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MinimumViableProductsWhytheyarealifeordeathmatterwhenyouarebuildingalivemarketplaceWesharethestoryonhowwe’vebuiltourproductSolved.ioonconsecutiveiterationsinordertopreventfailure.Hello//mynameisTomIlearnedhowimportantMinimumViableProductsarethehardway:failingmyfirstcompany.Mynewcompany,Solved,hasanextradifficulty:it’salivemarketplace-weconnectpeoplefacingasoftwareissuewithsoftwareexpertslive.Inthisscenario,buildingaproductonconsecutiveiterationsisalifeordeathmatter.Here’swhy-andhowtomakeitright.Buildingalivemarketplace//Thenumberonechallengeweneedtomakesurethesupplysideandthedemandsidearevalidatedsimultaneouslyandfollowthesamepathofgrowth.123SupplysoftwareexpertsSupplysoftwareexpertsSupplysoftwareexpertsDemandcollaboratorswhoneedhelpDemandcollaboratorswhoneedhelpDemandcollaboratorswhoneedhelpFirstMVP//validatethetechnology•Ourpainpoint:on-sitetrainingisnotefficientforbigcompanies,andthatsmallcompaniesonlyhaveforumswhenitcomestosoftwareissues•Basicproductneed:connectingemployeeswithsoftwareexpertslive•FirstStep:makesurewecouldestablishaproperconnectionbetweenaclientandanexpertwithinabrowserusingthenewWebRTCtechnologyThisisSolved’sveryfirstMVPHowtoassessthe“V”inMinimumViableProductatthispoint?It’sa1or0situation:ifyourproductworks,thenyoushouldgoon.2ndMVP//fuelthesupplyside•SolvedissupposedtobeusedwithanysoftwarebutwereducedthescopetoMsExcel:ithasalotofheavyusersandiscomplexenough.•Basicproductneed:findingexperts.Wecouldhavehiredsome,butitwouldn’thaveproventhatthereisascalablesupply(freelancersworkingremotely).•NextStep:crowdingexpertswhoareinterestedintakingcallsandhelpingpeopleremotelywithinanon-demandplatform1.Buildalandingpage2.Drivetraffictowardsit-Directmarketing:#FAILReachwasgreatbutnotthedirectories(softwarecertifications)soitledtofewcontactswecouldn’tevenconvertintoexperts.-Infiltratecommunities:#FAILContactingdirectlypeopleinFacebookgroups,Linkedingroupsledtobeingbannedbyalgorithmsforphishing.-Socialmediamarketing#SUCCESSAdvertisingonLinkedin,targetingskillsandonFacebooktargetinginterests.Thatledtoamazingconversionsandcostsofacquisitionof$10.Howtoassessthe“V”inMinimumViableProductatthispoint?Whentestingacquisitionmethods,yourkeyindicatorisROI.Thatsaid,eventhoughtherewasroomforimprovementtoreduceourCACs,therewasnotimeforitsoweneverimprovedanythingwiththisprocess.3rdMVP//qualifyandquantifyyoursupply•Wetriedemailingexpertsalistofquestions:weonlygota10%openrate.Thenwebuiltanin-appquestionnairewhichworkedwell.•Wemadesureexpertswerenot“paidtowait”byhavingtheminvestsometimeandenergyonsigningupandwenurturedthemwithnewsletters.•NextStep:testtheexperts’skillstogetaminimumvolumeandengagethemonourplatformHowtoassessthe“V”inMinimumViableProductatthispoint?Thekeyistoavoidvanitymetrics.Wecouldhavebraggedabouthaving1000sofexperts.100canseemafewbutitwasenoughtoproveourpoint:theexpertsweneedexist,andtheyarewillingtoworkwithusfor$20/hourbecauseweoffergreatflexibilityconditions.4thMVP//fuelyourdemandaccordingly•Weneededtoknowhowwecouldcatchclientsrightwhentheyfaceasoftwareissuetoconnectthemwithanexpert.1.Buildalandingpageweactuallybuiltseveral:focusedonExcel,Photoshop,etc.2.DrivetraffictowardsitUsingAdwords:webidonkeywordslike“problemVLOOKUPexcel”andgota$10ofCACwithagoodpotentialreach,whichwasperfect.Howtoassessthe“V”inMinimumViableProductatthispoint?Justlikethesupplyside:ROIisyourfriend.5thMVP//qualifyandquantifyyourdemand•Wecouldnot“stock”anyofouralphausers:oncetheysignedup,weweresupposedtobeabletoconnectthemwithanexpert.•Ourtechnologywasn’treadysowehadtousetrickstoconnectexpertsandclients(usinglive-chatplugins,Skypeetc.)•Weneededtocheckthatourexpertscouldsolveourclient’sissuesLive-chatwithaclientonthelandingpageCheckingoutwhichexpertswereavailableonSkypewhileFour(painful)dayslater…Ourfirstcall!Howtoassessthe“V”inMinimumViableProductatthispoint?Werealizedthatourclientshadrealissuesthatourexpertscouldfixlivewithin20minutes.Therearemanyreasonswhythiscouldhavebeenafailure:iftheclienthadbeenmoreexpertthanourexpert,iftheclientwasreallyincapableofanything,ifthecallshadlastedonly2minutesor2hours.Bigvictoryforus.Itshowedusweneededtobuildakick-assproducttoautomatetheconnexionbetweenclientsandexperts:)Tosumup//buildingalivemarketplacemeans…Handleinstantliquidityonbothsupply&demand.Testacquisitiononeachside-atareasonableROIandusingscalablemethodsTestyourfirstusersretentionside.Possiblybuildyourowntechnology.Ubercouldn’tusephonelines:theyneededtheirmagicapp!BuildyourappwhiletestingyoursupplyanddemandFocusonthesupplysidebeforethedemandInthemeantime,useyourimagination!Thankyou,weareReadmoreonourblog.Trysolvedforfreenow.