How can you balance speed, quality, and scope when creating a minimum viable product?

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Creating a minimum viable product (MVP) is a key strategy for product innovation, as it allows you to test your assumptions, validate your value proposition, and get feedback from your target customers. However, building an MVP also involves making trade-offs between speed, quality, and scope, which can affect your product's performance, usability, and appeal. How can you balance these factors and deliver an MVP that meets your goals and satisfies your users? Here are some tips to help you.

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1 Define your problem and solution

Before you start developing your MVP, you need to have a clear understanding of the problem you are trying to solve and the solution you are offering. This will help you focus on the core features and benefits of your product, and avoid adding unnecessary complexity or functionality. You can use tools such as the lean canvas or the value proposition canvas to define your problem-solution fit and articulate your unique value proposition.

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Kshitij Ingle

CMO at The Hosteller | Product and Growth | D2C, B2B SaaS
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You love baking cakes and cupcakes, but you are new to business. You apply the lean canvas to know your problem and solution. You find out that: People need fresh, tasty, personalized cakes and cupcakes for events but have limited options. Your bakery will offer various flavours and designs, using natural stuff. Customers will order and get delivery online or by phone. Your bakery will provide quality and value, with discounts and referrals. Your customers are people around you who want cakes and cupcakes for occasions. You will promote your products online. You will charge per product, plus delivery. You understand your problem and solution. You can test a small batch of products with customers, collect feedback, and boost your business.

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2 Prioritize your features and scope

Once you have defined your problem and solution, you need to prioritize your features and scope based on the value they provide to your customers and the effort they require to implement. You can use techniques such as the MoSCoW method or the Kano model to rank your features into must-haves, should-haves, could-haves, and won't-haves, or into basic, performance, and delighters. The goal is to identify the minimum set of features that can deliver the most value to your customers with the least effort.

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Kshitij Ingle

CMO at The Hosteller | Product and Growth | D2C, B2B SaaS
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You want to create a fitness app that helps people exercise at home. You use the MoSCoW method to rank your features based on value and effort. You find out that: Your app must have video tutorials, progress tracking, and reminders. Your app should have personalized plans, social sharing, and feedback. Your app could have gamification, music integration, and rewards. Your app won’t have live coaching, chat support, or ads. You focus on the must-have features that can deliver the most value to your users with the least effort. You can add the other features later based on user feedback and demand.

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3 Set your quality standards and criteria

Quality is not only about how well your product works, but also how well it meets your customers' expectations and needs. You need to set your quality standards and criteria based on your target market, your competitive advantage, and your product vision. You can use tools such as the quality function deployment or the SMART framework to define your quality requirements and measure your quality outcomes. The goal is to ensure that your product is reliable, usable, and desirable for your customers.

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Kshitij Ingle

CMO at The Hosteller | Product and Growth | D2C, B2B SaaS
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You want to make a travel app for trips. You use the SMART framework to set your quality requirements and outcomes. You learn that: Your app must be specific, measurable, achievable, relevant, and time-bound. Your app must have a user-friendly design, a secure and fast booking system, a rich updated travel guide. Your app should have a smart itinerary planner, a budget tracker, and a review and rating system. Your app could have a chatbot assistant, a loyalty program, and a VR feature. Your app won’t have a flight tracker, a car rental service, or a currency converter You set your quality standards based on your market, advantage, and vision. Is easy, secure, fast, and comprehensive. Ensure that your app is reliable, usable, and desirable

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4 Optimize your speed and feedback loops

Speed is not only about how fast you can build your product, but also how fast you can learn from your customers and iterate on your product. You need to optimize your speed and feedback loops by using agile and lean methods, such as Scrum or Kanban, to manage your development process, and by using user testing, surveys, or analytics to collect and analyze customer feedback. The goal is to reduce your cycle time and waste, and increase your learning and improvement.

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5 Balance your trade-offs and risks

Balancing speed, quality, and scope when creating an MVP is not a one-time decision, but an ongoing process that requires constant evaluation and adjustment. You need to balance your trade-offs and risks by using tools such as the risk matrix or the project triangle to assess the impact of your choices on your product's feasibility, viability, and desirability. The goal is to find the optimal balance that allows you to deliver an MVP that meets your objectives and satisfies your customers.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you balance speed, quality, and scope when creating a minimum viable product?

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2

3

4

5

6

1 Define your problem and solution

2 Prioritize your features and scope

3 Set your quality standards and criteria

4 Optimize your speed and feedback loops

5 Balance your trade-offs and risks

6 Here’s what else to consider

Product Innovation

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How can you balance speed, quality, and scope when creating a minimum viable product?

1

2

3

4

5

6

1 Define your problem and solution

2 Prioritize your features and scope

3 Set your quality standards and criteria

4 Optimize your speed and feedback loops

5 Balance your trade-offs and risks

6 Here’s what else to consider

Product Innovation

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