Finding Success in the Lean Startup Methodology
Lean startup was first coined in 2008 by an entrepreneur named Eric Ries. The philosophy of lean startup was in complete opposite to the long used Waterfall business model of creating a final product with little or no feedback from customers. Originally created for high-tech companies, lean startup focuses on shorter, iterative product development cycles while focusing on its three core phases: build, measure, and learn. So how does a company create a minimum viable product (MVP), measure it, and learn from the previous steps?
Creating an MVP
Spend less time and effort on evaluating and testing a product. First, you must decide what problem needs solving, define your MVP and determine the product roadmap. Keeping an objective view, determine value-adding features versus unnecessary ones. Feature ideas should be prioritized and assessed as to importance, complexity and added value. Evaluating the current market competitors as well gives ideas of what will differentiate your product''s value proposition.
Testing Your MVP
Now it''s time to test your hypothesis. Depending on your company''s business model, you may need to use several different techniques to test your MVP. You are not only testing for its technical capabilities, but also determining the market''s viability for your product. Several different ways for testing your MVP include but aren''t limited to customer interviews, ad campaigns for running market validation surveys, crowdfunding websites, and validating ideas through blogs.
Learn and Reassess
In this stage, the company evaluates the information gathered during the testing phase and determines whether or not the path taken is feasible or whether to shift product strategy goals. If necessary, continue improving on the product by repeating the steps again to find the right product/market fit. Ultimately, the goal is to generate revenue with a successful value proposition and create a close relationship with your customers.
At folio1, we aren''t strangers to the startup business. With our experienced strategists, we can help you find solutions for your business needs. Please contact us for more information on how we can help build your brand.