Lesson 6: What Are You Measuring In A Concierge MVP? | Poornima Vijayashanker

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This is the sixth and final lesson in the series: How Non-Technical Founders Can Bring a Product to Market.

Transcript:

Welcome back! In my previous lesson I told you how you can get started creating a Concierge MVP by deciding what your value proposition is, coming up with a hypothesis for who your early adopter maybe, and finally coming up with a brief description of the experience that someone will go through.

Throughout all the past lessons I've been telling you that a Concierge MVP is after all an experience and you're running an experiment. One part of running an experiment is to take measurements. Measurements are used as indicators. We can infer whether or not the experiment was a success or a failure, or use the measurements to make educated decisions of what to conclude or to do next.

In this final lesson, I'll be providing you with some examples of what it is you should be measuring as you offer your Concierge MVP to customers. This isn't an exhaustive list, but it's meant to give you an idea of measurements you may want to take to determine if your Concierge MVP is a success or failure.

Keep in mind, in either case you can use the data to improve the Concierge MVP, and run the experiment again.

The first thing you want to measure is a customer's interest. You can measure that by the number of people who sign up to try out your Concierge MVP. If you find that not too many people are signing up then it's possible that either they aren't interested in the value proposition, or you aren't going after the right type of early adopter.

If you see there are a significant number of sign ups, then the next measurement to take is engagement.

It's not enough for people to just sign up to try out your Concierge MVP, they need to go through the experience. While your Concierge MVP maybe one that can either be experienced once or multiple times, you want to measure each experience individually. You can survey customers after their first experience and then each subsequent experience to find out on a scale of 1-10 if they love or hate your Concierge MVP.

If it's neither, then it's very likely that they are apathetic about the Concierge MVP, which is a sign of disinterest. If people are disinterested you'll have to go back to figuring out the value proposition and if you're targeting the right early adopter segment.

If instead they swing to the extremes you can go on to taking the third and final measurement, especially in the case why people may hate the Concierge MVP.

The final measurement is to gauge what needs to be improved in order to retain the customer. This comes down to surveying the customer, and then finding patterns in the surveys amongst the customers. Focus on what you uncover as commonalities, and use that to refine your Concierge MVP before you test it again on another set of customers.

OK that's it for all my lessons on Concierge MVP!

To recap we started by talking about why so many MVPs fail, then talked about how a Concierge MVP is a great way to test an idea especially if you have limited resources. Then I mentioned why it's important for both technical and non-technical founders to create a Concierge MVP. After that I showed you how you can get started on building your own, and in this final lesson we've talked about measurements you can take to determine how effective your Concierge MVP is.

One last parting point, no matter whether or not your Concierge MVP is a wild success or horrible failure, you will need to iterate and refine it. The reason being, you cannot scale a business long term with just a Concierge MVP. Remember the main goal is to test the value proposition amongst a group of early adopters.

I'd love for you to share your Concierge MVP results with me! Just tweet @femgineer.

Thanks a lot!