Collaborate on Music Invoice for Product Management with Ease Using airSlate SignNow

Music invoice for Product Management

so today we're going to talk about how to build successful MVP do's and don'ts so what's MVP so by definition this is what you can find on Wikipedia online is said a Minimum Viable Product MVP is which just enough feature to satisfy early customers and provide feedback for the future product development so in this sentence what do you think the key points or the highlight of the senton gonna be yeah and and okay anyone else okay yes good so yeah good someone finally say that but actually in my point of view is just enough in early customers why and we're gonna talk through this obviously provide feedback for future development this is like just general agile approach you're gonna lie reiterate so I wouldn't say lie it's very critical for MVP because for any product development this is all you're gonna do but just enough an early customer is the critical concept for building an MVP right the next so talk about early customers I don't know any of you have have seen this like illustrations of diffusion of innovation is from Rogers like 60 years ago have anyone seen before so the theory about this figure is they say through the innovation the customer adoption through over ty is different and the adoption race is different so you will have the innovator the early technology enthusiast you also have early abductor and then you were kind of like breaking points this boiler how to move from here to actually start booming the adoption of the product so the early majority and late and then leggers so most of the startup will be in here who wants you actually participate the booming situation because this is the growing curve and these will be like more pioneering kind of technology company in life they want to try something these about brain is about innovation they have the product may not be economical like good for actually price our customer really ready to pay for this high priced product for example and so so what's important you understand is your product where are you ads of your product you're developing for the MVP is it in the early market or is in the mainstream market because if your product is here your early customers are these people if your product is here you will need to think about these in these people and then it will change the concept out what is enough does it make sense and the next thing is also for these customer what their adoption for the technology will driven by what they want about the technology and the performance and these groove of the customer they are more wanting about the solution and convenience so the motivation for the adoption of product between here and here is also different so it's very important to really understand like where your product is for your MVP you're entering the market here or here it all change completely change your scope what is called enough so how to build an MVP so if you search online Google this is one of the most popular I wanna say this is how not to build MVP and this is how to build a movie from a bicycle and then to the car and some people put in like this is how you transform your MVP and someone lie so whose lie go to lie from the old technology to new technology this is a transformation of MVP which one you think is correct this this or this so let's raise a hand here okay this one and this one so for who though didn't raise their hands so you didn't raise their hand so why okay okay anyone else who didn't raise their hands about any of this I want you okay all right so actually none of then our MVP it's a surprise or right so I think the closest one I can found online is actually this so first of all what is everything you still need to decide what products Europe building you're gonna build a car or you're gonna build motorcycle you're building a motorcycle it's not going to turn into the car very simple concept so you still need to design a product so the previous page say you started with speed how you get to quickest B it's not right you can't get your product from this to this this is not your product yes your MVP is a car and for someone and this one for example you're gonna build a rocket you start with smaller Rockets first which will fly to the sky and then you kind of improve their boosting power gonna be bigger and bigger and you adding an extra rocket that is how you and this is your MVP and rocket is your product right so and then be young and VP so after the VP this is what you think about the young MVP so after you build a car you're thinking about right I gonna offer customer customization or at a new feature for ism for a connection in your car different will different color have the wind light the sky windows these are the young MVP your NDP's the vehicle is the car and then you start to offer value added for example you give offers Esprit you have different prize play you can't block this is the feature and you need to pay for this or what is in the basic plan right so any question until this point yes yes this one right yes you mean this one yeah yeah so for my point of view is innovation of technology or the product is not MVP so by the time the technology transfer type technology bring innovation to the product but it is a candle this is a lie bowl although here you can argue about all the Lipo different type of level by the end of the day it's a light bowl is supplied by the electric electricity so that is the same but even we move to this product everyone's still using here so it doesn't really tell about what's your MVP about it's just the transformation how the technology changed the people use of lighting but it's not a MVP and this is the same situation but here I think the volatility you can't really use this as a example you might talk about you build a car you start to with look not-so-great engine one 200 kilometer takes 20 seconds and then but however it runs so you get the cards out and then your further improvement is try to build a different engine to improve your car's performance you go to focus on SUV or sports cards yeah or a saloon car for example does it make sense so keys to a successful MVP dues so if dues number one understand the differences between mission and vision so before we actually get into this point I want you to have a little exercise so we want to talk about Spotify so I want to ask you guys like if you were Spotify product manager back in 2014 16 the company funded on 2016 and their offer streaming services no download and they only if everyone have been through their era you know they only offer Webster bass first so and give a little bit background Tyla up the music delivery services back then like cassette CD mp3 smartphone come in 2000 and then unless reaming come in to 2008 so Spotify look like founded in 2006 the product launched in 2008 here 2003 Apple launched launch items okay so this is the background and the next one is digital music sells so this is the life or physical singles cells this is the lie actually nothing good just like physical life live music and this is the digital so but the breakthrough point is 2014 so again Spotify launched in 2000 a streaming Apple store 2003 is 10 years to get to digital become the life more than physical products okay so imagine you are the founder of you are the product manager for Spotify backing 2016 what will be your product mission and vision someone anyone okay anyone know [Music] another creation that's complicated a user mission and then vision okay okay okay okay anyone else okay okay yeah I same vision yet some of people worth envision is a dream but as a business and us go into product manager you need to get the dreams come true people drink about you want to fly 100 years ago and then by then they know they're gonna dream about it but actually it come true and you're a manager we're gonna tell the boss like we're gonna build this product this is a vision you say is a dream product that the boss won't give you the budget right mission okay okay a service where you can download on your phone on your mobile yeah yeah close enough anyone else can't be louder all right [Music] yes yep okay so anyone else want to share their thoughts okay so I will show my sauce by the way like in terms of the product management like is no definitely answer for every scenario like but you need to work our life how you going to achieve the goals so in my point of view I think Spotify their mission is to be able to allow the user to get the access to unlimited content okay that's what I think the mission because they do bring into a concept breaking point into the market but back then you need to pop by for one track for a single mp3 title but there are million or thousands music out there are you going to actually pay 99 cents for buying a thousand track not necessary so that's why they bring the streaming concept in you pay or you go for free use during all the music library available they have you can listen to anything but once you stop paying you listen you don't earn anything but mp3 concept is like you download it you have it for your rest of your life unless you've lost it okay and I think there a mission is to provide a music music listening experience anytime anywhere and even enhance your overall music experience that's how I see it and so the next one I say so what's the difference so mission is now vision is future so ing to my definition Spotify say they want to provide the user be able to stream them to access to all the music as many as possible so they've launched their streaming services you can use fruit fly free to pay right not the app with the no not paying $9.99 you can use free you just have advertised but you can actually listen to all the music you want right and they achieved a measure by launching their MVP as a web version of the streaming product you just go online but at that time they don't develop off my feature yet they haven't gone mobile yet but their minimum product is the browser version you can start streaming o many as music you can and then stir understand the difference between mission we'll say a lot meshing is now so you need to have a very simple clear vision what about your Prada wannabe and your MVP should achieve that mission goal okay and the product will be easy to understand and then you design the feature ingly and very straightforward and loud future to expand so imagine Spotify they started with web browser first and then they start to add more feature first of a playlist they start to add in chart they start to do the music recommendation starts you have offline so and then like keep continues so that is B Young MVP to go to their vision okay the second do is less the better remember what Minimum Viable Product stands for is called Minimum Viable so what you do the as a good part of manager you really need to like try to understand or work out with the team like what the feature is the must or it's nice to have anything nice to have should be be young and VP what is the must has to be in the MVP and also really focus on your early customers one so what we mention about depends on who is your ugly customer gonna start to adapt that so take Spotify back to his example when they first launched streaming there's a group of the customer they say I don't like the concept about I pay for streaming and then when I stop paying I have nothing in my music library anymore there's a group of people alike but however there's a group of people they say amazing I have access to thousands and I only paid $9.99 999 if you think about only in 99 cents for a track you are getting much more value for that so so so really focus on who your the concept or the product life feature your of approaching who are your early customer and then you will start to get in the feedback from that and continue to work on improving your product and then working on your later adopter later as well yes so this is I less but better next three do a establish shorten and long term goal and measure it so I think in anyone who already being working promoter pretty much know this product development cycle bill measure and learn and when you build an MVP is very important ly you because it's a MVP you know this is not where you're gonna go in the longer term you have a shortened goal what you want to achieve you also know long time stage 1 stage 3 what you're gonna bring product you but you have to set up the goal I what is this MVP good enough or not so you do have the goal and then you then you were often in the scenario you will need to decide what's the priority what's the trade-off and what is the focus through the through through this process but very important if your short-term goal is to provide for example Spotify provide access to the customer so you decide your MVP is doing the web browser version you're now looking at in playlists you are now looking your focus is the web version you have the tool search for people to search the content can exit your song and then you're looking into playlists later but it really depends on who is your early customer if they need playlists in the early stage and you need to including in MVP it's just a very high-level example okay anything any questions here cool right in another case study I want to talk about LinkedIn so I'd pick Spotify link is like I believe everyone have been using nowadays so this is the product everyone can know what I'm talking about so linking this is from their website their mission is connect the world professionals to make it make them more productive and successful so if you remember back then when linking just first launched they only offer super simple feature web version and you have a connect button to connect with other people and then you kind of have a showcase area to put on your experience but that's it I think when early linking user probably will feel at home I didn't really see any value I get out sees everyone get on it connect him but what's next right but first of all you seen everyone get on there is also live Facebook is booming just I cannot be left out I need to be there as well though you might not engaging so much but if you look back maybe back in past two to three years ago does it change how you find your next job does it change how you like connected with the different companies colleagues or business potential so vision of linking is create economic opportunity for everybody for every member for their global workplace so nowaday when you look in linking product they first launching like the job seeker so I think that's the korea korea package like you are either basic or you go korea but in the job professional network is there's a supply there's a demand in this ecosystem they engineered their products you fit their ecosystem so they have the business for company you work for so your company they're gonna start to showcasing or we have so cool event in the company we are hiring this is also for the company to show can they sell to candidate and then the salespeople they can be able to lie search for companies like VP directors - directly in like email to them to see are your business interesting in this and then hiring obviously the recruiter is the one you often I pretty much every one part will receive one or two email from the recruiter every week or so or even more so they're how they approach your MVP to their vision so this is the post MVP okay so next is don'ts right so first of all don't is I will say don't change the scope of your MVP I know like some people will say what working agile we need to be able to adopt the changes as soon as possible and very short circuits that is correct so what I want to explain a little bit more is you can't change your scope doesn't mean you can't change the way how the feature works okay sir for example the the feature if you want to build a car like build a car and then you won the car be able to to like let me think for seating okay for seating arrangement you won how you're gonna fit in the sport cards version or a saloon cars version or SUV car version there's a lot of discussion how you're gonna be done and it also affects how post MVP gonna look like for your first product so your scope is still four seater but how this four-seater cannot be implemented in your product is open for discussion and another thing is remember MVP if you're launching MVP is the first new products for the companies rather than existing Prodigy new feature you have nothing in the cly use a star a company there's nothing there you have to be a product out so you have been go to the circle i user research you mapping user journey to figure out what the customer want and then you come out what is enough just enough for your early customer you should really start to actually building and then get it out and then get feedback continue to cross post MVP if you continue to keep changing the scope or your MVP it's just gonna take longer and your MVP will originally used to go MVP or one month every time one starts squeezing more and more in and actually your MVP takes three months and then I will ask the question is are your original and VP scope was correctly in being done because if the one months later you feel oh this is nine VP I need this more then you probably didn't do well enough in the first date and however I mean don't change the MV don't change this co-mvp just as a principle in the reality I think we often have to add in a few things more but try to really read anything you want to acting really ask a lot yourself the question and astatine lie if this is a must - what we want to achieve our mission for the MVP or this is a nice to have for post MVP and then I would say another very clear exception you definitely have to change the scope is there's a good reason for example compacted sysm first of all you plan to launch this MVP in two months time no one else in the market is doing this blah blah blah you plan and however a month later when you're building your MVP having your early user feedback or about our testing whatever someone else launch another product in the market and then you realize that actually when you launch your MVP you're not going to be more competitive or ammo tracted to the customer compared with your competitor in that case the scenario changes then then you need to really think about the scope of your MVP but just in principle not try to keep adding things in because in real life everyone always try to add things in and proto manager need to learn how to when to say no oh the stay whole doesn't like to listen to nerve but sometime you can use a negotiation approach line how about this and I will give you this in this time frame so negotiation skills comes in the next one is don't settle for quick over quality so this is also very crucial for MVP MVP I think for most of the business tie to market is super important we don't want to miss the time like taking too long but however if I if everything was being done correctly as I say MVP good enough literally not less than better it should not take really long for you to build an MVP out there however John tried to make it really quick most of people I found like in my real experience like the company have a huge scope of MVPs take four months or a six months you actually bring the MVP to the market and then there's an arrow for month or six months goal is to lay the competitors are gonna come out in three months time we need to cut it down also three months time yes we can do it as the program manager was a cool then we need to scope down the scope you can not changing the timeframe by expanding the scope this is the product how issue how long does it take to build it you have to give them enough time to build it and quality is their very important of the the value of your product and by building a high quality product you will make sure your product can easily be skilled in the future easily to add the feature rather than that doing something real quick so yeah so and then easy sir sir I last want to say easier said than done but make sure first humble sometimes you do need to make a trade-off decision like okay we want you from A to B real quick but it does not provide me the flexibility potentially from B to C for me however that is my comparison everyone's coming out and you need to be there then okay post MVP you know you need to have time you need to have your backlog to address those issue a part of your roadmap right last is don't launch the MVP without better or soft launch sir the barrel version is mainly for a life development in engineering teams you actually to optimize the their application for for the larger scale because like from battery life if you look into all the key technology company Apple Google everyone's doing the better version it's very important early feedback and this is the opportunity a power front you're a user user research group you reach out a little bit further more and you're gonna touch those early adopter people who gonna lie I want to test your application they're gonna send you the feedback and then you can also know what's the was a potential technical purple of the product before you actually soft launch and soft launch after beta you have to do soft launch because most of the day everyone is launching a global product you're not going to do the light the tiny scale just in the country so in my experience we always do soft launch picking the country is not in our key territory so if my product is in America in America I will pick New Zealand for example another side of the world they are there are some people there like where I know like from the history there interesting product but they're not our eighty percent starting with the the country who you feel comfortable with but you will get enough samples to actually prove your product design turns your engagement your retention your monetization mattress is on track because from those feedback you know you've made to modify that reconfigure it how it should work and then before you launch through your major market yeah soft launch yeah so so plunge I just say so soft line is after better so you're Prada you consider it's already feature complete is ready to the market but soft launch when you go into the market you don't directly hit the major market you want to go you will go from other countries smaller or you only open life for some but you don't start to buy user lie advertisement you get user acquisition to get people to your app for example you put it out there very quietly and someone or you only spend very little budget to get buy some traffic to people to use your app and then by this time you can look into your products retention monetization engagement feature this is more like a product manager looking to you but however pro technical team they can also see life better you have 500 people thousand people do in there this one you're looking for 10 case people it depends on your product how big it gonna do so in my experience the better ad normally what we do the company white it's like 300 people company sort of things and then some like family member and stuff launched we were looking into for for example live by 20k if we are looking for a lot you're a half million daily active users application you will starting looking at there like 10k to 50k user base to verify those number because when you don't have enough simple you cannot verify is your the desire of your product as it really engage good engagement mattress 10 people thousand people the skill how accurate the data is different what do you mean so soft-launched stuff look we do consider normally soft-launched it takes about it depends on how good the product because it actually your soft launch turned out really well you can fall launch in the week time no problem but obviously i think you also need to align with the technical team to see lie if all the set are for the global server everything will be able to adopt that stress comes in but in general if your product if your in terms of the product wise KPI your confidence through this offline you can't start to go officially launched in the market but even your official launch in the market even you're buying advertisement you're not going to buy 10k a day you start grow and then measure so the launched i it could be one to eight months until you actually get to the skill where you're setting your goals about yeah and also this is the time for a lot even the product i work on before but it really depends on the industry and the Wuppertal you're working on so that's all for today so do centro and how to build MVP any questions yep yes this one yes because if you think about it like there's also another school of thought which says that pretty much localization is the root of all people right as in if you think about it like the MVP of football was actually a MVP of what coupon was an excellent spreadsheet mmm-hmm their job was to you know the beating oh they don't were entirely manual hoja til they understood what works what doesn't work and one sentence with the portable process then they trust they into technology didn't actually build you know the back end okay so I guess what I see is that from the beginning yes you should put your name video on the market to speed it up make it for lunch yeah it's possible but you don't know why z-direction yeah so if you okay yes okay harder to do this you have to ask if required yes it's mine so I gonna I have some thoughts in answer to that question so first of all scalability there's no 660 degree scalability product you still need your direction the direction for example let me take example for life if you want to build apps okay not apps just a real life experience so you want to come from here here to London Bridge how are you gonna get there there's many ways you can't you tell the developer I want to come from mortgage to London Bridge they won't go the straight line to get there right but if you tell them okay my MVP is go to London Bridge and after London Bridge I want to go to Dothan okay so and this tie how you gonna build a to be will be slightly different because from your A to B if you're just going to learn the bridge you will okay okay what's the quickest time I can take to a 10k uber I can walk there's three options you will normally cook the quickest option or it depends on the time there's a lot of way but if you decide to go to Dover then either take my trend or a take my car but potentially you think I cannot stay there for two nights where the car will be more convenient than trend then you will decide potentially you can also rent the car driving from here although you know the traffic to London Bridge will not be hell but it depends on when you're driving there right you drive in not rush hour you can so that's why I say lie you need to know where you're going next give a vision so that is where vision kick scene vision is like you still give a direction the y-direction but at least not complaining turn your back around to something completely different you're building the car you want to use no lot you're gonna start running saloon but you want to move to SUV or a race car potentially you will have that in mind you need to let the engineer know so they will have thing in my to make sure they do just boost saloon car and they think that's the end of it okay and then but you're not going to tell that like we're gonna actually gonna build motorcycle they it will be completely technology so does that make sense so yeah so high quality product but was guilty my I think this is more like a just half your vision and make sure you also communicate although we don't know how to get you vision there's many route to go and it will you will figure out later on that's what I chose for a ray but yeah cool yes instead of these sort of marketing methods you mean but in you mean marketing method is about post when you launch in your MVP or when you're a scoping your MVP yes addition of the MVP what you do with the marketing of it I don't whether you whether you do Facebook posts what do you do Facebook ads but you do Google Ads you know what it's tasty okay all right okay so I yeah I trust no like you think about like the be repost what your status on Spotify to be on Facebook or around the social network it is a feature you mean promoting your product okay so MVP we're talking about building what is MVP about promoting product is about go to market strategy about product marketing and also from launching how as a product manager you want to like how you're going to dispute your product what's your message communication with the customer is not a part of MVP MVP is something you work with the team to figure out the feature and the functionality of the product you're going to bring to the market so when the team is working on as a product manager you might if you work in the scrum team you you you have proto owner or you might the proto owner yourself you're working on another site you need to work as a product manager to look into the for the product strategy part of marketing strategy with your marketing team does it make sense sorry I don't get it yes yes yes you can decide yeah yes so you don't need to decide what which channel you like marketing channel you cannot go when you scope here and maybe but after you scope your MVP you know I gotta go wet first web first so then you're gonna decide which channel actually will be more reasonable to to go for the web you are not going to do the ads like advertisement on mobile based advertisement because when the people there user spearing you show on your mobile device you click it and then bring the browser and you don't support it so you will need to tie a lie set up your product marketing and the user acquisition playing with the team to to give them the guideline how you're gonna push this product to the market yeah but but I don't think is a part of the MVP MVPs you are focusing on the product design and the product development okay yes so I say better and in soft launch so your MVP is a working or if not in queue level better in a soft launch so apart from before better I'm pretty sure a lot of organizations also have some user testing so it really depends on your organization how your rolla because have a small group of user taste testing like 200 people it also depends on the company but just so the company I work we yourself okay so you wanna okay so as a like a little star out how you gonna appear so how I will do it is you create your MVP behind that you still need to like you can through your network like your linking you can through the Twitter or you can engage with the agencies for example Twitter or a Facebook advertisement you can set up what's the customer trait you want to expose and you can set a home for example after 10,000 like a thousand impression you stop showing so you can control how many people and what kind of people you want to early customer and then they might your application or they might try your application and then you can start verified and also you can set up your application for example you can allow only 10,000 people to register after a thousand people look on your website it was a sorry we're we're is a closed testing is that true there's many ways to do that does it answer your questions yeah yeah yes sorry okay soft launch and for launch and also depends on your product as well yes sir I think you really depend on the the industry and also the products for example light if you already work in a product you're already the industry you're very familiar where you probably already know like how this industry we're so for example my previous company product matters is a gaming company and you're looking in we are looking to lie you're expecting when you fall launch the prologue when the product actually pick is free time it could be 500k daily active user a day to Amelia it depends on your territory everything but you do have those market data so when you do that first of all if your product already somewhat already in this industry in this market not exactly the same you can look into the market research data to understand how big their scope is and then what's the benchmark of the product and then when you actually doing your alpha or better you will be able to early recess in also another way what we normally do is when we design the product we have the live mock-up version we do the in user interviews like a hundred people through the agency it is the bigger company but smaller company you don't you just ask people online like if you want to come in we give you a voucher or something like that you might people you can give them to version let them play this let them play lists and then get more generic feedback so it also depends on in what stage you want to get quality quantitative data or qualitative data for feedback from your product but I'll have to say this this actually takes a lot of time if you're all actually launching a completely new product and actually before you actually build out MVP you might have a scope about your MVP you have the concept you have the prototype and this time you already can do the even is you don't even have a prototype testing it's not a working product but there are screen shot you can make it real life some of the application you can make it more interacting to the user and then you can already start to collect the early feedback from that point and then you sing and have actually varied data and then you actually start to kick up working combat and sometimes we don't wait on topic a it depends on the feature we pretty sure we're going forward the development can start kicking and then some unsure we are still waiting for the result from here and then acting in and that's high ad in the feature in the scope it was expecting anyway so it really depends on how how every company works yeah and there was the product situation yeah yeah anything else [Applause] you