As a Product Manager I am often working towards the launch and development of an MVP – Minimum Viable Product. An MVP is a great means to launch quickly and effectively in market; to test and learn, iterate and refine. It should not, however be confused with a go-to-market short cut.
In developing an MVP you can’t negate good product management disciplines:
- Know what market or customer problem you are solving for – what is the job to be done?
- What does success look like? How will you measure success – unit sales; conversion; customer satisfaction; utilisation. Make sure that you have defined measures which are actionable. If you can’t do anything against your measures then they are worthless.
- An MVP does not mean you don’t have to take care in both product and user experience design. Test your MVP before you take it to market. I like to do this across a number of iterations and/or channels; internally, online and with real, live prospects/customers.
- Engage the business. Make sure that your key stakeholders across the business understand the value your proposition will deliver and their respective roles in testing, iterating and embedding it in market.
Lastly, make sure you have a well defined exit strategy. Hopefully your MVP has been strategically developed against a set of core business objectives. However, if for some reason you take it to market and it fails, you need to know when to pivot, when to refine and when to exit.