Build a MLP for Better Success
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The document discusses building a Minimum Lovable Product (MLP) instead of a Minimum Viable Product (MVP). An MLP has just enough features and a strong user experience to gather validated learning from customers and retain them, while an MVP only focuses on gathering learning. Building an MLP from the start allows companies to create more valuable and loyal customers who will forgive mistakes. The document provides templates for a Business Model Canvas and Lean Startup Canvas to help plan an MLP, and advises conducting primary and secondary market research to test hypotheses and gather insights that can influence the product development.
![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](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Build a MLP for Better Success
- 1. Screw MVP, Build a MLP the Minimum Lovable Product track to better success BrandonT. Luong @BrandonTLuong
- 2. 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
- 3. MVP A product which has just enough features to gather validated learning about the product and its continued development. minimum viable product
- 4. This is a MVP
- 5. MLP A product which has just enough features and strong user experience to gather validated learning and retain customers. minimum lovable product
- 6. This is a MLP
- 7. Do you want people to meh or scream for your product?
- 9. 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
- 10. Slackbot is stupid but cute enough for people to love it
- 11. Customers love the special touch of a complimentary cards.
- 12. MVPMLP The biggest differentiator is MLP creates better customer retention
- 13. Retaining customers cost less than acquiring new customers
- 14. 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%
- 15. 80% of future revenue will come from 20% of existing customers Gartner “”
- 16. Drake says no new friends; make some new friends but remember to keep ones “”
- 17. In order to build to a MLP, you have to start with a framework
- 20. END LOVABLE PRODUCT RESOURCES DISTRIBUTION EXTERNAL FORCES LUONG BIZ CANVAS STARTUP NAME DATE START PROBLEM CUSTOMER SEGEMENT VALUE PROPOSITION REVENUE COST Luong Biz Canvas
- 21. END LOVABLE PRODUCT RESOURCES DISTRIBUTION EXTERNAL FORCES LUONG BIZ CANVAS STARTUP NAME DATE START PROBLEM CUSTOMER SEGEMENT 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?
- 22. END LOVABLE PRODUCT RESOURCES DISTRIBUTION EXTERNAL FORCES LUONG BIZ CANVAS STARTUP NAME DATE START PROBLEM CUSTOMER SEGEMENT VALUE PROPOSITION REVENUE COST
- 23. Keep the canvas for future iterations *you’re going to be changing it as you move forward
- 24. Afterwards write the business plan *don’t spend too much time working on it
- 25. Revisit Canvas once every 2 weeks Business plan once every 6 months
- 26. Time to debunk your hypothesis by conducting market research
- 27. Break it down to two types of research methods Primary Info gathered first person - Surveys - Interviews - Personal data Secondary Info gathered by noninvolved parties - Google - Academic journals - White papers
- 28. Check out these books for more info
- 29. 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
- 30. The implications should influence the product development
- 31. 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
- 33. How will you gather the info
- 35. Now build the real thing
- 36. Don’t half ass [something], go full ass. Ronald Ulysses “”