The Lean Startup – Minimum Viable Experiment RESULTS + FREE CHEAT SHEET

92. The Lean Startup - Minimum Viable Experiment RESULTS + FREE CHEAT SHEET // Grab your FREE Cheat Sheet: → SUBSCRIBE for a NEW EPISODE every WEDNESDAY: We're reached a very exciting stage in our Lean Startup Journey: It's time to reveal the RESULTS of our Minimum Viable Product - our Minimum Viable Experiment. - Will we cleared for take-off - cleared to PERSEVERE? - Or will we before forced to regroup and try something else - to PIVOT? Watch as "Agile Done Right", "Real Life Agile" and "Agile That Pays" go head to head! Previously We pulled on to the “Lean Startup” runway And pressed the started button on our Minimum Viable EXPERIMENT Today We’ll look at the results Will we be CLEAR to PERSEVERE Or will this PILOT need to PIVOT My name is Gary Straughan Welcome to Development that Pays And welcome back to a rather exciting stage in our Lean Startup journey. Today I’ll reveal the results from our Minimum Viable Product Minimum Viable Experiment If you’d like to catch up this link will take you back to the start of the process And deliver you auto-magically back to this very point. To recap very quickly: This whole thing started with a plan To create a 5-day mini course And to do so using principles from The Lean Startup the Book by Eric Ries. We looked at the Build Measure Learn model And its hidden counter-clockwise flow Assumption, Metric, Experiment. After some waffling I came up with this assumption: “The 5 Day Mini-course will result in more email opt-ins” Which implied this metric: “Email opt-ins” But what would be a good experiment What might we use as our Minimum Viable Product We looked to Zappos, Dropbox and Buffer for inspiration. Long story short: Buffer’s “fake door” approach seemed the most applicable. Even though it would FAIL to provide the METRIC we were looking for: a direct measurement of email sign-ups. It would, however give us a direct measurement of INTEREST and DESIRE necessary precursors to the the ACTION of email sign-ups. And in the absence of an alternative, we pressed on Buffer’s MVP delivers the old one-two by Promising something awesome… then apologising that “it’s not quite ready” I stole it, painted it yellow and dubbed it the Mundane MVP. All that remained was a mechanism to get people to this page A Facebook advert would seem to fit the bill. Set things up correctly, and we get two very useful metrics: The proportion of people that see the ad that go ahead and click through And the proportion of people that get to the Landing Page and click the button. I know what you’re thinking. Why run one experiment when you could run three Excellent point You were good enough to provide 100+ possible names for the course of some kind. From which we selected a final three. (Actually four. This one didn’t make it past Facebook’s profanity filter) Three experiments - differing only in the name of the course. That’s the theory. Wanna see how it looks in practice Here’s the ad in my Facebook News Feed. Before I click the button, I should warn viewers of a nervous nature should move away from the screen Ready This is the Landing Page. Not sure what was thinking about putting my mug shot in there. Anywhere, there’s a nice big action button. Scroll down A few bullet points. And another big button. Both buttons lead to the “Thank you” Page Which should probably be called the “I’m very sorry page” One last thing before I show your the results. It’s all too easy when running an experiment to look at the result and convince yourself that the results confirm whatever you want them to confirm. We’re not going to fall into that trap, are we After all. We have an important decision to make. We need to decide whether to persevere or Pivot. So before looking at the results, we should have a feeling for what good and bad looks like. Starting with this metric: the click through rate from the Ad to the Landing Page. According to Wordstream, the average across all industries is just 0.9% My targeting was rudimentary USA, 25 - 65+ Interests: a basket full of Agile-ness Not very sophisticated. So I’ll be surprised to get a result about 1%. What about this metric Well, I’d like to think that anyone who made it this far would be quite likely to click through. Unless, of course, my ugly mug puts them off. I don’t know, something in the region of 50% No more stalling Here are the results The adverts were displayed 4868, 1989 and 2564 times And were clicked 96 times, 23 times and 32 times. Giving us click-through rates of 1.97, 1

The Lean Startup - Minimum Viable Experiment RESULTS + FREE CHEAT SHEET
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