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1、,Minimum Viable,Products,Why they are a life or death matter when you are building a live marketplace,We share the story on how weve built our product Solved.io on consecutive iterations in order to prevent failure.,Hello / my name is Tom,I learned how important Minimum Viable Products are the hard
2、way: failing my rst company.,My new company, Solved, has an extra diculty: its a live marketplace - we connect people facing a software issue with software experts live.,In this scenario, building a product on consecutive iterations is a life or death matter.,Heres why - and how to make it right.,Bu
3、ilding a live marketplace / The number one challengewe need to make sure the supply side and the demand sideare validated simultaneouslyand follow the same path of growth.,1,2,3,Supplysoftware experts,Supplysoftware experts,Supplysoftware experts,Demandcollaborators who needhelp,Demandcollaborators
4、who needhelp,Demandcollaborators who needhelp,First MVP / validate the technology,Our pain point: on-site training is not ecient for bigcompanies, and that small companies only haveforums when it comes to software issues,Basic product need: connecting employees with,software experts live,First Step:
5、 make sure we could establish aproper connection between a client andan expert within a browser using the newWebRTC technology,This is Solveds very rst MVP,How to assess the “V” in Minimum Viable Product at this point?,Its a 1 or 0 situation: if your product works, then you should go on.,2nd MVP / f
6、uel the supply side,Solved is supposed to be used with any software butwe reduced the scope to Ms Excel: it has a lot of heavyusers and is complex enough.,Basic product need: nding experts. We could havehired some, but it wouldnt have proven that there is ascalable supply (freelancers working remote
7、ly).,Next Step: crowding experts who areinterested in taking calls and helpingpeople remotely within an on-demandplatform,1.Build a landing page,2.Drive trac towards it,-,Direct marketing: #FAIL,Reach was great but not the directories (software certications) so it led to few contacts we couldnt even
8、 convert into experts.,-,Inltrate communities: #FAIL,Contacting directly people in Facebook groups, Linkedin groups led to being banned by algorithms for phishing.,-,Social media marketing #SUCCESS,Advertising on Linkedin, targeting skills and on Facebook targeting interests.That led to amazing conv
9、ersions and costs of acquisition of $10.,How to assess the “V” in Minimum Viable Product at this point?,When testing acquisition methods, your key indicator is ROI.,That said, even though there was room for improvement to reduce our CACs, there was no time for it so we never improved anything with t
10、his process.,3rd MVP / qualify and quantify your supply,We tried emailing experts a list of questions: we onlygot a 10% open rate. Then we built an in-appquestionnaire which worked well.,We made sure experts were not “paid to wait” byhaving them invest some time and energy on signingup and we nurtur
11、ed them with newsletters.,Next Step: test the experts skills to get aminimum volume and engage them onour platform,How to assess the “V” in Minimum Viable Product at this point?,The key is to avoid vanity metrics.,We could have bragged about having 1000s of experts. 100 can seem a few but it was eno
12、ugh to prove our point: the experts we need exist, and they are willing to work with us for $20/hour because we oer great exibility conditions.,4th MVP / fuel your demand accordingly,We needed to know how we could catch clientsright when they face a software issue to connectthem with an expert.,1.Bu
13、ild a landing page,we actually built several: focused on Excel, Photoshop, etc.,2.Drive trac towards it,Using Adwords: we bid on keywords like “problem VLOOKUP excel” and got a $10 of CAC with a good potential reach, which was perfect.,How to assess the “V” in Minimum Viable Product at this point?,J
14、ust like the supply side: ROI is your friend.,5th MVP / qualify and quantify your demand,We could not “stock” any of our alpha users: once theysigned up, we were supposed to be able to connectthem with an expert.,Our technology wasnt ready so we had to use tricks toconnect experts and clients (using
15、 live-chat plugins,Skype etc.),We needed to check that our experts could solve,our clients issues,Live-chat with a,client on the landing page,Checking out which,experts were availableon Skype,whileFour (painful) days laterOur rst call!,How to assess the “V” in Minimum Viable Product at this point?,W
16、e realized that our clients had real issues that our experts could x live within 20 minutes.,There are many reasons why this could have been a failure: if the client had been more expert than our expert, if the client was really incapable of anything, if the calls had lasted only 2 minutes or 2 hours. Big victory for us.,
