Build, Measure, Learn –the path to build a successful product
During one of my usual internet surfing spree, I came across an article on The Lean Startup by Eric Ries. In the article, the author advocates the theory that to build a successful product, it is essential to get inputs from the end users while the product is still in the development stage.
He talks about the concept of a MVP- Minimum Viable Product. You build a product with some basic features and you make your target users test it. Valuable feedbacks earned through successive MVPs lead to building a successful product. Some of the assumptions regarding the target market are proved wrong and a solid product is achieved in the end. The ever elusive ‘product market fit’ stage now seems achievable.
The way forward for a startup is to go ‘Lean’ -cutting down on development time thereby reducing the cost of production. In the Lean Startup terminology, anything that does not provide value to the customer is a waste. The key is to reduce all such wastages.
The ‘Build, Measure, Learn’ loop is most effective in reducing all such wastages. You Build a MVP (Minimum Viable Product), Measure your performance based on user feedback and Learn from those feedback to develop a better and more customer- focused product. If this learning involves a big shift (called Pivoting in Lean Startup terminology) in your product idea, you should still give it a thought. After all you have to ultimately sell your art …. It’s not art for art’s sake!