Minimum Viable Product - From Business to Life

Perfection vs. Good Enough - Which is more important?

Are you tired of the long and arduous process of driving changes in big corporates? Do you feel like your ideas are stuck in a cycle of overthinking and procrastination? This cycle seems endless and can make you frustrated with no visible results after many back and forth meetings. It is the common pattern of the operation in many big companies.

But what if there is another way to make projects move faster and achieve tangible results instead of just planning?

That's where the power of MVP (Minimum Viable Product) comes in. In this blog, we will explore the benefits of MVP and how it can be applied not only in businesses but also in your personal development.

What is MVP?

MVP, or Minimum Viable Product, is a concept popularized by Eric Ries, the author of The Lean Startup book. Ries defines a MVP as the "version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort."

Source: The Lean Startup / Crafted.solutions

The core idea of a MVP is to build a product with just enough features to launch it, then measure the reactions of users and learn from their feedbacks to continue improving the product. This approach is known as the Build-Measure-Learn feedback loop.

How is MVP different from a traditional product launch?

Compared to traditional product launches, which can take years to bring an idea to market, MVPs allow for much faster product development. For example, in the tech industry, a basic product can be launched in just a few months.

Let’s have a look at below examples of product launches.

Coca-Cola Zero Sugar

1. Development: Coca-Cola had been developing Coca-Cola Zero Sugar for several years in response to changing consumer tastes and the growing trend towards healthier beverage options. The company conducted market research to determine the demand for a new zero-calorie cola and to gather feedback on taste and packaging.

2. Testing: Before the launch, Coca-Cola conducted extensive testing to ensure Coca-Cola Zero Sugar met quality standards and to gather feedback from taste testers. The company also conducted many blind taste tests comparing the new product to its previous zero-calorie cola, Coke Zero, to ensure consumers preferred the taste of the new product.

3. Launch: Coca-Cola launched Coca-Cola Zero Sugar in the United States in August 2017, with a nationwide intergrated marketing campaign that included TV commercials, social media ads, and product sampling. The product was available for purchase through Coca-Cola's website, retail stores, and restaurants.

4. Post-launch evaluation: After the launch, Coca-Cola evaluated the success of Coca-Cola Zero Sugar by tracking sales and gathering feedback from customers. The company identified areas for improvement, such as increasing production to meet demand and adjusting marketing message to better communicate the product's benefits.

The total duration of Coca-Cola Zero Sugar's launch was approximately three years, from the initial development stages to the product's introduction to the US market in August 2017.

Airbnb

1. Idea generation: The idea for Airbnb came about when the company's founders, Brian Chesky and Joe Gebbia, couldn't afford to pay their rent and decided to turn their living room into a bed and breakfast during a design conference in San Francisco.

2. Market research and validation: After the initial success of their living room bed and breakfast, Chesky and Gebbia created a website to allow others to rent out their living spaces to travelers. They tested the concept by attending conferences and meeting with potential customers to get feedback.

3. Product development: Chesky and Gebbia, along with their third co-founder, Nathan Blecharczyk, worked on developing the Airbnb platform, including building the website, creating payment and booking systems, and designing the user experience.

4. Launch: Airbnb was launched in August 2008, with the founders personally reaching out to people who had previously expressed interest in renting out their homes or apartments.

5. Growth and expansion: After the launch, Airbnb grew rapidly, with the founders continuously improving and refining the platform, expanding to new markets, and raising funding to fuel growth.

From its conception in October 2007, it took Airbnb 11 months to launch its official website in August 2008. This serves as an excellent example of the MVP approach, as it allowed the company to gather a wealth of design-related feedbacks from early adopters. Since then, Airbnb has consistently collected user feedback, refined its concept, developed its platform, and improved user experience.

The success of MVP in tech industries has influenced the way FMCG companies approach new product development. In today's competitive market, speed to market is a crucial factor for brands looking to gain an edge over their rivals. Nestle is an example of an FMCG company that has embraced the MVP concept to bring innovative products from the lab to launch in just six months. By leveraging new technologies, such as AI, and adopting a lean startup mentality, Nestle has been able to significantly reduce product development time and bring new products to market faster than ever before. This approach has not only helped the company stay ahead of the curve, but it has also allowed them to better meet the evolving needs of their consumers. Learn more here.

How can MVP benefit your personal development?

I used to find it challenging and uneasy to begin something new or uncertain. I always wanted to be fully informed so that I could make the best possible decision or answer. I was overly concerned with how other people might view me and my work. I strived for perfection in everything I did. The result was the more I thought about something, the more procrastination I encountered, which prevented me from accomplishing as many objectives as I had hoped.

I questioned myself while I was looking around: "Why am I kind of falling behind while others seem to accomplish so much great stuff? How do I match their level of effectiveness? If I'm being held back, is it because of a capability gap or something else?”

After spending more time on self-reflection, I realized most of my issues stem on the gap between aspiration and action. To close this gap, I need a new approach. Since then, MVP concept has crossed my mind.

For instance, I want to sharpen my thinking and improve my writing as a part of my personal growth goal. I had the idea of writing a blog about my favorite topics since middle of 2022. However, until end of 2022, this plan was still only in my mind. The underlying cause is that I was afraid of many things, including failure and a lack of knowledge, experience, and time. These things all hindered me.

From the self-reflection on Dec 31st 2022, I made the decision to take action and, thus, created the Find Your Purposes blog as a MVP. I didn't have high expectation for the fancy blog's layout or plan out a complete content stack in advance. Simply launching my own blog with very basic features and content was all I really wanted. In comparison to six months I wasted just to think and produce no results, it took me only three days to choose a hosting platform, define topics, make content templates, and come up with a title for the blog. Finally, I officially sent out the first newsletter on Jan 4th 2023. The biggest lesson I have learned from it is the importance of taking small and quick actions. Although this blog has never been perfect, I couldn't learn anything if I didn't actually start it.

It is the example that you should not limit the use of MVP in startups or business conditions. Your personal development can also be aided by this idea. You don't need to create a company to be an entrepreneur; everyone can adopt an entrepreneurial mindset in their work and personal lives.

An entrepreneur's can-do attitude and obsession with producing results set them apart from average people. No matter how great a plan is, it is useless without actions and outcomes.

Overthinking and fear are the most common factors that prevent people from achieving success.

In the recent View From The Top interview, Brian Chesky - Co-founder & CEO of Airbnb shared his advice for anyone who wants to be an entrepreneur: “Just start making something.” The core idea is to put your mind together with your hands into action, not letting your mind fly with tons of ideas. You don’t need to start remarkable things, you just need to start. Completion is far more important than perfection.

Embrace the MVP concept and start taking action towards your goals today. Remember, it's the small steps that lead to big results.

Source:

https://www.coca-colacompany.com/press-releases/coca-cola-zero-sugar-launches-in-united-states

https://www.crafted.solutions/blog/do-not-hate-the-mvp

https://getpaidforyourpad.com/blog/the-airbnb-founder-story/

https://rdaccelerator.nestle.com/

https://www.nestle.com/about/research-development/speed-market

Cheers,

Do Thi Dieu Thuong