Screw MVP, Build a MLP

the Minimum Lovable Product track to better success

Brandon T. Luong@BrandonTLuong

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

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*Originally stated innovation, but you can be disruptive without being innovative

MVPA product which has just enough features to

gather validated learning about the product and its continued development.

minimum viable product

This is a MVP

MLPA product which has just enough features and

strong user experience to gather validated learning and retain customers.

minimum lovable product

This is a MLP

Do you want people to meh or scream for your product?

branding

customer xp

lean startup

marketingMLP

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

Slackbot is stupid but cute enough for people to love it

Customers love the special touch of a complimentary cards.

MVPMLPThe biggest differentiator is MLP creates

better customer retention

Retaining customers cost less than acquiring new customers

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%

80% of future revenue will come from 20% of existing customers

Gartner

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Drake says no new friends; make some new friends but remember to keep old ones

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In order to build to a MLP,you have to start with a framework

Business Model Canvas

Lean Startup Canvas

END

LOVABLE PRODUCT

RESOURCES DISTRIBUTION EXTERNAL FORCES

LUONG BIZ CANVAS STARTUP NAME DATEST

ART

PROBLEM CUSTOMERSEGEMENT

VALUE PROPOSITION

REVENUE COST

Luong Biz Canvas

END

LOVABLE PRODUCT

RESOURCES DISTRIBUTION EXTERNAL FORCES

LUONG BIZ CANVAS STARTUP NAME DATEST

ART

PROBLEM CUSTOMERSEGEMENT

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?

END

LOVABLE PRODUCT

RESOURCES DISTRIBUTION EXTERNAL FORCES

LUONG BIZ CANVAS STARTUP NAME DATEST

ART

PROBLEM CUSTOMERSEGEMENT

VALUE PROPOSITION

REVENUE COST

Keep the canvas for future iterations*you’re going to be changing it as you move forward

Afterwards write the business plan*don’t spend too much time working on it

RevisitCanvas

once every

2 weeks

Business plan once every6 months

Time to debunk your

hypothesis by conducting

market research

Break it down to two types of research methods

PrimaryInfo gathered first person- Surveys- Interviews- Personal data

SecondaryInfo gathered by noninvolved parties- Google- Academic journals- White papers

Check out these books for more info

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

The implications should influence the product development

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

How will you gather the info ?

Build prototype and listen

Now build the real thing

Don’t half ass [something], go full ass.

Ronald Ulysses

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THANKS FOR BEING GREATBrandon T. LuongGrindHubbrandon@grindhub.co@BrandonTLuong