tv nights: designing your mve/mvp

TV NightsTesting and ValidationDesigning Your MVE

WHERE ARE YOU?

Exploring Problem/Idea/Opportunity - discovery, information hunt

Validating Idea – targetted – potential customers

Validating Business Model – extremely targetted – early adopters

StartUp– establishing your operations – consistency of outcomes

ASSUMPTIONS

1. Problem (what you are trying to address, reason for existence, etc.)

2. People (clients, users, markets partners, stakeholders, etc.)

3. Proposition (Product or Service, it's features, benefits, values, profitability etc.)

ASSUMPTION

l A thing that is acceptedl as true or certain to happen.

Problem People Proposition

Existence and Reason for Pain

Clients / Customers Solution Format

Desire and Drive for Pleasure

Users Features, Benefits

Partners / Suppliers Sales Pitch

Investors / Financers Price

Employees Quality

Segment (demographics/ psychographics)

Product / Service Delivery


Alcoholic beverages are limited to beer, wine, hard liquor, cocktails.

People are bored with available drinks.

There's a new drink in town.

Apple cider isn't available in the Philippines.

People know what apple cider is and want to drink it.

Make apple cider readily available in bars and the grocery.

People don't like the beer taste and would choose something fruitier and sweeteer if available.

People would drink “Cali Shandy” if it were alcoholic.

Apple cider is a fruity – sweet, tangy alcoholic beverage.


Existence and Reason for Pain

Clients / Customers Solution Format

Desire and Drive for Pleasure

Users Features, Benefits

Partners / Suppliers Sales Pitch

Investors / Financers Price

Employees Quality

Market Segment (demographics/ psychographics)

Mode of Delivery

Every assumption is a hypothesisTo be validated through testing.

HYPOTHESIS Assumption + Response

TARGET RESPONDENTS

DemographicsPsychographics

EXPERIMENTATION METHOD a. Explorationb. Pitchc. Concierge

SUCCESS CRITERIA NumberPercentage

RESULT a. Validatedb. Invalidated

LEARNINGS

ACTION a. Persevereb. Iteratec. Pivot

Hypothesis

Assumption or explanation of how two variables

are related.

l Independent Variablel – what is “given”

→ Assumption

l Dependent Variablel – what changes

→ The Response

Hypothesis

CAUSE & EFFECT

l __assumption__

l SO l __observable & measurable response___.

l IF ___assumption_____

l THEN ___observable & measurable response_____.

REMINDERS

Make your hypothesis straight forwardMake it simple – break it down if there are too

many variables.

l People are bored with the available alcohol selection so they will be curious about apple cider.

l People want to drink apple cider so if it is available they will buy.

l People really want a fruity alcoholic drink so they will be interested / buy / try apple cider.


TARGET RESPONDENTS DemographicsPsychographics

EXPERIMENTATION METHOD

a. Explorationb. Pitchc. Concierge



LEARNINGS



Exploration- Validate whether what you think is really what is- Learn more information about the problem you are trying to solve your target customers- See the bigger picture or zoom into the details


Process: Ask the right questions the right way Qualifying Questions – determine if you are talking to the right person Ask Why & How Clarify with who, where, when

Ask about past experiences/behaviors and not about how they would respond in hypothetical and/or future scenarios (i.e. would you...)


Asking right Avoid leading questions – feelings/thoughts Do you feel tired after drinking cofee? - BAD

How do you feel after drinking cofee? - GOOD

Avoid questions answerable by yes / no or one-three word answers (unless qualifying questions) Ask for contact information & referrals.


Pitch Get customers to “pay” you (significant currency) Validate whether you are offering something of value and if you are able to communicate that value Process Sell your product/service

Collect – money, contact information, referrals, etc.


Concierge Validate whether you can deliver customers' expectations (value you promised)Process: Sell your product/service

Collect payment

Deliver product/service

Collect customer feedback/response




SUCCESS CRITERIA

NumberPercentage


LEARNINGS

ACTION

SUCCESS CRITERIA

Observable & measurable responseInto a NUMERICAL FIGUREWhat signal is strong enough to make you take the next step? existing data – your own industry criteria/numbers subjective (only if you don't have a baseline)






LEARNINGSACTION a. Persevere

b. Iteratec. Pivot

POSSIBLE OUTCOME

VALIDATED- met or exceeded the criteria set

What to do? PERSEVERE Review data gathered so far & list of assumptions Add any new learnings for future validation Choose the next risky assumption

POSSIBLE OUTCOME

INVALIDATED- failed to meet the criteria setWhy was the hypothesis invalidated?

What to do? Review the new data gathered so far Make a decision: Pivot – change in strategy w/o a change in vision Iterate – minor changes to enhance or clarify






LEARNINGS


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tv nights: designing your mve/mvp

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