.

8.

Examples of MVP
The MVP of Instagram allowed users to just share photos and apply filters, initially allowing Kevin
Systrom, the founder to see if the market approved of the product. The application was liked by users
and since then, all the incredible features we see today – messaging, business profiles, stories, live
telecast, tagging, hashtags, and much more have been a part of Instagram’s amazing success story.
Globally, there are 1.074 billion Instagram users now.

9.

5 Reasons to
start with a
minimum
viable product
Less expensive
• Building products from
scratch is expensive. Securing
venture capital funds as a
startup is a herculean effort. It
can take up to 2 years to raise
venture capital.
• MVBP allows early-stage
companies to launch an
economical basic product
quickly. Putting together core
features doesn’t require a
steep financial investment like
making a full-blown product.

10.

5 Reasons to
start with a
minimum
viable product
Less risky
• Releasing a new product
is risky. You are not sure
if people will love it.
• MVBP helps you validate
the product’s potential
through customer
feedback.
• You launch with
minimum risk because
you know you’ve made
what people want.

11.

5 Reasons to
start with a
minimum
viable product
Quick Product release
• A minimum viable product
shortens the time between
conception and the
moment you release your
product to the market.
• The lean startup process is
agile. It empowers teams
to move fast and avail the
product for sale before
interest wanes or a
competitor fills up the gap.

12.

5 Reasons to
start with a
minimum
viable product
Quick Validation
• According to a Harvard
Business School
professor, a staggering
95% of new products fail.
• Using the MVP process
solves this problem.
Through direct user
feedback, the product
development team can
tell if people like the
product or not.

13.

5 Reasons to
start with a
minimum
viable product
Sharper marketing
messages
• The MVP tactic gives teams a
vast, fresh, and unfiltered pool of
knowledge gleaned from
customer responses.
• The sales and marketing teams
can use it to
• Pinpoint value propositions.
• Clear, detailed buyer personas.
• Relevant copy for campaigns.
• Captivating product
descriptions.
• Persuasive sales decks.

14.

4 Characteristics of a minimum viable product
Basic, but useful
Feedback and iteration
Soft launch
Affordable, attractive pricing
Even tough MVBP has a minimum
feature set. But it provides value by
solving a serious nagging problem.
Early adopters agree to provide the
product team with as much feedback
as possible.
Unlike a full launch with all the
fanfare, you introduce an MVP quietly.
Customers will pay for it even if it’s
incomplete and imperfect because it’s
useful.
The product team uses this info to
improve the product and release it for
another trial run.
Discount is offered to lure potential
customers. Marketing teams slash the
initial price. As a result, the price is
favorable to buyers.
The product becomes better and
better with each round of feedback
and iteration.
Companies handpick the initial buyers
following predetermined criteria.
MVP launches cut back costs so the
company doesn’t waste resources if
the market decides it doesn’t want the
product.
For people to buy a product, they
must see an offer first. In MVP we
make that offer on a custom landing
page. In case you are uninitiated, a
landing page is a standalone
distraction-free web page that
maximizes conversions.
A key pricing feature of MVPs is that
companies lock users into the cheap
initial price forever. They enjoy
additional features without paying an
extra penny.
To attract as many customers as
possible MVP payment terms are
flexible and we encourage installments
and paying later.

15.

Designing
Product
discovery
survey
• Product discovery is a system that helps companies refine
their product or service by including evaluations and
feedback to iterate before developing further.
• It has questions about
Customer Characteristics
Problem
Solution
Positioning / Offering
Value Attributes Evaluation
User Experiences
User Perceptions
Probability of Success

16.

In class activity
You are going to be provided with flipcharts and markers now

17.

In class activity
Your task is going to be written on the next
slide

18.

Do not draw anything

19.

Wait

20.

Task is loading…

21.

Just a little bit more

22.

23.

24.

25.

Just kidding, your task was
ready like an hour ago…

26.

"Launching an E-Learning Platform in Uzbekistan - MVP
Design Challenge"
Objective: To design a minimum viable product (MVP) for an E-Learning platform catering
to students in Uzbekistan.
1.Introduction (5 minutes): Provide a brief overview of the e-learning landscape in
Uzbekistan, highlighting the need for accessible and localized educational platforms.
2.Problem Identification (5 minutes): Students should identify and list the key challenges
faced by students in Uzbekistan when it comes to accessing quality educational
resources.
3.Market Research (10 minutes): In groups, instruct students to conduct quick online
research about the current e-learning platforms available in Uzbekistan and their
features. They should also analyze the strengths and weaknesses of these platforms.
4.MVP Design (15 minutes): Each group must outline a simple MVP for an e-learning
platform that addresses the identified problems and leverages the strengths of existing
platforms. They should consider the essential features that make the platform usable
and valuable for students.
5.Presentation (5 minutes per group): Each group presents their MVP design, highlighting
the key features, target audience, and the problem it aims to solve. Reflection (5
minutes): Discuss the challenges and learnings in creating an MVP, emphasizing the
importance of simplicity and addressing core user needs.

27.

"Launching an E-Learning Platform in Uzbekistan MVP Design Challenge"
• What were the key considerations in designing the MVP?
• How did the group prioritize features to meet the minimum requirements
for launch?
• What challenges did you face in deciding what to include and what to leave
out in the MVP?
• How might the MVP be improved or expanded upon in the future?

28.

Typical
Questions in
Discovery
Survey
Questions about customers
• Who is the User?
• Who are the people in the process?
• What are they looking to achieve with your product?
• What are their job titles, work routines and technical
expertise etc.?
• What does a common user need or anticipate from your
product?
• What are the user’s pain points?

29.

Questions about Problem Your Product is Geared to Solve
Typical
Questions in
Discovery
Survey
• Does our product solve the customer’s pain point directly?
• Does our offering provide convenience?
• Who is our competition? Have they successfully solved the
same problem before?
• What other products in the market compete with the value
proposition of your business or concept?
• What is the size of the audience facing the same pain
point?
• What are our strengths and opportunities?

30.

Questions about the Problem The Strategic Positioning of
our Product
Typical
Questions in
Discovery
Survey
• Why will our target audience choose us in the presence of
our already-in-the-market competitors?
• Would our product be sustainable in the market?
• Whether people like our business model?
• If we are launching your product in a few hours. Will our
audience buy it?
• Is our offering something that will hook the customers
enough to return to us?
• Do customers understand our value proposition?
• Do they consider our products as a single offering or are
there multiple products in the portfolio?
• What is our key differentiator as per customer?

31.

Typical
Questions in
Discovery
Survey
Questions about the Value Addition Evaluation
• What value can it provide/add to the consumer?
• What value does this product/service add to their
business?
• What does their process for problem-solving?
• Does this product align with their business goals?
• What does a solved problem look like? List elements of the
solution.
• What is the level of risk associated if this product were to
fail?

32.

Typical
Questions in
Discovery
Survey
Questions about the Marketing Strategy
• What are the key messages to be communicated?
• How does the customer want to associate themselves with
us- what do they think, feel and do with the product?
• What should be our communication strategy?
• Do they agree with what we are communicating as our USP
(unique selling proposition)?
• What are industry best practices?

33.

Typical
Questions in
Discovery
Survey
Questions about The User’s Online Experience
• Who are the visitors to your websites, and what do they
look for?
• How can we increase customer satisfaction and generate
loyalty?
• What drive conversions from prospects to paying
customer?
• What kind of functionality is required beyond static content
pages on the website?
• What devices are supported for our digital platforms?

34.

Typical
Questions in
Discovery
Survey
Questions about Probabilities of Success
• Will the user be able to figure out how to use the product?
• What will be the different price points they are willing to
consider?
• Will the user choose this product or buy it as a
compromise?

35.

Typical
Questions in
Discovery
Survey
Questions about Resolving Product Constraints
• What frustrations do they currently have with the product
itself or the process? Can you solve them?
• What tools or support we could have to improve the
process?
• What other products or tools do we need to integrate
with?
• Does our product answer the real needs of customers?
• Which problem needs the most urgent solution?
• What threats and weaknesses need to be resolved?