How do you measure and evaluate the success and impact of your minimum viable product?

I agree with this; however, based on my experience, certain dependencies are crucial to successfully defining goals, such as aligning them with key executive stakeholders. I recommend the following actions: 1. Draft goals based on the existing company goals and objectives. 2. Meet with executive or senior leadership to ensure that the goals you have defined align with their expectations. 3. Finalize the goals and communicate them to stakeholders who will be impacted or involved in the scope of work.

Clearly articulate the objectives and goals you aim to achieve with your MVP. This involves identifying the problem you intend to solve, understanding your target audience, and specifying the expected outcomes. Develop hypotheses or assumptions about how your MVP will address the identified problem or need.

An MVP is basically an experiment you're running. You need to know where it's headed long-term and what you want it to be able to do NOW. Then you can create the step by step actions that'll take you from the less-attractive product, (MVP) to the final thing you want do have, (goal).

Choosing right metrics will determine what things you monitor and change. This can be done by assessing product quality, listening to customer feedback, feature cycle time, user retention, conversion and more. You also need to be open to altering your metrics to see what fits as you make progress.

Select key performance indicators (KPIs) and metrics that align with your goals and hypotheses. These metrics should be quantifiable and measurable, providing insights into the success or failure of your MVP. Examples of metrics may include user engagement, conversion rates, user satisfaction, or specific business-related metrics.

Evaluation of the MVP is a critical step to decide on the future of the product: Scale/ Maintain/ Discontinue. Foundation of MVP success needs to be set during the validation phase by defining the Objective and Key Results to be achieved with MVP. After the MVP turns into a Minimal Marketable Product, holistic approach to measure success is to be followed with focus on: 1) Market and user Research: Qualitative and Quantitative 2) Data collection and analysis 3) Value assessment in terms of Financial/ Non-financial/ strategic benefits elucidated in the business case? Based on all the qualitative and quantitative analysis, impact analysis can be completed and should be discussed to decide the way forward.

Collecting feedback and data from users is always critical, especially in the MVP stage. Literally, customers/users should be our best friends for our products to improve them during this stage: 1. Help identify gaps 2. Validate if the MVP could actually solve the problem 3. Help identify and prioritise additional features based on needs 4. Track discovery, adoption and usage metrics

One more crucial thing that we have to consider is "timeframe" that we are running this MVP. Based on the visibility of the MVP on the platform, timeframe varies so as the metric numbers associated with it. While analyzing the data of the metrics, we should also try to avoid any seasonality or any other cross functional changes impacting the data.

Implement mechanisms to collect relevant data from your MVP. This could involve using analytics tools, surveys, user feedback, or other data sources. Regularly analyze the collected data to assess the performance of your MVP. Look for patterns, trends, and correlations that provide insights into user behavior and the impact of your product.

Identifying the next steps is equally important and should be part of your communication. You're almost never going to get everything right in the first go, there is always going to be scope for improvement and in some cases you may even need to completely pivot from your existing strategy. Calling out the next steps or at least giving the audience a sense of direction is a proactive strategy to keep the teams motivated and ready for action.

one of the ways i do to communicate results are A Mailer to all the stakeholders - with a liner "what is the mvp about"? - why did we start this MVP in the first place - Initial Hypothesis - timeframe and success criteria that we set for MVP - Actual result of the main success metric and one or two supporting metrics - And the conclusion of the experiment as in what we have learned from this MVP and the next steps. Its better to overcommunicate in a simple way as all of the stakeholders are not proficient with the product terminology and make it simple for stakeholders to understand the outcome of the results.

Interpret the data in the context of your goals and hypotheses. Assess whether the observed outcomes align with your expectations and whether adjustments or iterations are necessary. Communicate the results to stakeholders, team members, or relevant decision-makers. Clearly articulate what worked well, what needs improvement, and any adjustments planned for future iterations.