Transcripts
1. Introduction: Welcome to the best course online to learn how to validate your ideas with NVP and experiments. I M phi sub. I have created this course to share the experience that I have gained in my career with you. I have been an entrepreneur and a product manager for the last ten years. I have built softwares that had been used by millions of people around the globe. Why should you take this course? This course teaches you want how you can validate your ideas with NVP and expand, sorry, not validating your startup idea can turn out to be costly at a later stage. Once you have put in enough time and resources for him, validating your idea with MVP experiments can save you from losing. In this course, you will learn what is an MVP? What are the steps involved in running an MVP experiment? We will also talk about hypothesis and different types of MVPs that exist. This course is example leg, and I make sure I explain concepts with the help of real-world startup examples for you to understand better what this course is designed. Keeping beginners in mind. We have made sure that every concept is clearly explained in an easy to understand manner. So if you are a beginner and totally new to the concept of MVPs don't work. I am 100% committed to help you succeed. So what are you waiting for? Let's take the first step.
2. What is MVP (Minimum Viable Product): Hello and welcome back. So in this lecture we are going to talk a little bit about what is an MVP or minimum viable product. By the end of this lecture, you will have a better understanding of what MVB means, what will get you, and what are some of the examples of some famous startups that used MVB during the initial days to validate their idea. So let's get started. So MVB is a technique in which you can try to get as much feedback from your users without having to put in a lot of resources or time, which could potentially go beast if the concept doesn't work. A common misconception about MeV is an MVP is not a half-baked or incomplete product, but it's a complete product designed to do a few inborn tasks. And NPV should be able to do those core task perfectly. For example, if your MVB is designed to help users to Booker writes successfully, it should focus only on that. Many a time. People end up building lots of features in their product and then realize that it's not solving the problem. As a result, they end up wasting a lot of time and money behind things that don't walk. Hence, MVB technique is very important if you are building something new for your users as it ensures validation first, wisdom, minimal version, and hence saving diamond money. Let's talk about what will MVP get you. So, and maybe we'll get you idea validation, initial finding, better understanding of your target audience. And it will also help you with the future roadmap. They don't all process of MVB is not just limited to software development, but you can also do various other things to SDO concept. Apart from building the product or writing the code. There are a few examples of how some entrepreneurs have used MeV to desde idea. So buffers, founder of Joel wonder desktop out the idea if customers would be interested to use such an app. So if you've heard off a buffer.com, it's an app that helps you manage your social media. Okay? And buffers founder wanted to initially validate this idea if people would be interested to use such an app. And hence he built out a two-page version similar to what we are seeing over here on the screen. And he just wonder as this out and yours, what it looked like. Okay? And so you can see like there is one page that talks about the features of this particular app, okay? And it has a link to Plans and Pricing, okay? And if you click on this, it Axial Age, which says that we are not ready yet. Okay. And it asked for customer email, okay. And he just did this link to his followers on Twitter and he saw deeply clicking and giving the emails. Now, phase two for him was to test if users would be interested to pay for such an app. Okay. And hence he introduced what toward beach monitored version where any added between two pages, which talks about the Plans and Pricing. And he still saw people clicking and giving away the emails. So there's other bees that are introduced in between those two old business. Okay. And this page had few blends like 0 all upon one file or a bomb under $20. He saw people taking over u OK, and giving their emails. And this was enough for him to build and launch the fourth version of Buffalo. Okay, now let's talk about Zappos. So Zappos founder. So if you guys don't know what Zappos is. So Zappos is a website where to sell shoes online. Okay. So Zappos founder wonder as the idea of selling shoes online. And what he did was he walked into local stores around him. He took the pictures of the shoes and put that up on his website. Now, whenever he received an order, he went to a local store and which is one of the shoes and he shipped it to the users. Ok. Now this help him validate the idea of selling shoes online. Okay? So AirBnB, which is one of the most popular startups in the boil out of now, okay, had a similar story. So did the founders of Airbnb, I love air beds into the apartments and put up an ad prior to a launch, large political convention, okay? Now people actually responded to the ad and ended up renting the airbags. Okay? And this made the founders think that this could be or the Olympic idea, okay, if it's planned and executed well. And that's how they started Airbnb, ok. So these are some of the example of the entrepreneurs around the world that have used MVP to test and validate their ideas. Okay, so let's do a quick recap. So in this lecture we understood what is MVP or minimum viable product. And we understood what can MVB get you, okay? And we also understood us. And we also took a look at some of the examples of some of the entrepreneurs that have used in dB's bill and validate that initial hypothesis or the idea. Okay, so I hope you guys enjoyed this glass and founded valuable. I'll see you guys soon. Thank you.
3. Steps to run MVP experiment: Hello guys, welcome back. So in this lecture we are going to take a look at what are the steps to run an MVP experiment. By the end of this lecture, you will have an understanding of what are the different steps. Okay, so let's get started. So the first steps to run an MVP experiment is identifying the problem and the possible solution. The second step would be identifying assumptions and risk associated with the problem or the solution. The third step would be to build a stable hypothesis around the assumptions. Fourth step would be to establish the minimum criteria for success. Fifth step would be picking up the typeof MVB. The next step would be to execute the MVB. After that, the next step would be to read and learn from the experiment. So these are the few steps that you need to do to run an MVP experiment. And in the next lecture, we will take a look at each one of them individually and understand each step in depth. So I hope you guys enjoyed this glass and found it valuable. I'll see you guys soon. Thank you.
4. What is a hypothesis: Hello guys, welcome back. So in this lecture we are going to talk about what is an hypothesis. By the end of this lecture, you will have a better understanding of what a hypothesis means, ok. And what should a good hypothesis consist of? We will also take a look at an example of an hypothesis, okay? So that you have the better understanding of this concept. So let's get started. So a hypothesis is nothing but a statement that you are supposed to validate with MDB. It should align with the company's goal and wishing. Or very good hypothesis consist of costumer segment. Costumer segment is nothing but the customer segment to which the solution is targeted to problem which is nothing but the problem that this particular customer segment is facing. Solution, the solution that you think will solve the problem. Metrics. Metrics define on how you will measure the success rate and time, which indicates how long it will take for you to get the desired result. So these are nothing but the components of a good hypothesis. Customer segment, problem, solution metrics and the time. Let's take a look at example hypothesis that would help you understand this even better. So let's say there's a customer segment which is busy movie lowers, okay? And the problem that this customer segment is facing is they are not always updated with the new releases and hence the miss watching them online. Okay, so busy Marvel movie lovers are not always obliterate the new releases that are happening and the miss watching them on time. Okay, so this is a customer segment. We have defined the problem. Now the solution would be to create a solution that gives users new releases happening in real time on your smartphone. And it will also allow them to book it so that they are always updated and can watch them in time. Now what would be the metrics? And 93? And for this, so a metric would be 10% increase in the number of users who booked movie ticket from the app in post-release of the launch. So this is nothing but the metric and our timeframe. So this is nothing but an example of an hypothesis, okay, that you can validate with the help of an MVB. So now you have a customer segment, a problem, and a possible solution. And you also have defined the success metrics, which is nothing but the timeframe and the metric. Okay? And now you can go ahead and validate this particular hypothesis with the MVB. Now, it is very important that you define each and every part of the hypothesis carefully. As they are very, very important. For example, if you are not defining the customer segment and you experiment fields, you might argue that the customer segment, who saw the change in the product, we're not busy movie lovers. If metrics and are defined, for example, you are probably going to be happy, but any change or increase you see, which is not correct, since you don't have a benchmark. Also the timeframe is crucial since you can't keep the experiment running forever. Okay? So this is why each and every part of the hypothesis very important and you should carefully think and define it. So let's do a quick recap. So in this lecture, we understood what is an hypothesis. And we also took a look at what are the components of a good hypothesis. And we also took a look at one of the sample example, okay? Which wherein we defined our sample hypothesis, okay? And we also understood why each part of hypothesis is crucial. So I hope you guys enjoyed this glass and found it valuable. I'll see you guys soon. Thank you.
5. MVP techniques: Hello and welcome back. So in this lecture we are going to talk about water different MVP techniques that you can use to validate your hypothesis. By the end of this lecture, you will have a clear idea of what are the different types of MVB techniques. So let's get started. So the first type or would be content-based MVPs, okay? And here are a few types of content-based MEPs. So the first one is email and maybe the next one would be shadowed with an MVP. The next one will be fall for naught four and coming soon beach. And the next one would be explainer videos. And the next one is the fiqh landing page pitch experiment. Okay, so these are the five techniques are under content-based MVPs. Okay? The next is a fake ID illuminated by both MVPs, okay. And we have three types under this. So the first one is gone tillage, MVB. The next one would be piecemeal MVP, and the next one will be Wizard of us, nb, okay. The next type is of fundraising, diaper off MVPs, okay. And the two types under this category is pre-orders and fundraising. So these were some of the categories and our types of MVB techniques. Ok. So we took a look at some of the content-based MVPs of faking, illuminate type and movies and fundraising type of MVPs. And don't worry if you understand what each one means. In the following lectures, we will take an in-depth look at each one of them individually and we'll understand each one better. Okay. So I hope you guys enjoyed this class. I'll see you guys soon. Thank you.
6. Email MVP: Hello guys, welcome back. So in this lecture, we're going to take a look at what is email and BB, ok. And by the end of this lecture, you will have a better understanding of what is email based NPV and what are the pros and cons of running this type of MVB experiment. Ok. We will also take a look at some of the tools that can help you execute email and VB. And I will also be giving you a few additional steps that could help you execute this type of MVB really, really well. So let's get started. So in this type of MVB experiment, you dried up pitch your idea to your ideal users via email and against the reaction of your users for the same here or you don't need a lot of resources. Just Jan, in milk lined, vanish drafted email and a list of targeted users will do. So. Let's take a look at some of the pros of email based and BB. So email based and maybe is really, really cheap to run, okay? It can be executed really, really fast. And it's targeted since you have the liberty to segment your users. Now let's understand some of the cons of email based MVB. So it might not look good if you're a big brand, okay? And this type of MSB experiment can endure brand image and might come off a little bit sloppy. Okay? The second one would be, it's good for small businesses, but it's not so good for large companies. Okay, because of the first where, okay. Let's take a look at some of the tools that exist in market which can help you run your MVB email MVP experiment. I'm sorry. So the first popular duty that is there in the market is male chimp. And another tool we have is f bar. Ok? And these two are the tools that can help you email and segment your users. Okay, Let's talk about some of the steps that you can keep in mind while running and this type of MVB experiment. So if you're trying to run an email based MPB to test your hypothesis, make sure you use your company guidelines. And company B is email templates for sending emails. Because that might ultimately look professional to your users. And it might also add some, a little bit of authenticity to the emails, okay? That is the actually companies ending and not spam or something else. Okay? Also you should try to bear this experiment with a landing page or another n-bit technique like consider arch or a landing page. Okay, so yeah, these are the steps that you can keep in mind. Now let's do a quick recap. So in this lecture we understood, or what is email based MVB, okay? And what are the pros and cons of running this type of experiment? We also took a look at some of the tools that you can use to execute, execute email based MVP experiments. And what are the additional steps that you can keep in mind while running this experiment? So I hope you guys enjoyed this glass and founded valuable. I'll see you guys soon. Thank you.
7. Shadow button MVP: Welcome back. So in this lecture we are going to talk a little bit about another type of MVB experiment, which is nothing but shadow but an MDP. By the end of this lecture, you will have a better understanding of what is shadow but an MVP and how should you use it? And we will also take a look at some of the pros and cons of this type of MAP experiment. And in the end, I will also be giving you some tips that you can keep in mind while executing this MVP experiment. So let's get started. So a shadow button is usually a button that is supposed to be linked your new feature. But it just lands user on a coming soon or thank you for your interest speech, or might just look broken. Okay? So the number of users who click on the button will tell you how many users would be interested to use this particular feature. Okay, now let's take a look at the pros of shadow, but an MVP. And shadow but an MVP has, requires minimal development, okay, and it can be executed really, really quickly. Let's talk about the cons of the shadow, but an MVP. Now, the guns would be, some users might complain and they might think that your site is actually broken, okay, because it don't know that you are just testing the idea. Okay. They come to your website and the pH is taking them to, thank you for your interest. Ph or I'm sorry, the button is taking them to thank you for your interest page, or it just, it just looks broken. So users might think or complain, okay, uses might complain, and they might think that a site is actually broke. Now here are some of the tips that you can keep in mind while executing this type of MVP experiment. Okay? This type of experiment should be executed with a limited number of users. It might not look good or having negative impact if this is open for all. Ok, so if you're trying to run this experiment for a particular segment, you might just pick sample set from that particular segment and executed with those to gauge the response. Okay. The second tip would be to acknowledge or tanks uses for checking out the features that were intended to see because intentional bug is better than an actual one. Okay? So your users might know, let your users know that you already know that this is intentional as they might think as a park, Okay, but you should tell your users that you are aware of this and this is intentional, OK, to gauge the idea. Okay? So that's what it says. And intentional bug is better than an actual one. Let's do a quick recap. So in this lecture we understood what is a shadow but an MVP. Okay, we also took a look at some of the pros and cons of this particular type of MVP experiments. And we also took a look at some of the tips that you can keep in mind why executing this type of MVP experiment. So I hope you guys enjoyed this class and found it valuable. I'll see you guys soon. Thank you.
8. 404 and coming soon page: Otherwise, welcome back. So in this lecture we're going to talk about the phonograph fold or coming soon type of MEP experiment. And by the end of this lecture, you will have a better understanding of what does this type of experiment mean and how you can run this experiment. We will also take a look at some of the tools that could be very helpful for you to run this experiment. And we'll take a look at some of the apps that you can keep in mind while executing this experiment. So for this type of experiment, you act like you're adding a new feature. But when the user navigates to the beach, it either displays a footnote for error message or of age that says, Broca's coming soon. And we'll ask you to sign up. In deciding between the two, ask yourself, if I'm the user, would, I prefer to think the Bij is broken or that it's misleading. Bigger companies can get away with four naught four arrows because they have a lot of other pages users can jump to. For example, Amazon. Smaller companies can get a women coming soon beaches because the audiences aware that their new thinking about user expectations and which option will result in the least negative outcome and choose that one. So let's talk about some of the tools that you can use to execute this type of MVP experiment. So there are quite a few that I have listed over here. The first one is web flow, unbound guard and stub H.com. Then you have male chimp landing pages. So if you have heard of, so we spoke about museum and they have a product that URL, okay, Mail Chimp, dot slash features slash landing pages and it helps you design amazing lining basis on clicks. Okay, then there is creep.com, launch aisle, shade. And fluently. So these are some of the tools that can help you put up a webpage, okay? Very, very easily, okay, with minimal knowledge of cooling so that you can test and validate your hypothesis. Now here are some of the tips that you can keep in mind while executing this type of MVP experiment. So the first step is that you should put some effort into creating landing pages that look professional. Ok, it shouldn't come off sloppy. Okay? The second step would be to stick to the company brand guidelines. So if your company has any blank guideline, you should stick to that. While building the landing beaches, you should think or which type of landing page it should, either for naught four or coming soon, is more likely to have a minimum negative impact. So minimum negative impact is what you're supposed to tease with this type of MVP experiment, okay? Well, you're supposed to make sure that it doesn't puts a dent on your company's brand image. Yeah. So in this lecture we understood, or what is a full naught for Anna coming soon, Bij of MVP experiment. We also understood how you can run this kind of particular, this type of experiment. And we also took a look at some of the tools and apps that you can keep in mind while executing this type of experiment. So I hope you guys enjoyed this class and found it valuable. I'll see you guys soon. Thank you.
9. Explainer videos: Otherwise, welcome back. So in this lecture we're going to talk a little bit about the explainer video type of MVB experiment. Okay? So by the end of this lecture, you will have a better understanding on how you can run this kind of MVB experiment. And you will also have a better understanding of what are the pros and cons of running this kind of MEP experiment will also take a look at some of the tools that can help you execute the stable family be technique. So let's get started. So we'll use engage your audience more and have better conversion rate and just a landing page. Videos have agreed ability of explaining the concept or product for your users. So you can create videos which can explain of Virginia product to see how the audience react to this. And that is what the explainer video MEP technique is all about. So creating a video using which you can pitching your idea, concept, or product, and gauge the reaction of the users, okay? So venues are usually of two types. One is the tutorial format, wherein the feature that you're testing is explained in a tutorial format. Even if it's not real, it can be made to look real by adding effects. The another formatted seals format, wherein you are trying to pitch in the product without showing the product itself. So you can choose which type of video works for you, okay, when you are thinking of executing this type of MVB experiment, here are some of the tools that you can use to create videos. The first one would be VU, scribe, go enemies and Borden. So your scribe, I have personally used and I am also aware of the rest of the tree tools also. Okay. So you can go and check out each one of them individually and pick the one that suits you felt. Okay. Now let's take a look at some of the rules for this kind of experiment. This sort of first pro would be that this type of experiment is very easy to execute when you have an in-house video. Dean, let's talk about some of the cons of the explainer videos. So explainer videos are not easy for some to create that times, okay, so if it might look difficult or you might just not be able to do it. But yeah, there are a lot of tools that makes things of very easy. Yeah, this is still one of the cons. Okay. So that's one quick recap. So in this lecture, we understood what our explainer videos and how you can use explainer videos to validate and test your hypothesis, okay? And we also took a look at some of the tools that can help you create a really good-looking video. And we also took a look at some of the pros and cons of this type of MVP experiment or MEP technique. So I hope you guys enjoyed this glass and found it valuable. I'll see you guys soon. Thank you.
10. The Fake Landing Page Pitch Experiment: Welcome back. So in this lecture we are going to talk a little bit about the fake landing page pitch experiment. Okay? So this is also a type of MVP experiment. And in this lecture we are going to understand what exactly it is and how you can execute it. And we will also take a look at some of the examples of startups that have already executed this kind of experiment to validate as startup idea. And we will also take a look at some of the pros and cons and some of the tools that you can use to execute this kind of experiment. So let's get started. So in this type of MVB experiment, you make a lining page which talks about your product. You promote the speech and see how your users react to this and helps you get initial ideas on users interest and the product. Okay? Now, an example of a start-up that has used this kind of experiment would be buffer. So buffer is an app that allows you to schedule your posts on social media and share your content at the best possible times throughout the day. Before building it offers founder Joel wanted to see if anyone would want to use it. He created a simple Landing Page That was describing what Buffer did. If people were interested, they could click on Plans and Pricing button. So you can see on the screen after screen shorts that buffer, which is nothing but the screenshots of the website that offer belt or joy built at that time. The validators particular ideas. So it had 3u USBs on why you would use this particular product called puffer. And if these are, these t, USBs are interesting to you. You will click on Plans and Pricing and go to the second page, two no more. Okay. So this is how he created a simple landing page that'll describing half what offered there. And if people are interested, they could click on Plans and Pricing button or you, once they show their interests by clicking the action. And they would get to the next page that would say, hello, you caught us before we are ready. And you could leave your email address and it'll let you know when we're ready. Okay? Now the interesting point to note over here is the founder of buffer hadn't actually started developing Buffer yet. He tweeted out the page and people came and some even left their email address. And that was a good signal. So the next question he had in his mind, okay. That was will people pay for it? And he abilities lining page then of the three plans. Okay. Oh, which was free $5 per month and $20 a month? The answer was yes, enough people are clicking on paid options. Okay? Now, since the idea whether the people would be for this kind of product was validated. It was time to build a simple minimum feature set that he could get out there in under a week. Shortly after that offer had 500 users. And while already generating revenue from the pain customers, he could have invested most serious time and money to build an actual product first. But instead, he decided to test his key assumptions about the customers beforehand. And that is what helped him. Now let's take a look at some of the proofs for this kind of MVP experiment. So this kind of MEP executed experiment is easy to execute with the help of some landing page creation services. Or you can hire a freelancer to put up a landing page. It won't cost much. Let's take a look at some of the tools that can help you create your landing pages. So one is Web Flow, Unbounce.com, cod dot co install page and male chimp. So these are some of the services that you can use to put up your landing page. It's your startup idea. Okay, let's do a quick recap. So in this lecture, we understood what is the 50k a landing page pitch experiment. And we also took a look at one of these startups called offer, how they use this particular type of MVP to validate the idea. Okay? And we also understood what are the proofs of this particular type of experiment. And we also took a look at some of the tools that can help you put up your landing page. So I hope you guys enjoyed this class and found it valuable. I'll see you this. Thank you.
11. Concierge Service: Holloway's welcome back. So in this lecture we are going to take a look at another type of MBP experiment, which is nothing but considered service. So by the end of this lecture, you will have a better understanding of what this type of amphibia experiment is, okay? And we'll also take a look at some of the pros and cons of this type of MDB experiment. So let's get started. So continent, so this is a type of MVB bed you carryout, so is completely manually for every client so that they can see the readiness to use the product. Now, an example of this would be an automatic opening program. Let's say you want a software program that will automatically send users coupons based on the full day by each week and help them decide which groceries to the will shop at to save more money. So instead of building software first, you would allow user to tell you what the why each week, maybe through an email or a face to face, and then take the coupons and the best grocery store to them each week. Soon you will find out if the users don't go to grocery store or if savings really effect which groceries tools, the twos and if they care about certain brands. Also, you will learn a lot by using this Concierge MVP technique. Then, by taking the enormous effort of building a web application, this would allow you to decide which ideas work from your initial hypothesis and which ideas need to be scrapped. The continent, minimum viable product is inefficient at solving a problem, but it's not the long-term solutions for customers. It's a short-term solutions to help you learn how to solve customers problems. The point of the concerts and maybe as the point with most MVPs, is to maximize learnings and mitigate the risk of developing a crappy product. So in concierge, MVP uses knows that there is a real human being working behind the scenes. And this is not automated using technology. So basically it's all about a real human being working behind the scenes. And user also knows that there is a real human being that is working for me. Okay. The pros of Concierge MVP services could be it can be run discretely. There would be no fake buttons. You get to see customers internal reasoning. That is, you can ask them why or customer will ask you why. You get to see a customers internal reasoning. Let's take a look at some of the cons of consonants service. And maybe for the first one would be management and time intensive. Ok, so it just takes a lot of management and employees time, okay? You might see logistical issues, ok? And there will be a lot of resources in wall or customer because everything is manual. Ok, let's do a quick recap. So we, in this lecture we understood what is considered large MBP solvus, okay? And how you can use this type of MDB experiment to validate and execute your ideas. Okay? We also took a look at some of the pros and cons of this type of EBP experiment. So I hope you guys enjoyed this class and founded valuable. I'll see you guys soon.
12. Piecemeal MVP: Hello guys, welcome back. So in this lecture we are going to take a look at another type of MVB experiment, which is nothing but these meal MVB. And by the end of this lecture, you will have a better understanding of what is piecemeal and BB and how you can use this type of MVP experiment to test and validate your ideas. We will also take a look at some of the real-world example that have used this type of MeV experiments. And what are the tools that you can use to execute this type of MeV Experiment. And we will also learn about some of the pros of this type of MEP experiment. So let's get started. The idea behind piecemeal inhibit type is to use existing tools and solutions to deliver your product. Also, this is another smart way to introduce a product to customers by investing a minimum amount of money, even nothing in a product. A piecemeal MVB literally consist of components from multiple sources which you are putting together, create a foundation for your product. Let's take a look at an example. A classic example of piecemeal MPB is Groupon and American marketplace that connects customers with local retailers, travel agencies, grocers, etcetera. Now that Groupon is large, cooperation backed by teams of developers. All this sounds quite easy to implement. However, at the beginning, things were very different. Initial version of Groupon was built on WordPress. After people bought deals, it was necessary to generate PDF files with coupons and send them to the user's Groupon US filmmaker who generate PDF versions of coupons and used Apple Neil, to automate that email delivery. Groupon wasn't or self-sufficient product when it launched. Which proves that you don't have to try to build a complete scalable product from the very start. Instead of designing a system with complicated algorithms and logic, Groupon's founders concentrated on making sure the idea was viable, and that people liked it, the validated their idea first and scaled it later. So Groupon is a perfect example of executing the piecemeal typeof MVP and using it to validate their product. Let's take a look at some of the pros of concierge service and the B. So the first pros would be there is less of development and mold. There would be less of maintenance also involved. And there will be very less of investment because you are using all the existing tools and you're using them to deliver your product. Let's take a look at some of the tools that you can use to automate us. So these are a couple of tools that I would recommend, IPO and IFTTT. These are tools that you can use to automate some of the tasks to execute this type of NBV. So let's do a quick recap. So in this lecture we understood what is piecemeal typeof MVP and how you can execute them. And we also take a look at one of the classic example of piecemeal MVB, it just Groupon and how they use this type of MVB to validate their idea. And we also took a look at some of the tools that you can use to automate tasks. And we learned about some of the proofs of this type of MVB experiment. So I hope you guys enjoyed this glass and found it valuable. I will see you guys soon. Thank you.
13. Wizard of Oz MVP: Hello guys, welcome back. So in this lecture, we are going to take a look at another dipole for every b experiment, which is called Wizard of Oz MVP. By the end of this lecture, you will have a better understanding of what does this type of MVP experiment mean and how to execute this one. We will also take a look at some of the real-world examples of startups that I've used this type of MVP experiments to test and validate their ideas. We will also take a look at some of the pros and cons in the end, which will help us understand this concept even better. Okay, so let's get started. Of Wizard of Oz. Mvp type is sometimes called as a manual first MVB or flints toning MVB. And it's a treat we do as a startup that provide services of any kind. The basic principle behind the Wizard of Oz MVP is creating a picture of a fully functional product while using manpower or manual efforts to deliver the finished solution. Why your product scenes for year featured from the outside. You are behind the scenes pulling all the strings. This type, let's you work directly with your clients and analyze their behaviors and preferences. This approach is usually low cost and it helps you create amazing, effective prototypes fast. It can help you test the market responds to your product without actually building anything. Let's take a look at some of the startups that have used this type of MEP experiment to test and validate their idea. Very first example would be samples. So Zappos founder wanted to test the idea of selling shoes online. So he walked into the local stores, took pictures of shoes and put that up on his website. Now, whenever he received an order, he went to the local store and shipped it to the users. This helped him validate the idea of selling shoes online. So neither of these companies had any technology or algorithm working behind their products. They all just feed it to the end users. The product delivered exactly what the promised. A bit slow perhaps, but the value was there. Let's take a look at some of the proofs of facade offers MVB. So the first pro would be, it can be run discretely. And another pro would be there are no fee buttons. Let's take a look at some of the cons of the Zara was MVB. This type of experiment can be management and time intensive. It can also have logistical issues and there are a lot of resources per customer. Let's do a quick recap. So in this lecture, we understood another type of MVP experiment, the Zara was MVP. And what it means. We also take a look at some of the examples of startups that have choose this type of MVP experiment to test and validate their ideas before launching it, before building the actual product. We also took a look at some of the pros and cons of this type of MDB experiment. So I hope you guys enjoyed this class and found it valuable. I'll see you guys soon. Thank you.
Faisal Memon, Product | Engineer | Entrepreneur
