The Entrepreneur's Guide to Customer Development: A Cheat Sheet to the Four Steps to the Epiphany by Brant Cooper & Patrick Vlaskovits

Author:Brant Cooper & Patrick Vlaskovits [Cooper, Brant & Vlaskovits, Patrick]
Language: eng
Format: epub, pdf
Tags: Business & Economics, Customer Relations, Entrepreneurship, Marketing, General
ISBN: 9780982743607
Google: NxHfuayI8-IC
Amazon: 0982743602
Publisher: CustDev
Published: 2010-03-14T22:00:00+00:00

Third, posit a final MVP

As defined above, an MVP is "a product with the fewest number of features needed to achieve a specific objective, for which users are willing to ‘pay’ in some form of a scarce resource." The reason the definition is somewhat obtuse is that we wish to differentiate between a "final" MVP and one or more intermediate MVPs. Final MVPs ostensibly test the business model. Intermediate MVPs test high risk components of the business model.

To develop assumptions regarding your final MVP, think of what you need to provide to each entity with whom you have a direct relationship in order to achieve the value you identified above. What are the basic features of the product each user requires to get the ecosystem functioning? What does each entity pay - whether money, attention, resources or some other currency? Describing what your final MVP looks like establishes an end point to the Customer Discovery process.

Currency = what the user/buyer "pays" for using the MVP

MVP Metric = what you are measuring to determine viability

Value Determinants = what the user/buyer requires (minimally) in order to spend their currency, such as features

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